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. You needed to find a reputable life insurance agency first, and then make an appointment to meet with a life insurance agent. You may have also needed to get a medical exam as part of the application process, depending on the policy options you chose.
But modern technology is changing the insurance industry, and 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. Term-life insurance policies are affordable, 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.
Bestow Life Insurance basics
|Type(s) of life insurance offered||Term life insurance|
|Coverage amount||$50,000 to $1,000,000|
|Medical exam required||No|
|Term options||10-year and 20-year terms|
|Eligible ages||Anyone between 21 and 55 may apply|
|Availability||All states except New York|
What is Bestow Life Insurance?
Bestow Life Insurance is headquartered in Dallas, Texas, 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 life insurance coverage. North American offers term-life insurance and has 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 a life insurance quote online, fill out a quick online application, and obtain between $50,000 and $1 million in term life insurance coverage.
How does Bestow work?
Bestow can help you get a free quote on term-life insurance. With term-life insurance, your policy expires at the end of the term specified in your policy documents. That means your beneficiaries are eligible to receive a payout during that time period, but once the term expires, you will no longer have coverage.
This type of coverage can be a great option for people who don't have or want to spend a lot of money, but who do want a good insurance policy. Bestow sells life insurance policies in 10- and 20-year term lengths.
Term-life insurance is different than whole life insurance (also called permanent life insurance), which is designed to be in effect for the policyholder's entire life, so a death benefit always pays out as long as you keep paying your life insurance premiums. It also has an investment component. Whole life insurance is also typically a more expensive life insurance product when compared to the often low rates of term-life policies. Whole life can also be more complicated when it comes to the policy itself and the application process.
How to get an insurance quote from Bestow
It's easy to get life insurance through Bestow 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. This initial application process is fast because of the algorithmic underwriting process that Bestow utilizes to determine your eligibility for a life insurance policy. This algorithm is used instead of having to wait for a human underwriter to review your information. The underwriting process is fast and removes any potential human bias as well.
Once you receive your estimate, you’ll then have the option to use a slider to change your coverage options and to choose either a 10-year term or 20-year term when it comes to the length of your 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, health, and medical 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 and your Social Security number
- 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.
Once you're ready to pay for your policy, you will input your credit card information. This information will be securely stored and Bestow will automatically process your monthly bill so you never have to worry about missing a payment.
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 if that doesn't make sense for your personal finances.
Bestow offers term insurance coverage in 10- and 20-year plans. 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 policy.
FAQs 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 policy options, 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 pricing will depend on your age, your policy’s term, and the coverage amount you need.
How does Bestow Life Insurance make money?
Bestow makes money from administrative fees and agency commissions.
Will Bestow look at my credit score?
Life insurance providers will typically look into aspects of your financial history, but not your credit score itself. Bestow states that they will look at data like your payment history and bankruptcy history, but then they will assign you a score based on their own model. They only perform a soft credit check to acquire this information, so you don't have to worry about your application hurting your credit score.
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. You can get quotes in a matter of minutes and be sure that your life insurance needs are handled.
If, however, you determine that Bestow isn't the right fit for you, there are other insurance products out there. Just be sure you shop around and look at the available life insurance options so you can get both the best coverage for your needs and the best life insurance rates.