Bestow Term Life Insurance: Legit Or A Scam?

Bestow is a life insurance company that offers term life insurance policies. It was founded in 2016 and is based in Dallas, Texas. The company provides a straightforward option for fast life insurance with policies designed for ease and affordability. Bestow's application process is entirely online and does not require a medical exam, making it convenient and accessible for individuals seeking life insurance. The company has received positive reviews for its simplicity and affordability, but it also has some limitations, such as the lack of additional riders or policies to supplement coverage.

Bestow's application process

Basic Identifying Information:

Email, address, and Social Security Number.

Your Life:

This includes questions about your citizenship, medical history, lifestyle, and hobbies.

Beneficiaries:

This is whoever would receive the death benefit in the event of your death.

Policy and Payment Details:

If approved, you choose the coverage amount and term length, then enter your credit card information to purchase and bind the policy.

The entire process can be completed in as little as 5 minutes. After answering a few simple questions, most applicants receive an instant decision. If approved, you can select your desired coverage and term. You can then pay online and your insurance coverage begins.

Customer reviews

Bestow is a legitimate online life insurance company that offers a simple approach to buying term life insurance. The company has received generally positive reviews from customers who appreciate the ease and speed of the application process, affordable premiums, and efficient online experience without medical exams. However, there are also some negative reviews expressing concerns about rate increases after initial quotes and privacy practices.

"Very friendly and knowledgeable staff. They were very helpful in setting up my life insurance for my SBA loan. It was quick and easy, I would highly recommend them to anyone looking for life insurance for their SBA loan. It was a pleasant experience working with them."

"The process to get life insurance was really quick and easy. I got online, answered the questions, and received my approval within minutes. I would highly recommend contacting Bestow for your needs. I will be recommending Bestow to any of my family and friends looking to get life insurance."

"My experience with Bestow and getting an online quote for life insurance was very smooth. I was specifically looking to complete the full process online without phone calls to insurance agents. The rate was competitive and took 15-20 minutes from start to finish. Very pleased. Will definitely recommend this for simplicity, efficiency, and competitiveness."

"Last time I looked for life insurance I got calls and emails with junk for months. I found Bestow on my Credit Karma account and almost feel like this is too good to be true. Super fast and easy, from home on my own time, got more coverage than I was going to with other companies because the rates are fantastic."

"I was looking for some completely digital policies because in my previous experience, the agents tend to 'upsell' on additional 'features' that you may not necessarily require. Bestow was very easy to sign up for, and I am happy with the entire process so far. I just hope the company will honour its end of the deal if and when there is a need for it."

"I'm a woman who cares about getting the absolute highest-quality product for the absolutely lowest price I can. I got the most insurance for the lowest price with Bestow! You gave me that when it came to insurance! Get yourself insured with Bestow sooner rather than later"!

"Very pleased with Bestow! Documents are easy to access at the touch of a button. Monthly payments are very affordable! I highly recommend Bestow! So glad I made the choice of choosing Bestow as my primary life insurance! Be smart and get insured so you have something to leave your loved ones!"

"I wanted to get a term policy on myself for my children. I heard about this company through my job, which I am so glad I did, and then I went online to look up reviews. It was great; it was fast and easy. I loved the whole process."

"The online site would be showing you one policy's benefit, but when it's time to pay, your plan somehow got changed, and payment is accepted. So you're stuck with a useless policy that you pay for your death-only benefits. Scam."

"Affordable + Efficient = Happy Customer. The premiums were affordable, and the entire process was quick and efficient. I appreciate that it was all done online, without the need for an invasive medical exam, and without aggressive salespeople calling. Glad to now have my family covered by Bestow!"

"Single mom, CEO, Epileptic that's always denied except once... I am a single mother who also happens to be a business owner with lots of people dependent on me. No one would insure me because I have epilepsy, even though it's well-controlled, and I haven't had a seizure in over a decade. Bestow allowed me to have the life insurance I really needed for my children to continue our family business after I am gone. My policy is a bit on the pricey side, but I think it's fair overall. At least I'm finally covered, and that's priceless."

"Unfair denial. Blessing though in long run. I was denied for bipolar disorder and recent surgery. I've had bipolar disorder and it's been under control for 19 years with no issues. My Achilles tendon tore, and I had surgery, and another surgery they didn't even ask about. I've never been denied life insurance. This company isn't good in my opinion. Then afterward, in the denial, I read they may share my information with marketing firms. They best not do that. Shady practices in my opinion. Glad I was denied after seeing this."

"STAY AWAY unless you are ready to pay 3-4 times the initial quote. Even if you have a glamouring application and you have all the good answers, if there is a tiny issue within the last 10 years, they won't ask you if it was treated and resolved, and they will triple the price. I am very healthy, fit and active, and all my numbers are perfect, and ZERO meds, and quoted more than 3 times the initial quote after they got all my personal info. BE AWARE!!!!"

Coverage limits

Bestow's term life insurance coverage limits range from $50,000 to $1.5 million. The maximum coverage amount of $1.5 million is available to individuals up to the age of 60. If you are between the ages of 50 and 60, the amount of life insurance coverage caps at $1 million.

Bestow's term life insurance policies are not renewable at the end of the term, nor can they be converted to permanent coverage, unlike term policies available from other insurers. When the term ends, your coverage terminates.

Bestow's term life insurance rates for various ages and amounts show that women typically pay less than men for life insurance, and costs increase as you age. For example, a 40-year-old woman in excellent health would pay $402 per month for a 20-year, $500,000 term life insurance policy, while a 60-year-old man in excellent health would pay $1,563 per month for the same policy.

Bestow's term life insurance coverage limits are considered low compared to some other providers. The company's rates for no-exam term life coverage are generally higher than those offered by competitors such as Ethos and Prudential.

Pros and cons

Bestow is a legitimate company that offers term life insurance to people aged 18 to 60. The company was founded in 2016 and launched its entirely digital life insurance platform a year later. Bestow is based in Dallas and sells policies in all states except Colorado, Maine, and New York.

Pros:

• Quick coverage without a medical exam
• Wide range of term lengths (10, 15, 20, 25, or 30 years)
• Affordable premiums
• Easy and straightforward application process
• Policies are accessible to individuals aged 18 to 60
• Coverage amounts range from $50,000 to $1.5 million
• Approval can be obtained in just a few minutes

Cons:

• Policies are not available in Colorado, Maine, and New York
• No additional riders or policies are available to supplement coverage
• Term limits max out at 30 years
• No ability to renew the policy after the initial term expires
• Rates for no-exam term life are more expensive than many competitors

Customer support

Bestow is an online life insurance company that offers a simple approach to buying term life insurance. Customers can get a quote within minutes and don't need a medical exam to qualify for coverage. The company provides a 30-day money-back guarantee and policies start at $20 per month.

Bestow's customer support team can be reached via phone, email, and live chat. The company's customer care team is available Monday through Friday from 8 am to 6 pm CST. The company also provides a customer portal that allows policyholders to download policy documents, view beneficiary information, and change their payment method.

Bestow's customer support team is responsive and knowledgeable, as noted in reviews by verified customers. One customer review highlighted the pleasant experience of working with the team, describing them as "very friendly and knowledgeable." The review also mentioned that the team was helpful in setting up life insurance for an SBA loan.

Another review by a Trustpilot user gave Bestow a 5-star rating, praising the company for its affordable premiums, efficient online process, and coverage for conditions that other insurers might reject. The reviewer expressed relief that there were no aggressive salespeople calling, which is often a common concern with insurance companies.

In addition to its customer support channels, Bestow also offers a referral program and bereavement support for its customers. The referral program allows customers to earn rewards by referring friends and family to Bestow. The bereavement support is provided through Empathy, a platform that assists individuals grieving the loss of a loved one. This benefit is available to beneficiaries and up to nine additional loved ones, offering resources for funeral planning, probate, and emotional support.

Frequently asked questions