Bestow’s quick online underwriting, no medical exam requirement, and short-term plans make Bestow an appealing life insurance option.
Bestow is an online insurance agency that offers 10 and 20-year term life insurance plans. It uses accelerated online underwriting without the need for an exam. People between the ages of 21 and 54 are eligible to apply.
Bestow may appeal to people who would otherwise be put off by locking into long-term plans.
New parents or newly married couples could kick-start their coverage for as little as $7.38/month, depending on factors like their age and health. This option brings peace of mind without feeling like too big of a commitment and doesn’t hurt the bank too much either.
The 100% online Bestow application process is easy. While it does require you submit your personal information, you don’t need to have a medical exam. Instead, the online underwriting process will pull available data from third parties (including the Medical Information Bureau) to determine your risk level.
This significantly cuts down on the time it takes to process an application - from possibly weeks to minutes.
For 10-year plans, applicants can be between the ages of 21 and 54. 20-year plans are limited to ages 21-45.
Bestow warns that not everyone will be eligible for coverage. Factors include criminal history, medical history, and many others.
Bestow was founded in 2017 in Dallas, Texas. It is backed by two A.M. Best A+ rated companies. These are Munich Re and North American Company for Life and Health Insurance®.
The Bestow company website points out that Bestow is not an insurance company. It is an agency that sells and underwrites policies issued by North American Company for Life and Health Insurance® and Munich Re.
Bestow's algorithm makes fast underwriting possible. In their words, “We use fancy math to get you crazy-low rates!”
When you buy and are approved for a plan, you pick a coverage limit that carries a monthly premium. Your premium won’t change for the entire duration of the plan. Coverage starts at $50k and goes up to $1m. The higher your coverage limit, the higher your premium.
Not everyone will be eligible for the highest coverage limits.
The 100% online application process includes 4 components:
It is available in all 50 states except New York. It is not available in Guam or Puerto Rico.
10-year plans start at as little as $7.38/month. Total costs depend on risk factors such as age, weight, medical history, credit history, criminal activity, driving history, prescription medicines, and past insurance claims or denials, plus other factors.
Life insurance offered by Bestow is similar to other life insurance plans. It covers the life of the insured by paying a death benefit to the beneficiaries if the unexpected happens. There are some exclusions in the policy that typically relate to risky behaviors such as:
Insurers may review policies within the first two years after they are purchased to make sure information is accurate. This is called the contestability period. If a claim is filed during this time, it may be examined more closely by Bestow’s insurance partners.
This could happen while a policyholder is alive or after a claim has been filed. It is very important for a policyholder to give complete information about medical issues and lifestyle.
Bestow’s 10 and 20-year policies have coverage limits up to $1,000,000.
Here are some pros and cons we found:
Bestow is a Better Business Bureau-accredited business with an A+ rating and has been accredited since 2017.
Most of the reviews of Bestow are positive and have an average rating of 4.8 stars.
“Great product, VERY easy - less than 10 minutes and NO SALESPEOPLE
I had put off getting like insurance for a long time just because of the hassle. I decided finally it was time to act and beginning to end this process literally took about five minutes. The price was the best that I found in the customer service has been outstanding.” - Steven S.
“Ease of application and exemption from the hassle of an exam. In one word, convenient. Also has reasonable premiums, but the downside is non-existence of 30-year term.” - Hui Z.
If customers have questions, they can call Bestow’s Customer Care Advisors at 1-833-300-0603.
An important step for policyholders after they buy their coverage is to talk to their beneficiary(ies). Make sure to tell them about the policy and tell them where the information is kept.
Policyholders also need to give Bestow their beneficiary or beneficiaries’ contact information.
We would like to note that either the beneficiary herself or a friend or family member can make the initial contact with Bestow.
Website: Bestow.com Customer Service: 1-833-300-0603 Hours: Mon - Fri, 9am - 5pm CST Help is also available through the chat box found on www.hellobestow.com. Address: 750 North St. Paul Street #1900 Dallas, TX 75201
No. Bestow only offers Term Life Insurance coverage.
Bestow simplifies the insurance buying process by only offering one product. For some, this could be a con; for others, it could be a relief.
After all, wading through legalese on insurance policies is no one’s idea of a good time (except maybe lawyers). Term life insurance is less complex than other products, which means it can be sold without without requiring you to speak with an agent.
The lack of riders and lack of whole life insurance, which has a cash value component, may be a drawback to some.
The online underwriting process helps Bestow keep costs low.
Bestow has also reduced a lot of its risk. Only customers up to age 54 can buy policies. And it doesn’t accept customers with a history of cancer or heart disease.
Simplicity and convenience are Bestow’s best points. For the young and relatively healthy, Bestow is a quick and easy way to get both coverage and peace of mind.
People between the ages of 21 and 54 can apply. Only applicants under 45 are eligible for the 20-year term policies.
Yes. Bestow makes it affordable to buy a life insurance plan in minutes 100% online, with no unnecessary wait times.
Bestow offers 10 and 20-year term life insurance policies, with coverage up to $1 million.
Yes! Your plan is fully refundable within the first 30 days with no cancellation fees.
Bestow’s policies are non-renewable which means you must re-apply when it finishes.