Bestow Life Insurance: An Easy, Affordable Option

Bestow is a life insurance company that offers term life insurance online. The company's mission is to increase financial stability for everyone, and it aims to do so by making it fast and easy for people to apply for financial protection for their families. Bestow's application process is entirely digital and does not require a medical exam, and coverage can be activated on the same day as approval. The company offers coverage amounts ranging from $100,000 to $1.5 million and terms of 10, 15, 20, or 30 years. Bestow's life insurance policies are available to individuals aged 18 to 60 and are currently offered in all US states except New York.

Bestow's life insurance coverage types

Bestow is a life insurance company that operates entirely online. It offers a new way to apply for life insurance, doing away with the traditional online or in-person application and medical exam. Instead, Bestow's 100% online process uses an algorithm to determine eligibility in about five minutes, and coverage can begin almost instantly for approved applicants.

Bestow currently only offers term life insurance. This type of insurance is only active for a certain amount of time, known as the term, and is best for people who want extra financial protection during specific parts of their lives, such as when they have young children or are paying off debt.

Bestow's term life insurance policies are simple. People aged 18 to 60 can apply for a term of 10, 15, 20, or 30 years, and death benefit options range from $50,000 to $1.5 million. The company does not offer permanent life insurance policies like whole life insurance or guaranteed life insurance, and its term policies cannot be renewed or converted to permanent coverage.

Bestow's life insurance coverage is underwritten by the North American Company for Life and Health Insurance, which has an A+ (Superior) rating from AM Best for financial strength. This indicates that the company has superior financial strength and is able to meet policyholder obligations and pay claims.

Bestow's online platform and digital tools make it a good choice for those who want a quick decision on a term life insurance policy and prioritize a streamlined process. The company advertises that healthy individuals could receive coverage for as low as $11 per month, and its online application collects personal data, health data, and information about citizenship, lifestyle, medical history, and hobbies.

While Bestow offers a simplified and efficient way to obtain term life insurance, it is important to note that the company does not offer permanent coverage or any life insurance riders to customize your policy.

Pros and cons of Bestow life insurance

Bestow is a life insurance company that operates entirely online. It offers a new way to apply for life insurance, removing the need for a medical exam and instead using an algorithm to assess eligibility and accelerate the underwriting process. Here are some pros and cons of Bestow life insurance:

Pros

• Quick coverage approval: Bestow offers instant approval for eligible applicants, with coverage beginning almost instantly.
• No medical exam required: Unlike traditional life insurance companies, Bestow does not require a medical exam, making the application process faster and more convenient.
• Simplified term coverage: Bestow offers term life insurance with coverage for 10, 15, 20, 25, or 30 years. The application process is straightforward and can be completed in minutes.
• Wide range of term lengths: Bestow offers a variety of term lengths to choose from, allowing customers to select the option that best suits their needs.
• Online accessibility: Bestow's website is mobile-enhanced, making it easy for customers to access information, quote coverage options, and purchase life insurance from their phones.
• Live chat support: Bestow offers live chat support, which is not commonly available with other life insurance companies.

Cons

• Not available in certain states: Bestow's policies are not available in New York, Colorado, and Maine.
• No permanent coverage offered: Bestow only offers term life insurance and does not provide permanent coverage options like whole life insurance or guaranteed life insurance.
• Limited policy options: Bestow only offers one type of policy, term life insurance, and does not allow for any customizations or add-ons.
• Low coverage limits: Compared to other providers, Bestow's term life insurance coverage limits are relatively low, with a maximum amount of $1.5 million.
• No riders available: Bestow does not offer any optional riders or built-in riders, such as accelerated death benefits, to customize the policy.

Bestow's data security

Bestow is committed to ensuring the security of its customers' data and enhancing their data privacy. The company utilizes a structured framework and encryption to protect customer information. Bestow's digital-first approach to life insurance means that it collects, stores, and manages a significant amount of personal data, including Social Security numbers, contact information, health data, and prescription drug use. This data is used to assess eligibility and provide coverage options, death benefits, and monthly premiums.

Bestow's online platform and application process are designed to be secure and protect customer information. The company uses encryption and structured frameworks to enhance security and data privacy. Bestow also utilizes intuitive sales management dashboards and tools, providing real-time status updates that agents and carriers can trust.

The company's commitment to data security and privacy is essential to building trust with its customers and ensuring compliance with relevant data protection regulations. By leveraging technology, Bestow streamlines the process of applying for life insurance while maintaining the security and privacy of sensitive information.

In addition to its focus on data security, Bestow also prioritizes environmental sustainability. The company's remote-first approach has reduced its carbon footprint, and digital policies have resulted in significant paper savings. Bestow's headquarters in Dallas, Texas, is also LEED® Gold certified, reflecting its commitment to reducing its environmental impact.

Bestow's customer satisfaction

Bestow is a Dallas-based life insurance company that offers term life insurance online. The company's mission is to increase financial stability for everyone by making it fast and easy for people to apply for financial protection for their families.

Bestow's application process is entirely online and does not require a medical exam. Instead, applicants answer a few health and lifestyle questions, and most people receive an instant decision. If approved, they can review coverage options, death benefits, and monthly premiums before purchasing a policy with a credit card. Coverage begins almost instantly for approved applicants.

Bestow's life insurance policies are available to people aged 18 to 60 and offer terms of 10, 15, 20, or 30 years, with death benefit options ranging from $100,000 to $1.5 million. The company advertises that healthy individuals could receive coverage for as low as $11 per month.

Bestow has received positive reviews from customers who appreciate the affordable premiums, efficient online process, and absence of a medical exam. The company has an A+ rating from the Better Business Bureau and an "Excellent" star rating on Trustpilot. However, some customers have expressed concerns about rate increases after initial quotes and privacy practices.

Bestow also offers a referral program, bereavement support for beneficiaries, and a straightforward process for filing claims and cancelling policies.

Bestow's life insurance riders

Bestow is a life insurance provider that operates entirely online. It offers instant-approval, no-medical-exam term life insurance policies. While Bestow's policies are affordable and accessible, they do not offer any life insurance riders. Riders are additional benefits that can be added to a life insurance policy for more customization. Here are some common types of life insurance riders that Bestow does not provide:

• Waiver of Premium Riders: These riders allow the policyholder to stop paying premiums if they become disabled or unable to work. This ensures that the policy remains active even if the policyholder can no longer make payments.
• Guaranteed Insurability Riders: These riders guarantee the policyholder's ability to purchase additional coverage at a later date without undergoing a medical exam or providing further evidence of insurability. This can be useful if the policyholder's health or lifestyle changes, increasing their insurance needs.
• Accelerated Death Benefit Riders: These riders allow the policyholder to access a portion of the death benefit early if they are diagnosed with a terminal illness or chronic illness. This can help cover medical expenses or other financial needs during their lifetime.
• Spousal or Child Coverage Riders: These riders extend life insurance coverage to the policyholder's spouse or children, ensuring financial protection for the entire family.
• Accidental Death or Living Benefits Riders: These riders provide additional benefits or coverage in the event of accidental death or if the policyholder becomes disabled due to an accident.

The absence of riders means that Bestow's policies may not offer the level of customization and comprehensive protection that some individuals may be seeking. However, Bestow fills a unique niche in the market by providing fast, convenient, and affordable term life insurance for individuals who want straightforward coverage without the complexity of riders.

Frequently asked questions