Shopping for life insurance can be a tedious and challenging task. After all, most people aren’t insurance experts. But a policy can be necessary to make sure your family is taken care of after you’re gone. Whether you’re just beginning your search or have been looking at life insurance companies for a while, you’ve likely come across Ethos and Everyday Life.
When comparing Ethos vs. Everyday Life, both search multiple companies on your behalf to get you the best policy and price for your situation. But Ethos has limitations you need to know. For example, did you know they have their own proprietary insurance product? They do — and Ethos is incentivized to offer you their product first (instead of connecting you with a policy that may better fit your needs).
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What is Ethos?
Founded in 2016, Ethos offers term life and whole life insurance policies. You can buy coverage online from some of the best life insurance carriers, including Legal & General America, Ameritas, AAA Life Insurance and TruStage.
Ethos Insurance Pros and Cons
Ethos partners with multiple insurance agencies so you can find the best policy. However, there’s one significant drawback: Ethos has its own proprietary insurance product. It’s more expensive but guarantees you won’t need to complete a medical exam and provides an instant decision.
Don’t have to get on the phone to buy a policy
Don’t offer term laddering to maximize your coverage when you need it most
Medical exam not required for some applicants
Insurance calculator doesn’t apply financial planning best practices
More likely to get approved for the policy they recommend
Recommends their proprietary insurance product over other options
Customer service isn’t responsive to customer questions
Ethos Life Insurance Policies
Ethos sells term life insurance and whole life policies. Term life insurance from Ethos is available for ages 20 to 65. Benefit amounts start at $20,000. It has conflicting information about the maximum benefit — its website references a cap of $1.5 million in some places and $2 million in others, so it’s unclear how much life insurance you can buy. Plans are available in 10, 15, 20 and 30-year terms.
You can buy whole life coverage if you’re between 66 and 85, but it’s more of a “final expense” policy. It’s an excellent option for older adults to leave money for their loved ones to cover end-of-life costs. However, the whole life benefit is much smaller than what you can get from a term policy. Benefit amounts range from $1,000 to $30,000.
Ethos Coverage Details and Features
Your coverage details and benefit amount depends on the policy you buy. However, guaranteed level premiums are available from both policy types.
With a term life policy from Ethos, you get:
- Flexible coverage
- No medical exams for most applicants
- 30-day money-back guarantee
Whole life policies from Ethos have benefits like:
- Guaranteed approval
- Instant coverage
- Lasts for life
- No payments after you turn 100
It’s important to know that Ethos offers two proprietary products, and the agency is incentivized to match you with those over another policy (even if it might not be the best fit). But here’s the kicker: Of the two proprietary products, one is for healthier, “lower-risk” applicants and the other is for those who are higher-risk — and they don’t provide any transparency about which product you’re getting when you request a quote.
You can get a quote and purchase a policy entirely online, but a licensed agent is available if you have questions.You can email Ethos anytime at [email protected]. The phone number is (415) 915-0665. You can also contact them by text at (415) 702-1844.
The customer service team is available Monday through Friday from 8 a.m. to 6 p.m. CST. Although, we never got a response by text after three attempts to contact customer service. Email and telephone support may be more reliable.
What is Everyday Life Insurance?
Everyday Life is changing the way people buy life insurance. The Massachusetts-based provider was founded in 2018, and it’s in a new category of life insurance. It values transparency and empowering consumers, and provides insight into why it makes the recommendations for the quotes you’re offered.
Because of its upfront field underwriting, you have an 80% chance of being approved at the quoted price when we recommend a policy — compared to the industry standard of 40%.
Everyday Life Insurance Pros and Cons
Highly customizable life insurance policies
Limited live customer support options
Medical exam not required for some applicants
Only some term life products can convert to whole life
The only agency in the market to offer automatically laddered policies
Everyday Life Insurance Policies
Like Ethos, Everyday Life offers term life and whole life insurance policies. However, Everyday Life is different. Instead of the one-size-fits-all coverage you usually get, The Ultimate Life Insurance Calculator customizes your policy from top to bottom.
Your coverage options are clear. You can buy a term policy with coverage from $25,000 to $10-million in 10, 15, 20 and up to 40-year terms.
You can also purchase a whole life policy that cover final expenses. The end-of-life coverage is available for applicants between 50 and 85. The benefit amount ranges from $5,000 to $35,000 — and your loved ones can use the payout to cover funeral costs, debt payments or other expenses while they’re grieving.
Everyday Life Insurance Coverage Details and Features
A policy from Everyday Life may not require you to complete a medical exam. Some applicants may need one as part of the underwriting process — but many don’t.
But what sets Everyday Life apart is the custom coverage you get from its smart life insurance policies. As your life insurance needs change over time, so does your policy. You can save a significant amount of money starting on day one because your coverage automatically updates to match your life stages.
With Everyday Life, you get many benefits:
- Automatic policy scaling
- Decreasing premiums
- One-on-one customer service
Everyday Life works with a variety of companies that AM Best rates as having a financial strength of “excellent” or better.
Everyday Life is accredited by the Better Business Bureau (BBB) and has an A+ rating. It also has 4.4 out of 5 stars on Trustpilot and 5.0 rating on Google.
You can contact Everyday Life by phone at (888) 681-3811 or by email at [email protected]
Comparing Ethos vs. Everyday Life Insurance
10 to 30 years
10 to 40 years
Up to $1.5 million or $2 million
Up to $10 million
20 and up
18 to 85
May be required for some applicants
Not required for any policies under $1 million
AM Best Financial Strength Rating
"Excellent" or higher
Better Business Bureau (BBB) Rating
Ethos vs. Everyday Life Insurance Cost
Cost is often a barrier that stops someone from buying a policy. But many people overestimate the cost of life insurance.
At Everyday Life, we believe life insurance should be affordable for everyone. However, we discovered policies from Ethos were more expensive compared to a similar policy from Everyday Life.
Let’s look at what Everyday Life’s term life insurance policy might cost for an average, healthy, nonsmoking individual compared to Ethos as of March 2022.
|Gender/Age||Policy Amount||20-Year Term Life (Everyday Life)||20-Year Term Life (Ethos)|
$19 to $34/month
$33 to $59/month
$23 to $44/month
$42 to $80/month
$42 to $77/month
$79 to $142/month
$54 to $101/month
$100 to $188/month
Related: How Much Does Life Insurance Cost?
Who Should Consider Ethos Life Insurance?
Ethos offers quality life insurance products. However, it isn’t right for everyone. Because policies are capped at $1.5 million to $2 million (the website wasn’t clear on the maximum amount), high-income earners are better off finding coverage elsewhere. A policy from Ethos likely won’t be enough protection if earn more than $100,000.
It’s not a good choice if you’re price conscious because cost isn’t the first factor Ethos uses to recommend you a policy. And, you should look at another agency if you already have a policy — Ethos may not issue a policy if you want it to replace existing coverage.
So, who should consider Ethos? It might be a good fit if:
- You can afford to pay more for convenience
- You worry you might not qualify for insurance for medical reasons
- You don’t need advice about the right kind of insurance for you
Who Is Everyday Life Insurance Best For?
Everyday Life is an excellent choice for life insurance coverage. Whether you’re worried about qualifying for a policy or you’re in excellent health, you’re sure to find a policy that works for you. That’s because Everyday Life partners with multiple companies and will work hard to find you a policy — even if you’re been denied before.
Everyday Life is best for most people, including:
- If you’ve struggled to find life insurance coverage in the past
- If you’re budget-conscious
- If you’re looking to lower your life insurance rates
- If you’re a finance geek and smart money consumer
One significant factor that puts Everyday Life ahead of the pack is its robust financial needs analysis. When you use The Ultimate Life Insurance Calculator, you’re taking advantage of an advanced algorithm that uses financial planning best practices.
Your premiums will decrease as you get older, and your policy will automatically adapt to life changes — so you get the right coverage at the right time.
The Verdict: Ethos vs. Everyday Life
When considering Ethos vs. Everyday Life, you’ll discover a few similarities. Both offer term and whole life policies, and both are in a new category of life insurance that sets them apart from companies like Haven Life and Policygenius.
Ethos and Everyday Life simply do things differently to offer better benefits to policyholders. But Everyday Life offers policies with higher benefit amounts and longer terms with premiums that often come in below the average rate from Ethos.
However, the most significant distinction is that Everyday Life is more objective when recommending a policy. While both companies partner with multiple insurance companies, Ethos recommends their proprietary insurance product first — and doesn’t provide transparency to let you know if you’re getting the higher-priced “high-risk” coverage or the policy they reserve for healthier, lower-risk applicants.
Want to check your life insurance quote? Get your rates with The Ultimate Life Insurance Calculator today!