Are you looking for a life insurance policy that will offer you the coverage you need at an affordable price? If so, you may want to consider investing in a life insurance policy from Bestow.
Their policies meet the needs of a wide range of consumers, and Bestow’s policies are some of the most affordable life insurance policies on the market.
This review will look at what Bestow has to offer and see how it compares to other companies in the industry. We will also explore some of the pros and cons of using Bestow for your life insurance needs.
By the end of this review, you should have a good idea of if Bestow is the right choice for you. So, let’s get started!
Bestow Life Insurance Review
- Offers only term life insurance
- Age 18 to 60 can apply
- $50,000 to $1.5 million coverages available
- Doesn’t require a medical exam
- Ranked #2: Best Term Life Insurance Companies of 2022
Bestow Life Insurance Overview
Bestow Life Insurance is an “insurtech” company founded by Jonathan Abelmann and Melbourne O’Banion and based in Dallas, Texas. It is an online life insurance company modernizing the life insurance market and buying term life insurance.
They are partnered with North American Company for Life and Health Insurance and offer a convenient way to buy affordable term life insurance. No medical exam is needed!
The North American Company for Life and Health Insurance Company received an A+ or Superior financial strength rating with AM Best, which means they meet financial obligations and pay their death benefit claims.
Qualifying For Life Insurance
Qualifying for life insurance policies often involves a medical exam, which usually means going into a doctor’s office or having a traveling nurse come to your house.
Since the pandemic started, people don’t want to go out, let alone invite someone they don’t know into their homes to get blood work for life insurance coverage. It’s too much of a hassle!
Bestow changes all that by allowing you to get term life insurance online in the privacy of your own home without having to “qualify” for it with blood work and a doctor or nurse visit.
Term Life Insurance
Term life insurance is a policy that provides financial protection in the event of death. This type of insurance is less complicated than whole life policies and has lower premiums, making it an ideal solution for many people.
Term life insurance coverage means the insured pays one set amount each month. The policy term lasts until its end, usually at the end of your natural lifespan; however, if you outlive this period, it expires and no longer provides any benefits to you or your loved ones.
Bestow only offers term life insurance policies to people between 18 and 60. The term length options are 10, 15, 20, 25, and 30 years. Coverage amounts range from $50,000 to $1.5 million.
Cost Of Bestow Life Insurance
Bestow offers affordable life insurance premiums to people across the nation. But, the cost of Bestow’s life insurance depends on your age, gender, health, and where you reside.
Here’s a quick breakdown of what you might expect to pay for a $1 million policy:
Their rates are very competitive for young adults and those in their 30s. Young adults are generally less likely to have ongoing health issues.
That doesn’t mean that Bestow isn’t a good option for older adults in their 40s to 60s. For older people under the age of 60 in good health, Bestow is a budget-friendly life insurance alternative.
For people of any age- if you smoke or have medical conditions like high blood pressure, premiums are likely to be higher. Bestow doesn’t require medical exams, but you do have records so they can skip the blood and urine tests and go right to data info on your medical conditions.
When you go through the underwriting process, Bestow will check things like your driving record (accidents), criminal history, prescription history, and more before they make decisions on your specific coverages and cost.
Another thing that helps keep premiums lower is there are no agents to collect a commission from the sale of the policy.
A rider is an additional benefit to a standard insurance policy. They allow the insured to personalize their coverage to meet their specific needs.
Some common examples of riders are accidental death benefit riders and a children’s term rider. Bestow does not offer any insurance riders.
Complaint Index & Customer Satisfaction
The National Association of Insurance Commissioners (NAIC) uses a scale to rank consumer complaints of life insurance companies. It helps potential life insurance customers sort through the market research for insurance products.
Their system is easy to understand – a score of one receives an average number of customer complaints, above one has a higher number of complaints, and a score below one has fewer complaints than average.
For 2020, Bestow does not have a rating with the NAIC. The Health Insurance Company, which Bestow works with for their plans, shows an NAIC complaint ratio of 0.14 for 2020, meaning they had fewer complaints than average.
The National Association of Insurance Commissioners also compares insurance companies by a percentage of the number of complaints received in a year compared to the U.S. insurance market.
In 2020, the company’s share of complaints in the U.S. insurance market was .03%. Out of 11 complaints in 2020, most were for insurance cancellation and customer service issues.
Bestow’s cancellation policy is longer than most other insurance companies. Most insurance companies only give you 10 days to decide if you like their policy or not.
Bestow realizes that life insurance policies are major financial decisions, and people should have more time to review their policies before making a final decision.
They offer a 30-day guarantee, during which you can look at your policy and decide if it is right for you. If you decide that it is not, you can cancel it and receive a full refund.
Bestow Life Insurance Pros & Cons
- No medical exam required (means no blood test!)
- Competitive pricing
- Quick approval decision and begins coverage quickly
- Offers a 30-day money-back guarantee for a full refund
- Quotes available through an online process
- Don’t have to use an insurance agent for the online application process
- Only offers term life insurance policies- no permanent life insurance policies
- Insurance riders are not available
- Age restrictions are 18 to 60 years old
- Residents of New York state cannot buy a Bestow policy
- No insurance agent to talk to during the application process
The differences in a product can make it more desirable to different customers. When considering which insurance company or plan will be best for you, do your research and determine what sets them apart from their competitors.
It’s important when doing your research to see how one company stacks up against another company. We’ve picked two companies to compare.
Bestow Life VS. New York Life
Bestow Life Insurance is a relatively new company founded in 2017.
They offer term life insurance, which is cheaper than whole life insurance policies or universal life policies- but doesn’t have the option to be converted into a permanent life policy. They also do not have any riders, such as accidental death benefits or disability waiver of premium.
For over 170 years, N.Y. Life has provided term, whole, and universal life insurance. They provide a variety of riders, including accidental death benefits. New York Life is a company that focuses on selling insurance through an agent, which may make their policies more expensive.
Bestow Life VS. Haven Life
The most significant difference between the two is that Bestow offers policies with coverage up to $1.5 million, while Haven Life offers coverage up to $3 million.
Another difference is that Haven life requires a medical exam to get standard term insurance coverage. In comparison, Bestow has no medical exam required for its term policies.
Also, Haven Life’s age cap is 64, while Bestow caps out at 60. Bestow and Haven Life both offer competitively priced policies with accessible online applications. It comes down to how much coverage you want and your specific medical needs.
Both Bestow and Haven Life partner with North American Company for Life and Health Insurance to issue their policies.
Find out more in our Haven Life review.
How To Buy From Bestow
All you need to do to get a policy from Bestow is apply with your phone or computer to complete the easy online application process.
- You’ll enter some basic information about yourself, including health and habits. If you are approved, you’ll receive an initial quote.
- If the quote is in line with your budget, then you’ll create an account and continue with the signup process.
- After creating your account, you’ll answer some more questions about your health and medical history. These questions help Bestow determine whether you are in good health.
- The next series of questions is about your lifestyle. This section is where you put your personal information about your Driver’s License Number, travel history, and income.
- After answering the questions, you must put your Social Security number and digitally sign the application. Then the final process is submitting your answers and completing the process.
- Once you’ve completed the process, you will see a quote for your preferred levels of life insurance and the price. You’ll also enter your policy beneficiary here.
- After you complete the purchasing process and go through the underwriting process, you’ll receive a welcome email and letter letting you know they have received your application and life insurance coverage begins as soon as you make the first premium payment.
What does life insurance from Bestow actually cover?
Bestow’s term life insurance policy covers people aged 18 to 60 from when they sign up for their policy.
However, there are a few claim exclusions. These include suicide (within the first two years of coverage) and high-risk activities like mountain climbing, motor racing, etc.
Can I get Bestow life insurance in my state?
Bestow Life insurance is available in almost all states in the United States. Residents of the state of New York currently can’t buy life insurance from Bestow Life Insurance Company.
Does Bestow cover cancer patients?
Anyone who has had a cancer diagnosis in the past 10 years will not qualify for coverage under Bestow.
Does Bestow cover things like smoker’s health problems or drug-related incidents?
Certain factors can disqualify you from coverage with Bestow, for example, a body mass index (BMI) above the allowable range. Smokers can get a policy, but the monthly premiums may be higher.
The key to getting the best life insurance policy for you is determining how much coverage you need and researching life insurance products that fit your budget. Comparison shopping can take time, but it’s worth it to ensure you have the coverage you need without overpaying!
Term life insurance policies are suitable for many people because they offer affordable rates that stay level for the term of your agreement. You can now plan ahead since you won’t have to worry about fluctuating costs until after your term is up.
Bestow coverage is competitively priced compared to other life insurance companies, so you can plan financially and know that your family will be taken care of financially down the road.
Bestow Life Insurance is a credible company that has been in business for a short time compared to other life insurance companies. It operates exclusively online. They specialize in setting up term life policies for young families and individuals that need more simple options, like forgoing the medical exam to get the policy.