Through this Bestow Life Insurance review, you will get to fully understand what this company has to offer — particularly being able to get insured in just a few minutes! This really is something interesting and every person who is on the lookout for an insurance company has definitely had to look into this.
Let’s face it, one of the hurdles about purchasing traditional insurance is the long application process. You got to sit with a life insurance agent, who is responsible for asking all essential questions — and sometimes even the uncomfortable ones. After the interview process, you will have to wait for weeks to get approval. At the same time, hoping that you will get the premium rate that was quoted by the agent — because in some cases, it’s something else.
While traditional insurance companies do still exist, thanks to technological advancement, it helps change the way consumers apply for life insurance. Among the first few companies that transitioned to a more up to date and more innovative way of the insurance application is Bestow Life Insurance. Thus, this Bestow Life Insurance review.
But before we dig deeper into details, did you know that according to the 2019 Insurance Barometer Study by the Life Insurance Marketing and Research Association (LIMRA) and Life Happens (a non-profit educational organization), “almost half of Americans (47 percent) say they are more likely to buy life insurance using simplified underwriting, which generally means getting coverage more quickly and without a medical exam*, versus traditional underwriting approaches.”
This is the very reason why insurance companies like Bestow had to do something to ensure that they are able to adapt to the needs of their potential clients. Insurance companies have “leveraged advances in technology such as analytics, Big Data, and artificial intelligence, to streamline the underwriting process and better meet the needs and preferences of today’s consumers,” according to the same report.
With Bestow Life Insurance, the company offers an all-online application process, which provides approval in just a few minutes. Yes, no need for medical exams. On top of that, the company offers a firm, low-cost premium quote.
With what it offers, if you are looking for fast life insurance, this is definitely one of the companies that you should look into.
So, to help you gauge whether or not Bestow Life Insurance is the right one for you, we are going to share with you a few very important information to help you as you discern.
In particular, we are going to focus on the following:
- What is Bestow Life Insurance?
- How does Bestow Life Insurance work?
- What are the products offered by Bestow Life Insurance?
- How to apply for life insurance with Bestow?
- A quick coverage details of Bestow Life Insurance
- How is Bestow’s customer service?
- What are the pros and cons of Bestow Life Insurance?
WHAT IS BESTOW LIFE INSURANCE?
Bestow Life Insurance is a fintech company that was founded back in 2016 and is based in Dallas, Texas. It was established by Jonathan Abelmann and Melbourne O’Banion.
Before you raise your eyebrows because of its relatively new status, Bestow is actually the online platform for North American Company (they issue Bestow Life’s policies) in partnership with Munich RE, which is two of the largest reinsurance companies in the United States.
As mentioned, Bestow is backed by 2 A+ top-rated life insurance companies. Needless to say, Bestow in itself has a Better Business Bureau rating of “A” (on a scale of A+ to F). The company has been BBB accredited since October 9, 2017.
Bestow was established to set out on a mission to make buying life insurance less excruciating by using technological advancement. Thus, they came up with a simplified, online-only, smart insurance solution.
The company is proud to offer “easy, affordable term life insurance”. Needless to say, they sell all policies online through a mobile-enabled website.
By using data, Bestow gets to eliminate the need for medical exams, which is a very common requirement among insurance companies. The company uses an algorithm underwriting, which includes asking questions about certain aspects like the applicant’s health history, as well as lifestyle.
Through the algorithm, data about the applicant’s prescription, as well as credit history, driving records, and previous insurance attempts are pulled out. The result of all these is a policy underwriting that is considered valid just like a medical exam.
If you are looking for an insurance company that lets you buy a policy in just 5 minutes, then Bestow is the perfect one for you. Bestow offers both short-term and long-term insurance policies. This includes plans for 2, 10, and 20 years.
Just a disclaimer though, just like any other insurance companies, there’s no guarantee that your application will be automatically approved as it will depend on the risk assessment. What sets Bestow apart though is the fact that it is very transparent about why an application is not approved. This will help you understand what you need to do differently, also what to look for with other insurance providers.
Furthermore, Bestow life insurance is available for customers aged 21 to 54 years only, which makes it an ideal choice for millennials.
Before moving on to our own review, here’s a sneak peek of what you should know about Bestow according to Money Done Right with Logan Allec, CPA. Click the play button to watch below video:
HOW DOES BESTOW LIFE INSURANCE WORK?
Earlier we already mentioned a few things on how Bestow Life Insurance works. However, as part of our Bestow Life Insurance review, we are going to dig deeper into this.
Just so you know, the company uses a huge data and technology to streamline, at the same time, speed up the life insurance application process.
As we have already mentioned a couple of times, the whole application process takes place online.
Basically, an applicant will be asked questions about his or her health and lifestyle. Bestow’s algorithm will then analyze the information available from big data and technology, and then, offers answers in just a few minutes. This is totally different from the traditional insurance application that takes a few weeks before approval.
What makes Bestow Life Insurance different from traditional insurance companies is the fact that it does not require a medical exam for a policy to be approved. Furthermore, no paperwork, and if your policy is approved, the company will provide your rate, as well as the opportunity to choose the amount as well as the term of your policy. Bestow allows payments done using credit cards.
WHAT ARE THE PRODUCTS OFFERED BY BESTOW LIFE INSURANCE?
Also part of our Bestow Life Insurance review is the different products that the company offers.
But before that, it is very important to note that Bestow offers term life insurance policies to US citizens and residents only. In addition, those who are generally healthy.
For your application to be considered, you have to either be employed full-time a homemaker, or a student.
For your reference, Bestow offers three different types of term life insurance policies, which are as follows:
This is tagged as a “temporary” policy, which means it will allow you to keep coverage during a time of transition like between jobs, or while you are still looking for longer-term coverage.
Bestow’s two-year policy is available for those aged between 21 and 55 years. It is available in coverage amounts from $50,000 up to $500,000.
This policy provides longer-term protection for your family or loved ones. This may also be used to pay off debts upon your health. Under this policy, premium payments are fixed for the whole 10-year term.
This policy is available for applicants aged between 21 and 55 also. It is available in amounts from $50,000 up to $1 million.
Basically this works the same as the previous one. The only difference is that the term protection is doubled.
This 20-year term policy is available for applicants who are between 21 and 45 years old. Meanwhile, it is available in amounts that range from $50,000 to $1 million.
It is important to note that policies are not automatically renewable, which means you have to reapply once the term ends. You also have to ensure that you are still eligible based on the required age, as well as your health condition.
That’s basically it. So, you just have to choose which among the three you think will work for you best based on your needs and personal requirements.
HOW TO APPLY FOR A FOR LIFE INSURANCE WITH BESTOW?
If you think Bestow Life Insurance is perfect for you, then you can immediately head on to their online platform and apply.
Here’s how the process works:
– Start with providing your basic information.
This is the initial process. On this part, you will have to input basic personal information such as your birth date, gender, weight, height, as well as the state you live in. You will also have to disclose whether or not you are currently using any nicotine products.
– Get your monthly premium quote.
For someone who is around mid-30s with proportional height and weight, and not taking smoking, your prospective rate is at $22.50 per month for a $500,000 policy with a 20-year term. Note that the rate varies depending on your personal information.
– Create an account.
Just like any other platform, to be able to create an account, you will need an email and your preferred password.
– Answer 7 essential questions regarding your health.
As part of the entire process, you need to answer a quick seven-question survey. The survey is about your health, which includes questions about HIV status, disability payments, rapid weight loss, as well as depression. This survey is done to help determined whether you have existing health conditions that could either affect you now or in the future.
– Answer 10 questions regarding your lifestyle.
Apart from the aforementioned, you will also be asked to answer 10-questions regarding your lifestyle. This includes questions like if you are a US citizen, your birthplace, your employment type as well as your income, information if you are traveling more than 30 days to another country, and your driver license’s information.
– You will need to provide your Social Security number and will need to sign digitally.
Once you’re done answering questions, you will then be asked to provide your Social Security Number, as well as your digital signature. Don’t worry about the possibility of inputting incorrect information because you will be given the chance to review your application before submitting it.
After that, you will be asked to verify your ID. Then, they will provide you with the underwriting process for approval.
Since this one’s a Bestow Life Insurance review, we just have to say that the process is very simple and easy. True to their words, you can actually finish everything in 5 minutes or even less if you are quick to answer and input the information required.
QUICK COVERAGE DETAILS OF BESTOW LIFE INSURANCE
As part of our Bestow Life Insurance review, and just like any other insurance reviews, we are providing you with quick coverage details of the said insurance company.
For your reference, here is some very important information that you should take note of especially if you are considering Bestow Life Insurance:
|Products Offered||Term Life Insurance (only)|
|Policy Term Options||2, 10 and 20 years|
|Coverage Amount Available||Up to $500,000 for 2-yea term;|
Up to $1 million for 10- and 20-year terms
|Premium Payment Frequency||Monthly|
|Required Age for Insurance Applicants||For 2- or 10-year policies, 21 to 55;|
For 20-year policies, 21 to 45 (21 to 43 for male tobacco users)
|Medical Exam Requirement||None|
|Health Exclusions||Heart disease, stroke, cancer (except basal and squamous cell skin cancer), organ transplant, diabetes before 40 (except gestational diabetes), alcohol or drug abuse, HIV, or kidney disease requiring dialysis|
|Can it be declined for coverage?||Yes|
|States Available||All states except New York|
HOW IS BESTOW’S CUSTOMER SERVICE?
Of course, our Bestow Life Insurance review will not be complete without us checking out the efficiency of the company’s customer service.
Let’s face it, one of the things people worry about especially when considering buying in an online insurance provider is the lack of person-to-person or physical support.
Here’s the thing — while Bestow Life Insurance is an online-only insurance provider, what amazes us is that it is very easy to get in touch with a representative if you want to actually talk to someone for questions and clarifications.
In particular, Bestow provides help and support to their clients in three different ways:
First, you may opt for a quick chat with a support agent through LiveChat.
Second, you may consider speaking to a representative through a phone call at 1-833-300-0603.
Lastly, you may want to email the team instead of email@example.com.
Whatever platform you prefer, accessing personalized help as well as support from the company is not complicated at all. Also, Bestow has an FAQ page on their site. You may check there first before you consult or ask a representative. Most of the commonly asked questions are in there anyway.
WHAT ARE THE PROS AND CONS OF BESTOW LIFE INSURANCE?
Our Bestow Life Insurance review will not be complete if we will not share with you the pros and cons of the platform or the insurance provider. This will surely help you weigh your options.
Having said that, here are the pros and cons of Bestow Life Insurance according to based on our assessment:
|Excellent, low rates||No Permanent options|
|Does not require a medical exam||No Universal options|
|Provides up to $1 million coverage (without exam)||No 30-year option yet|
|Provides fast, electronic application (no need for an agent)||Digital Only – no face to face interaction|
|Financially strong & stable||Only available for applicants aged 21 – 55|
|Provides short & long-term life insurance options||Not available in New York|
|Manage your policy online|
|Flexible cancellation policy|
|Customer help via live chat, email or phone|
As you can see, there are still more pros than cons. Also, based on the above information, it all depends really on you – if you think this one works for you and you are within their required age limit, then Bestow Life Insurance is definitely a perfect option for you.
FINAL THOUGHTS ON BESTOW LIFE INSURANCE REVIEW
Just like the other online-based life insurance companies that offer low-cost premiums as well as fast approvals, Bestow is designed for those people who are in good or excellent health, which is precisely why they have a certain age limit.
Based on what the company offers, we have to say that Bestow Life Insurance is an excellent choice for those people who are looking for fast approval, as well as low monthly premiums, and of course, those who do not want to go through the hassle of taking a medical exam.
As mentioned, Bestow only caters to a specific age range only, which means those who are 55 years old and above, they have to look for other options. Needless to say, Bestow does not also have policies available for people with significant health conditions. But do not lose hope just yet because the company promises to add additional policy types as they move forward.
Bestow is also very specific to providing term life insurance only. This means that if you are looking or a whole life insurance provider, Bestow is not the right provider for you. Another downside of Bestow is the fact that it is not automatically renewable. You will need to reapply for a new policy should it expire. However, you have to ensure that you are still within the company’s eligibility parameters depending on your policy choice.
So, have you decided yet? Do you think Bestow is the right one for you?