Ethos aims to be the first choice for people looking for insurance. Whether someone is in excellent health or has a more complex health condition, Ethos approves about 95% of people who apply.
To achieve this high approval rate, Ethos offers a variety of insurance products, including term life insurance (coverage for a specific period of time) and whole life final expense insurance (permanent insurance for the entire life, especially to help with final expenses).
In addition, there is a special underwriting technology developed by Ethos. In this method, thousands of data points are reviewed at the same time. Through this, decisions can be made much faster and more accurately compared to old underwriting methods.
As a result, families can get insurance quickly and get the protection they need immediately without delay.
How does it work?
Ethos has a unique underwriting engine (approval technology). This allows each customer to choose the right insurance product for them.
When a customer applies, their information is retrieved from official databases. This means that their basic details and history are automatically verified.
When the customer answers questions about their medical history, additional questions are automatically asked if necessary.
Ethos immediately analyzes the answers provided by the customer. Based on this, Ethos offers them only those policies that are likely to receive approval.
If the applicant is found to be at high risk due to their health condition, Ethos will switch the person from the best policy to the next best policy. So that the customer is not completely denied, and they are given a suitable alternative.
Only about 10% of the total applications require additional documents or an examination by a human underwriter. The majority of the remaining applications are decided 100% online, quickly and easily.
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Insurance products offered by Ethos
Ethos does not offer insurance on its own but rather partners with large, trusted insurance companies to offer term life insurance and whole life insurance products to customers.
Key features of this insurance:
- The maximum sum insured is up to $2 million.
- The age limit for applying is from 20 to 85 years.
- Term life insurance is divided into several types: Prime, Spectrum, and Select. These are selected according to the age of the customer and his risk level.
- Index Universal life insurance provides a maximum coverage of up to $1 million.
- Final Expense Whole life insurance is provided to those between the ages of 66 and 85. In this, a maximum coverage of up to $30,000 is provided.
- Guaranteed Acceptance Whole life insurance is provided to those between the ages of 45 and 80. In this, a maximum coverage of up to $20,000 is provided, and no medical examination is required.
After this, each policy has a special condition called a 30-day free-look period. That is, if a person thinks that he does not need it within 30 days of purchasing the policy, he can cancel the policy and get a full refund.
Benefits of Ethos Insurance
Ethos Insurance has many benefits for both customers and agents.
- First, approval is obtained very quickly. There is no need for any medical tests like blood or urine. Just answer a few basic questions.
- Second, Ethos automatically selects the policy that is suitable for the customer when applying. This reduces the hassle, and there is no need to compare policies separately.
- Third, there is no burden of case management. The process becomes easier because there are no medical tests, lab tests, or documents to send.
- Fourth, since approvals are obtained quickly, agents can work with more clients in less time. Therefore, they have the opportunity to earn more income.
- Fifth, commission is also obtained very quickly. There is no need to wait 4 to 6 weeks like in the traditional underwriting system. Since approval is obtained immediately, the commission is also paid quickly.
Application Tip
When filling out an Ethos insurance application, customers can easily and accurately enter the required medical information from their patient portal online, allowing them to easily and accurately enter their medical records.
This helps speed up the underwriting process, as correct information is added immediately, rather than providing incorrect or incomplete information.