6.5 MIN READ
Life insurance is an important part of any financial plan. It protects your family and loved ones when you die. Some companies, like Bestow Life Insurance, make it easy to get life insurance without complicated applications and medical exams.
Bestow life insurance reviews rave about this online life insurance company. Is it worth the reviews or should you skip it? We help you decide in our guide below.
Related Article | The Finance Dictionary: Learn the jargon your Finance friends speak!
What Is Bestow Life Insurance?
Bestow Life Insurance offers instant life insurance without a medical exam. They are one of the few insurance companies offering instant coverage within seconds of applying for it. After you answer questions on their mobile-enhanced website, Bestow uses an algorithm to determine your eligibility for life insurance.
How Does It Work?
Bestow makes the life insurance process simple. You answer a few questions online, they use a program with a fast algorithm to process the information and give you an answer instantly.
Bestow is not a life insurance carrier, though. They are a life insurance agent with policies issued from North American Company. North American has the highest ratings from A.M. Best, so you can rest assured that your buying insurance from a quality company.
Bestow Life Insurance Policies
It's important to know that Bestow only offers term life insurance policies. This means you buy a policy for a specified term, which at Bestow means 10, 15, 20, 25, or 30-year terms. If you're alive at the end of the term, your policy expires.
Currently, they offer coverage from $50,000 - $1,500,000, but they have age limits on certain terms. If you're over 45-years old, you may not be eligible for a 20-year term or higher. There are also restrictions if you've been diagnosed with cancer in the last 10 years or use tobacco.
Related Article | The 7 Types of Life Insurance that Will Protect Your Family
The Bestow Life Insurance Application Process
Bestow's application process is about as easy as it gets, which is a welcome reprieve to the overwhelming life insurance applications most life insurance companies have.
To start, you'll provide basic personal information including your birth date, gender, height, weight, and state you live in.
Bestow immediately provides you with a quote, but you can play with the numbers by choosing different coverage amounts and terms. Once you see a quote you like, you'll complete the rest of the life insurance application.
In the application, you'll provide your mail address and your full name, height, weight, gender, and birthdate again.
Next, Bestow asks several health-related questions. There are about 10 questions Bestow asks relating to your health. The point of the questions is to see what type of risk you may be for premature death. The questions ask about extreme weight loss, tobacco use, HIV, and your most recent medical history.
At this point, each applicant's experience is slightly different as they tailor the questions based on your answers. If they need more information about an issue, for example, you may have more questions than another applicant with no medical issues.
Next, Bestow asks questions about your lifestyle. There are 13 questions total, all of which are about your hobbies, occupation, travel plans, and citizenship.
Your final step is to provide your Social Security number and to verify that the information you provided is true.
Related Article | How to Calculate the Amount of Life Insurance You Need
Who Is It Best For?
Bestow is a great policy for young adults who want instant coverage for a temporary issue. For example, if you just got married and have small children, but also have a large mortgage, you may want a policy to cover the mortgage in the event you unexpectedly passed away.
Bestow Life Insurance is also good for anyone looking for a term policy but who doesn't want to bother with a medical exam. But, you should be in good health. Bestow doesn't sell guaranteed life insurance. You must answer the health-related questions and pass. While they have a fast approval process, it's not lenient as far as any health issues or lifestyle concerns.
Who Shouldn't Use Bestow Life Insurance?
Like all life insurance policies, Bestow Life Insurance isn't for everyone. If you aren't in good health or have a risky lifestyle, you won't get coverage from Bestow.
Bestow life insurance reviews also always point out that Bestow life insurance is term life insurance only. If you're looking for a whole or permanent life insurance policy, you won't find it here. Bestow offers only affordable term life insurance coverage for those looking for affordable life insurance quotes with temporary coverage.
Related Article | How Much Does Life Insurance Cost?
How Much Does Bestow Life Insurance Cost?
Bestow life insurance reviews wouldn't be complete without a look at the cost. Fortunately, term life insurance is usually one of the most affordable coverage options since it's for a specified period. Like any insurance company, your premiums vary based on your age, gender, health history, amount of coverage, and term.
Here are some examples of average premiums for a health 30-year old male and female.
30-year old male:
- 10 years $500,00 coverage - $22.95
- 20 years $500,000 coverage - $24.75
- 10 years $1 million coverage - $38.50
- 20 years $1 million coverage - $43.50
30-year old female:
- 10 years $500,00 coverage - $11.83
- 20 years $500,000 coverage - $16.83
- 10 years $1 million coverage - $17.67
- 20 years $1 million coverage - $27.67
Related Article | How To Pick Visitors Insurance For Parents Visiting the USA
Pros and Cons
All life insurance policies have pros and cons. Knowing both sides can help you choose the policy that's right for you.
- Simple application process - It doesn't get any easier than Bestow's application process when applying for life insurance. While their underwriting process is as strict as most other companies, the application itself takes only minutes.
- Insurance agents don't work on commission - You don't have to worry about agents trying to sell you other policies, or getting you to spend more than you planned. Bestow agents don't work on commission and they only have term life insurance.
- No medical exam - Life insurance medical exams are usually painless and fast, but Bestow doesn't offer them, which simplifies the process even more.
- Many policy options - Bestow started with only a couple of term and coverage options, but has since expanded its options to compete with other life insurance companies.
- Low monthly premiums - Since Bestow operates online only and limits its offerings, it can offer low premiums to its clients.
- Strict underwriting process - Some people think the lack of a medical exam will make qualifying easier, but it makes it harder. Bestow limits approval to a strict set of standards that a medical exam may be able to get around, but they don't offer.
- Lower coverage amount - Bestow offers coverage up to $1.5 million, which is less than many other companies like Haven Life who offers coverage up to $3 million.
Bestow Life Insurance Reviews: Is It Worth It?
So is Bestow life insurance worth it? All the Bestow life insurance reviews say it is and we agree as long as you fit into the small category of people it benefits. If you need short-term life insurance to get you through your mortgage or for protection for your kids until they're old enough to be on their own, it can be great.
If you're looking for permanent coverage or you have any medical issues, you may want to look elsewhere since Bestow's underwriting guidelines are strict to help them keep their premiums low.