Bestow Life Insurance Review
Bestow is a life insurance company that offers both short-term (two-year) and long-term (10- or 20-year) term insurance policies. The company has created a streamlined application process that can be completed in minutes, without the need for a medical exam like many other providers in the life insurance industry.
Life insurance is an essential part of a sound financial plan, although not many people like to talk about it. Having a life insurance policy in place can help you protect your loved ones from the financial risk that might arise with your passing.
Life insurance death benefits can be used to cover any need, including final expenses like burial or cremation and paying off a mortgage or other consumer debt. Some beneficiaries choose to use life insurance to replace a loved one’s income so they can maintain the same lifestyle without financial hardship.
Bestow Insurance, headquartered in Dallas, Texas, that takes a more modern approach to life insurance coverage, offering a simple online application and fast approval without a medical exam. This Bestow Life Insurance review details the types of life insurance offered by the company, as well as the cost and process for getting coverage.
In this review:
- Bestow Insurance Overview
- How Much Does Bestow Life Insurance Cost?
- What Does Bestow Insurance Cover?
- Requirements to Get Insured
- Where is Bestow Insurance Available?
- Bestow Customer Service
Bestow Insurance Overview
Bestow Insurance started as a conversation between Jonathan Abelmann and Melbourne O’Banion, two entrepreneurs and fathers who launched the company in 2016 to help solve the issue of financial preparedness among families without the complex processes often imposed by traditional life insurance companies. Bestow offers both short- and long-term life insurance without a medical exam or complicated underwriting process.
Its two-year plans let you obtain coverage during life transitions while you take more time to figure out your long-term needs. If you already have an idea of how much insurance you need and want to lock in a low price now, you can choose between 10- and 20-year.
Bestow Life Insurance is well-known for its streamlined online application that can be completed — and in many cases, approved — within minutes.
How Much Does Bestow Life Insurance Cost?
The cost of life insurance with Bestow or any insurance company depends on various factors. Applicants will be asked about their age, state of residence, smoking status (either non-smoker or smoker), and other details about their medical history. Based on these answers, life insurance underwriters evaluate your eligibility and premium amount. The total amount of coverage you want also plays a role, with higher amounts costing more even for the healthiest applicants.
Bestow Insurance reviews these factors with each application it receives. Although no medical exam is required, the company uses an algorithm to determine an applicant’s risk before it provides a quote for monthly payments. For example, the monthly premium for a healthy 37-year old female who does not smoke would be about $6 for a two-year plan with $100,000 in coverage. A healthy 25-year old male with $150,000 in two-year term coverage would pay around $12 per month.
>> Read More: Is Term Life Insurance Worth It?
For a 40-year old male who does not smoke and is requesting a $1 million policy for 20 years, Bestow’s online form quotes a monthly cost as low as $43.
on Bestow’s secure website
- Apply from anywhere and get an approval response in minutes
- Backed by two of the largest A+ rated insurance companies in the world
- Algorithmic underwriting calculates risk with data, so you can skip the medical exam
What Does Bestow Insurance Cover?
Bestow Life Insurance policies offer short-term and long-term coverage. With a short-term plan, applicants receive a two-year term policy ranging from $50,000 up to $500,000 in coverage. This is a popular plan for those who are looking for temporary, cost-effective coverage or who have decreasing needs for life insurance over the next two years.
Bestow also offers 10- or 20-year plans with coverage ranging from $50,000 to $1 million. These policies are more popular among individuals and families who want coverage for an extended period to cover larger financial needs, such as a mortgage balance or future college costs for minor children.
With each policy option, the coverage and premium are fixed for the length of the term. There are no add-ons available or special features that cost more each month, nor are there options for permanent coverage like universal or whole life insurance.
Requirements to Get Insured
There is no medical exam required for a Bestow Insurance policy, but other requirements apply. Applicants need to be between the ages of 21 and 55 to qualify for a policy and must be in relatively good health. Your occupation, income, and any existing life insurance coverage you might have also affect your eligibility.
Where is Bestow Insurance Available?
Bestow currently offers life insurance nationwide, excluding New York.
Bestow Customer Service
Bestow makes it easy to get in touch should an applicant or current policyholder have questions. The company offers customer care support over the phone at 1-833-300-0603, as well as via live online chat. Customers can also email Bestow at [email protected] with questions about policy coverage, premium payments, or the application process.
Currently, Bestow has a Better Business Bureau (BBB) rating of A, which is strong. Policies offered by Bestow are provided by North American Company for Life and Health Insurance, an insurance carrier rated A+ (Superior) by A.M. Best.
Bottom Line: Is Bestow Insurance Right for You?
Bestow Life Insurance may be a smart choice for those looking for easy-to-access term life insurance policies. The streamlined application, combined with the short health questionnaire and no medical exam, makes it easy for applicants to get the coverage they need, so long as they meet eligibility requirements.
However, because Bestow only offers term life policies for two years with the Bestow 2 Year Term Life Insurance and 10 or 20 years with the Bestow 10 and 20 Year Term Life Insurance, it may not be the right fit for everyone. Those looking for other types of insurance, like a whole life policy or a universal life policy, need to look elsewhere for coverage. It’s always a good idea to get life insurance quotes from a few different life insurance companies to compare pricing and coverage before making a final decision.3.31 Bestow Life Insurance