Ease, a web-based benefits administration and human resources software firm, says it has agreed to offer individually underwritten life insurance policies from Ethos.
The deal will make the Ethos term life program available to the employees of Ease employer clients through a web-based accelerated underwriting program.
(Related: Web-Based Life Agency Raises $60 Million)
Ease and Ethos are calling the new program “Employer Personal Life Insurance.”
Ethos can direct employees to personalized policies by asking each employee a single health question, Ease says.
By using an individual underwriting process, Ethos can hold down the premiums, Ease says.
The coverage will be portable, and the initial price will be set for life, Ease says.
Ease is a San Francisco-based company that focuses on serving small and midsize employers.
The number of Ease client employers offering term life increased sharply between 2016 and 2018, and the employees’ participation rate increased 11% between 2017 and 2018, Ease says.
The overall Ease client employee participation rate for voluntary and worksite benefits increased to 47% in 2018, from 29% in 2015, Ease says.
Ease works with traditional agencies, rather than competing with them. It has relationships with about 1,500 agencies. The agencies are using the Ease system to serve about 65,000 employers, with from two to 7,000 employees each.
Ease estimates that it now supports plans with a total of 2 million employee enrollees.
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