Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

Ethos Life Downsizes

Your article was successfully shared with the contacts you provided.

Ethos Technologies Inc. — an online life insurance agency that announced a $60 million round of financing in August 2019 — has reduced the size of its staff.

Former employees of the San Francisco-based company say the believe the layoffs may have affected about 14% of the company’s staff. The company has about 100 employees, according to employees and online directories, including

Ethos has issued a statement confirming that it has reduced the size of its staff.

“Ethos Life has recently reduced a minor portion of its workforce,” the company said in the statement. “While interest for life insurance has increased throughout the past few months, COVID-19 has also introduced economic uncertainty with future consumer demand and capital markets. As a result, we’ve decided to make the tough decision to reduce our operating costs, and unfortunately, have had to lay-off a small portion of our team.”

The company said it will support affected members.

“Ethos Life is confident in our future and we’re committed to our mission of protecting millions of families,” the company said.

(Related: LICONY President to Retire: Personnel Matters)

Ethos has offered at least some affected employees severance equal to one month’s pay, a former employee said.

Ethos has been selling term life insurance written by Banner Life Insurance Company, a Legal & General America company, through the web.

The company offers an accelerated underwriting process.

The funder list includes Google’s GV affiliate, Goldman Sachs, Sequoia Capital and Accel.

— Read  Web-Based Life Agency Raises $60 Millionon ThinkAdvisor.

— Connect with ThinkAdvisor Life/Health on FacebookLinkedIn and Twitter.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.