Although it’s not necessarily something you want to think about, purchasing life insurance is essential to protect your family in case you pass away. With the right coverage, your loved ones’ financial security is assured over the long term.
Traditionally, buying life insurance could be a time-consuming process. But Bestow Life Insurance has created a simpler way to get coverage. With Bestow, you can complete an application and get an accurate quote on your life insurance within minutes. Policies are affordable for term-life insurance with premiums starting at just $8 per month.
Not sure if this company is the right choice for you, despite its simple approval process? Read this Bestow Life Insurance review to find out more.
What is Bestow Life Insurance?
Bestow Life Insurance was founded in 2016 by two fathers Jonathan Abelmann and Melbourne O'Banion. They wanted to make it easy to get a substantial life insurance policy without going through weeks of back-and-forth with an insurance agent or undergoing a bunch of medical exams. In fact, they wanted to make it possible for people to get the coverage they need in seven to 10 minutes.
Bestow doesn't personally provide the insurance policies; they come from North American Company for Life and Health Insurance® which has an A+ rating from A.M. Best, so you can rest assured the company is financially stable and is a reliable provider of the best life insurance coverage. North American has also been in business for more than 130 years, so it has a long track record you can count on.
Bestow simply makes it easier to get your policy from this trusted provider, as you can submit a request for an insurance quote online, fill out a quick application, and obtain between $50,000 and $1 million in term life insurance coverage.
How does Bestow work?
It's easy to get insurance through Bestow Life Insurance if you meet certain requirements. You’ll likely be approved if you’re between the ages of 21 and 55 and in generally good health. When you visit the company website, there's an option on the main page to "Get Estimate." You'll then input some basic information including:
- Your gender
- Your birth date
- Your height
- Your weight
- Your zip code
- Whether you use nicotine products
You'll immediately see an estimate of how much your insurance will cost. You’ll then have the option to use a slider to change your coverage amount and to choose either 10 years or 20 years of coverage. As you make changes, such as increasing the amount of your policy or changing the term of coverage, you'll see how your monthly premiums would change.
If you like the quote and decide to move forward, you can click on the enrollment form. You'll need to complete a more detailed application at this point, including answering some questions about your lifestyle and health history. These questions include:
- Whether you've lost more than 15 pounds unintentionally in the past three months
- Whether you've used nicotine or tobacco products in the past 12 months
- Whether you've ever tested positive for HIV
- Whether you've received disability payments for more than three months in the past two years
- Whether you've been advised in the past 12 months to undergo surgery, hospitalization, or diagnostic tests with results you don't yet have
- What diseases, if any, you've been diagnosed with or treated for throughout the past 10 years
- Whether you are a U.S. citizen
- Where you were born
- Whether you plan to live outside of the U.S. or to travel to Afghanistan or Iraq in the next year
- Whether you currently have any life insurance or annuities in effect or pending, or whether you intend to replace or change current life insurance or annuity contracts
- Your income
- Your employment
- Whether you plan to engage in certain high-risk activities or have recently done so — activities include scuba diving, auto racing, outdoor climbing, or piloting an airplane
- Whether you've been denied life insurance in the past five years
- Whether you have a valid driver's license and whether it has been suspended or revoked
- Whether you've been convicted of a felony or a DUI/DWI
By submitting this information, you can move forward with the process of getting your life insurance policy without ever having to visit a doctor. It is important you are honest in your answers, though, as lying on an application for life insurance could render your policy invalid.
How to maximize your savings with Bestow
To make sure your insurance coverage from Bestow is as affordable as possible:
- Avoid using tobacco products in the 12 months before applying for coverage
- Choose the shortest term for which you need coverage
- Buy a policy when you're as young and healthy as possible rather than waiting until you're older or have developed a health problem
- Don't purchase more coverage than you need
- Aim to achieve a healthy weight before applying
Smoking can significantly raise your life insurance premiums as can sudden, unintentional weight loss. If you develop a health condition before you have coverage, this will also make your policy cost much more.
Buying more coverage than you need is also a bad idea. You want enough life insurance to ensure your loved ones can maintain their standard of living, which may mean providing sufficient coverage to replace your income, pay off your mortgage, or put your children through college. But you don't necessarily need a million-dollar policy.
Whole life insurance is also much more expensive than term life insurance. Bestow offers only term insurance coverage, so you don't have to worry about that. And choosing a shorter term can make sense if your family won't rely on your income for a long time. For instance, if your children are older, you’re close to retirement age, and your spouse could live on your invested retirement funds alone, you might not need a 20-year term life policy.
Common questions about Bestow insurance
Is Bestow Insurance legit?
Bestow is a legitimate company. It has been in business since 2016. To provide the most reliable and affordable coverage, it partners with a top-rated insurance company that has been in business for more than 130 years.
How much does Bestow Life Insurance cost?
Using Bestow to find life insurance will not cost you money. You will, however, have to pay premiums if you sign up for life insurance. Monthly premiums may be as low as $8 per month, but your specific premium will depend on your age, your policy’s term, and the amount of coverage you need.
How does Bestow Life Insurance make money?
Bestow makes money from administrative fees and agency commissions.
What is the difference between term and whole life insurance?
Term life insurance offers coverage for a limited duration of time. Your policy pays out if you pass away while it is in effect, but it does not pay anything if you outlive your term. Whole life insurance is designed to be in effect for your entire life, so a death benefit always pays out as long as you keep paying premiums. It also has an investment component.
Whole life insurance is much more expensive than term life insurance. It makes sense only for people who want to combine their life insurance with an investment product or who will need coverage for their entire lives.
Does Bestow Life Insurance require a medical exam?
You do not need a medical exam to get life insurance through Bestow Life Insurance.
If you're between the ages of 21 and 55, are in generally good health, and don't have any felony convictions, Bestow can make it quick and easy for you to get life insurance at an affordable price.