When applying for Ethos insurance, the information you provide must be complete and true. Providing incorrect or incomplete information can lead to many problems. In some cases, you may be charged a higher fee. In some cases, your application may be rejected outright. Also, if incorrect information is later discovered, the insurance policy issued to you may be canceled.
Therefore, it is very important to provide correct and complete information while applying without hiding anything.
Credit-Based Insurance (CBI) Score
Eligibility for insurance is checked based on the age of the applicant and their CBI score. This CBI score is obtained from the applicantโs credit report, but since it is obtained through soft inquiry, it does not affect their credit score.
Ethos determines which insurance product is suitable for people aged 20 to 65 based on their CBI score. Even if they are not eligible for the same product, Ethos looks at the highest-risk plans and selects the best option for the applicant. Those aged 66 and above will be sent directly to the Ethos Final Expense plan.
There are a few reasons why a CBI score can drop. For example, a short credit history can lower the score. If there are any mistakes in recent loans or credit cards, the score will be affected. If the credit limit is low, there are collection accounts, foreclosures have occurred, or bankruptcy has occurred, the CBI score will also decrease.
That is, a personโs credit behavior determines their CBI score, which in turn affects insurance eligibility.
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Prescription (Medicine) History
Information such as when the applicant took which medicine, how much he took, and which doctor prescribed it is collected. This information is reviewed along with the self-report provided by the applicant. In most cases, Ethos is able to approve the insurance policy without asking for separate medical records.
That is, since the information related to the medicine is enough to understand the applicantโs health, the policy process is completed easily and quickly.
MIB (Medical Information Bureau)
The MIB (Medical Information Bureau) is a database that allows you to view your medical, financial, employment, and behavioral records from previous insurance applications.
Ethos does not directly determine eligibility based on the information provided by the MIB. However, if there is a discrepancy between the information provided by the applicant and the information in the MIB, Ethos may request additional clarification.
In other words, the MIB acts as a cross-check; it does not determine eligibility, but Ethos uses it to clarify any discrepancies in the information.
Driving History (MVR)
A personโs driving violations are considered life-threatening. Therefore, it is an important factor to consider when applying for insurance.
If a person has serious violations in their driving history, they may have to pay a higher premium. Sometimes, they may be able to switch to a different insurance product instead of the plan they applied for.
That is, driving habits and safe driving habits will directly affect the eligibility and premium cost of insurance.
Criminal History
It is said about criminal history that if a person has convictions, is on probation or parole, or has pending cases against him, it can affect his insurance eligibility.
That is, if he is involved in criminal acts, there will be difficulties or restrictions in obtaining insurance.
Human Underwriting
About 10% of all applications are sent to a human underwriter. At that point, the underwriter may request additional information if necessary to evaluate the application.
That additional information can be of three types. First, an electronic questionnaire is sent to the applicant via email; that is, some questions must be answered. Second, the applicant may be asked for lab data about blood tests or urine tests that have been done previously by the applicant. Third, medical records may be obtained from the doctors who have treated the applicant.
That is, for some applications, the automatic evaluation is not enough; in those cases, the human underwriter collects additional documents and determines eligibility.
Eligibility, Age Limits โ Who can apply?
US citizens or permanent residents, ages 20 to 85, can apply for Ethos insurance.
Those under 65 are eligible for term life insurance. Those over 65 can apply for whole life insurance. Ethos operates in 49 states and Washington, DC, but is not available in New York State.
That is, you can apply based on age and residency, but the type of insurance available will vary depending on your age.
Best-case scenarios for certain medical conditions
- If you have anxiety or depression, it must be well-controlled, you must be taking your medications properly, you must not have suicidal thoughts, and you must not have been hospitalized.
- If you have diabetes, you must get tested frequently and follow your doctorโs instructions. A1C levels that are well-controlled are considered good.
- If you have sleep apnea, you must be using CPAP or BiPAP devices, and they do not interfere with your daily life.
- If you have high BP (hypertension), your blood pressure (BP) should be under control according to your age.
- If you have high cholesterol, your total cholesterol level should be between 100 and 260 in the last year. There is no problem even if you take up to two medications for this.
- If you have HIV/AIDS, only Guaranteed Issue plans are available.
- If you have COVID-19, you will be eligible if you are positive or have symptoms and are free from problems after 14 days. But those who have tested positive recently, i.e., within the last 15 to 30 days, are not eligible for Prime Term Insurance.
That is, even if you have some health problems, if they are well controlled, you can qualify for insurance.
Conclusion
When applying for Ethos insurance, much information about the applicant is checked to get approval. This includes age limit, credit history, driving record, medication history, criminal record, medical records, etc.
If the applicant provides this information correctly and completely, then most of the time no medical tests are required. The policy can be approved based on that information alone.
That is, it is important to provide truthful information, as doing so will make the approval process easier and faster.