The company behind the startup is Ethos Technologies Inc., it raised $11.5 million in a round of funding, with participation of such actors as Will Smith, Robert Downey Jr., a rapper Jay-Z and a basketball player Kevin Durant in June, writes the San Francisco Business Times.
The number of investors included Stanford University and Sequoia Capital Company, which will get a seat on the board of directors of Ethos.
Ethos Life creators Peter Colis and Lingke Wang promise to significantly simplify the life insurance process: get rid of intermediaries, give up most diagnostic studies, speed up policy issuance, and reduce their cost.
At the moment, Ethos insurance policies, underwriter of which is Assurity Life Insurance Co. from Nebraska, are available in 49 states. New York was excluded from the list, having the most stringent insurance rules in the US.
According to P. Colis, the policy can be issued in 10 minutes; the cheapest option costs $6 per month, several times less than that of traditional insurers. Prices vary depending on the age and medical condition that consumers assess themselves.
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