Ethos has partnered with Namely, an HR platform for mid-sized companies, to expand life insurance options for thousands of Americans employed by mid-sized businesses.
Through this partnership, Ethos life insurance will be extended to mid-sized businesses across the nation that use Namely’s digital HR platform for administering employee benefits.
Life insurance is a benefit that many Americans consider an employer-sponsored perk, rather than a financial necessity. In fact, only 60% of Americans actually have life insurance coverage and many are through employer-issued group policies that only cover a fraction of what people actually need.
With more than 30% of employees reporting no benefits education or guidance from employers or benefits companies, millions of American workers can get left behind without proper coverage.
Namely and Ethos have partnered to help bridge this life insurance coverage gap by bringing Ethos’ simple, fast and affordable life insurance options to Namely users all over the nation. Ethos will be available through the Namely platform during next year open enrollment this November for employees of Namely clients that utilize the partnership.
Namely Benefits vice president Matthew Monahan said: “Life insurance is a critical component of a strong financial plan, because it’s what protects your family as well as your assets.
“Ethos’ approach to getting people personalized, affordable life insurance coverage through an online experience, is the kind of service our customers want and deserve. We’re excited to partner with Ethos to expand life insurance options for thousands of employees at the mid-sized companies we serve at Namely.”
Life insurance has traditionally been a burdensome and confusing process most people avoid due to the friction in the process, leaving tens of millions of American families unprotected.
Employer-sponsored group policies provide some coverage, but usually, options are not flexible, the policy is not portable and it rarely gives the proper amount of protection a person with dependents (children, elderly family members) and financial responsibilities (student debt, a mortgage) needs.
Getting a life insurance policy through Ethos is fast, easy and inexpensive. Ethos leverages technology and a data-driven application process to offer the same benefits that often attract group policy buyers – lower premiums and no medical exam – while providing great coverage. In fact, 99% of Ethos customers do not require a medical exam or blood test, and most applicants are approved in 10 minutes versus the 10 weeks it typically can take during the traditional insurance process.
Ethos CEO and co-founder Peter Colis said: “Giving people the tools they need to take better control of their financial futures has always been a core part of why we built Ethos.
“We see that same passion in how Namely is serving a core part of the American workforce with an approachable, people-focused benefits platform. We’re thrilled to officially kick off as 2019 benefits season begins today.”
Ethos was co-founded by Peter Colis and Lingke Wang to solve the life insurance coverage gap in the US. The company launched this June and has raised more than $46m in funding from Sequoia Capital, Accel, GV, Roc Nation and Stanford University, among others. Ethos is licensed in 49 states and has already processed thousands of applicants for life insurance coverage. The company is on a mission to simplify and modernize life insurance products through technology to better align with the wants and needs of American families.
Source: Company Press Release