Ethos is a digital life insurance distribution platform. Ethos enables consumers to apply for and purchase life insurance entirely online, replacing a process that traditionally required medical exams and lengthy paperwork with a roughly 10-minute application that delivers an instant decision for most applicants. Ethos does not underwrite insurance itself — it acts as a licensed agent and third-party administrator, connecting consumers and independent agents with insurance carriers who assume the underlying risk. Ethos earns commissions from carriers when policies are sold and when policyholders renew. Ethos serves two channels: a direct-to-consumer (DTC) channel, which comprised roughly two-thirds of FY25 revenue, and a third-party channel through which independent agents use Ethos's Agent OS platform to quote, apply, and manage policies. Ethos had over 15,000 active selling agents at year-end 2025. Core products are Term Life and Whole Life, and Ethos has expanded to ten products total, including Indexed Universal Life and Cancer Insurance. Because Ethos does not bear insurance risk, its cost structure is primarily technology, marketing, and people, enabling a roughly 98% gross margin. Key revenue drivers are policy volume, revenue per policy (influenced by product mix, with permanent life products carrying higher commissions), and policy persistency, which generates renewal commissions that accumulate over time. Ethos's growth strategy centers on expanding its consumer and agent ecosystem, improving agent productivity through its platform, and broadening its product portfolio.