Life Insurance Pioneer Ethos Adds Wills, Trusts Through Acquisition of Legaltech Innovator Tomorrow Ideas

First acquisition supports Ethos' mission of protecting families, commitment to customer journey

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Jan 13, 2022, 09:00 ET

SAN FRANCISCO, Jan. 13, 2022 /PRNewswire/ -- Ethos, the largest term life insurance provider in the U.S., has completed its acquisition of Seattle startup Tomorrow, which democratizes access to critical financial instruments such as legal wills and trusts, for free.

Tomorrow's platform makes wills and trusts accessible and affordable for everyday American families through its iOS app and web experience, offering legal instruments similar to those an affluent population typically gets from an estate attorney. Ethos' acquisition of Tomorrow continues its commitment to helping families protect what matters most and prepare for the future.

"Ethos has created the best life insurance purchase process to exist, but no existing life insurer has a worthy customer experience after the policy is purchased. Now, Ethos will deliver our policyholders easy access to these important financial planning tools," said Peter Colis, Ethos co-founder and CEO.

Launched in 2016 with a mobile app that enabled families to easily create a will for free, Tomorrow has since added additional important tools that allow users to create documents that establish family roles like guardian, executor, or trustee; create powers of attorney and healthcare directives; list assets; buy life insurance; and more. The company has seen usage skyrocket, with over 600,000 users creating legal wills. Ethos will begin offering policies through the Tomorrow app by mid-2022.

"Tomorrow's goal of creating a fast, easy, and transparent way for people to secure their financial future and protect their families is directly in line with Ethos' goal of protecting the next million families," said Colis. "We were impressed by the team's customer focus and product platform - having digitized a traditionally slow, paper process - and we're excited to have the Tomorrow team join us."

"Tomorrow and Ethos share the belief that bringing financial freedom to everyone requires reimagining the business models and the tech stack that will make change possible. Everyone deserves a simple and effective way to protect their family, and our shared vision made this a natural fit," said Dave Hanley, CEO of Tomorrow. "Together we'll be able to help millions of families plan for a secure future, and have a meaningful impact in the world."

Ethos has been growing at a significant rate and issued over $13 billion of life insurance coverage last year. In 2021, Ethos was valued at $2.7 billion after raising over $400 million from Sequoia Capital, Accel, SoftBank Vision Fund 2, GV, General Catalyst and Jay-Z's Roc Nation. Revenue and users grew by more than 600 percent year-over-year in 2021.

Ethos has offices in Austin, San Francisco, and Singapore, and team members in 35 states and four countries.

About Ethos

Ethos is a technology company. We make it easier than ever for everyone to protect their families with life insurance. Ethos has created the insurance industry's most advanced proprietary technology, eliminating the traditional barriers to life insurance by developing instant and accessible products that make it easy for everyone to protect their families with life insurance online, in minutes without any medical exams. We issue billions in coverage each month and an invaluable amount of peace of mind for our families every single day. Ethos is a global company, with offices in Austin, San Francisco, and Singapore. To learn more, visit www.ethoslife.com.

About Tomorrow

Tomorrow is a mission-driven, technology company dedicated to helping all families make long-term financial and legal decisions together for the first time, in an easy-to-use app designed to help them plan for the future. Tomorrow offers its users legal wills, revocable living trusts, healthcare directives, and powers of attorney, creating using an intuitive user interface that ensures its customers make informed decisions about the future. Tomorrow is a Seattle company. Learn more at https://tomorrow.me.

SOURCE Ethos