If you want to provide a good sense of financial security for your family, life insurance is an essential purchase.
For most people, term life insurance is the most sensible type of insurance to buy. With term life insurance, you pay a relatively low premium and get a predetermined amount of coverage for a set period.
It’s a simple and straightforward product. And thankfully, it’s much easier to purchase than ever before due to a sizable number of companies offering term life insurance online.
Bestow Life Insurance is one such company that has emerged on the scene, offering a quick online application process with competitive coverage and premiums. It leverages technology and data to provide policies that are appropriate for customers without the need for a medical exam.
If you are seeking to buy term life insurance, is Bestow right for you? Let’s dig into the company to find out.
Bestow Life Insurance offers access to term life insurance with minimal hassle.
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What is Bestow Life Insurance?
Bestow is a Texas-based company offering term life insurance policies through an online-only platform.
The company allows customers to purchase up to $1 million in coverage for terms between 2 and 20 years. It takes just a few minutes to get a quote from Bestow, and the application can be filled out in less than 10 minutes.
Bestow offers policies from the North American Company for Life and Health Insurance. Its key investors include Morpheus, Core Innovation Capital, 8VC, and Valar.
Acceptance for coverage is not guaranteed, though most healthy young adults will likely be allowed to purchase a policy.
Young people, in particular, may find the idea of life insurance a bit macabre. But it’s young adults with dependents who are the best candidates to purchase it, as a good policy can potentially replace years or even decades of your income.
Who is Bestow Life Insurance for?
If you are seeking term life insurance at a relatively low cost with a quick application process, Bestow may be right for you. The company’s policies are best for those who need 20 years of coverage or fewer and are comfortable with $1 million in coverage or less.
Bestow favors those who do not smoke or chew tobacco, and those with a healthy body-mass index are also likely to pay less in premiums.
Younger, working people with spouses and dependents are good candidates for term life insurance and may benefit from Bestow’s products and platform.
Women may pay less than men, especially if they are healthy. (A female, non-smoker who is 25 years of age can get $500,000 worth of coverage for less than $20 per month.)
To get started with Bestow, you click on the “Get Quote” link and are then asked to provide some basic information, including gender, age, height, weight and state of residence. It also asks if you are a user of nicotine products. You are then immediately given a quote for a 20-year policy with $500,000 worth of coverage.
You can get different quotes by changing the term to 2 or 10 years, or adjusting the amount of coverage to as little as $50,000 and as much as $1 million.
Once you are comfortable with a quote, you can begin the application process with the click of a link. The application asks for your full name, address and phone number and asks you to confirm the other information you provided when seeking a quote.
Bestow then asks a series of seven health-related questions, covering topics such as any recent diagnosis or surgeries, recent weight loss, HIV status, use of tobacco products, and conditions such as depression, seizures, diabetes or alcohol abuse.
The application then asks you 13 lifestyle questions, with questions that include, “Do you plan to travel to a foreign country in the next 12 months?” and “Do you plan to race in an automobile at more than 100 miles per hour?”
Premiums and Coverage
Premiums will vary depending on a variety of factors, including your age, where you live, your body-mass index (determined by your height and weight) and if you use tobacco products.
This chart shows the quoted monthly premiums based on a variety of factors. For illustration, we’ll assume a 20-year policy.
|Person||Coverage Term||Coverage Amount||Premium|
|Female, Age 40, Non-smoker||20 years||$1 million||$64.16/month|
|Female Age 25, Non-smoker||20 years||$1 million||$32.50/month|
|Female, Age 40, Non-smoker||20 years||$500,000||$33.75/month|
|Female Age 25, Non-smoker||20 years||$500,000||$17.91/month|
|Female, Age 40, Smoker||20 years||$1 million||$244.16/month|
|Female Age 25, Smoker||20 years||$1 million||$70/month|
|Female, Age 40, Smoker||20 years||$500,000||$123.75/month|
|Female Age 25, Smoker||20 years||$500,000||$36.66/month|
|Male, Age 40, Non-smoker||20 years||$1 million||$81.66/month|
|Male Age 25, Non-smoker||20 years||$1 million||$47.50/month|
|Male, Age 40, Non-smoker||20 years||$500,000||$42.50/month|
|Male Age 25, Non-smoker||20 years||$500,000||$25.41/month|
|Male, Age 40, Smoker||20 years||$1 million||$340/month|
|Male Age 25, Smoker||20 years||$1 million||$110/month|
|Male, Age 40, Smoker||20 years||$500,000||$171.66/month|
|Male Age 25, Smoker||20 years||$500,000||$56.66/month|
Reviews of Bestow Life Insurance
Online reviews of Bestow are relatively scarce but positive. One reviewer on Trustpilot.com named Grant gave the company five stars, noting that it only took him a few minutes to get a policy.
“Great company and service,” he said.
The policies offered by Bestow come from North American Company for Life and Health Insurance, which has an A+ rating from A.M. Best, S&P Global Ratings, and Fitch.
Bestow also has an A+ rating from the Better Business Bureau. On the BBB website, one user identifying herself as “Eva B” complained that she was denied a policy due to her body type.
“You guys asked for my personal information under a pretense of trying to provide me a no-hassle application for life insurance coverage, and yet I get disqualified,” she wrote. “Inform us consumers about the restrictions upfront, so we don’t waste our time answering all your intrusive questions.”
A Bestow representative responded apologetically but noted that “There are many factors that go into our ability to quote anyone, one of which is [body mass index] which we determine by height-to-weight ratio.”
Pros and Cons of Bestow Life Insurance
There are many things to like about Bestow, but it also has some drawbacks. Let’s examine the potential good and bad of the company.
Here are some of the pros of Bestow.
Bestow allows you to receive a quote for term life insurance by answering just a few basic questions online. The full application process takes only a few minutes. There is no paperwork. It would be hard to see how anyone could streamline this process further.
No Medical Exam
While applicants will be asked some health questions, they will not be asked to submit to a medical exam. This allows Bestow to offer approval of coverage quickly once your information is received online. And will be a relief to possible customers who don’t have the desire to visit a doctor.
Here are some of the cons.
To determine the amount you’ll pay in premiums, Bestow does ask a series of questions related to your health and activities. For example, it asks for your height and weight in order to determine if you are obese.
There are also questions about whether you’ve suffered from depression, seizures and other medical conditions. Some people may find these questions intrusive, and it also adds to the length of the application process.
There are other companies out there offering term life insurance with no health questions, and some whole life insurance providers that offer guaranteed acceptance with no questions asked.
It’s hard to think of a person in their mid-40s as too old, but that person would be too old for most policies offered by Bestow. The company offers 20-year policies only to those between 21 and 45. If you smoke, that age limit is lowered to 43. Anyone older will be limited to 2-year or 10-year policies.
Lack of Product Choice
Bestow offers only one product, term life insurance. Those looking for whole life insurance or other products won’t find them here. Moreover, Bestow partners with just a single provider, North American Company for Life and Health Insurance. However, there’s no guarantee that this company offers the best products or lowest premiums.
Alternatives to Bestow Life Insurance
Many companies are offering low-cost term life insurance through an online platform. Let’s examine some of the key competitors offering similar products and services.
HavenLife offers term life insurance backed by MassMutual, one of the largest providers of insurance policies in the world. You can research and purchase policies entirely online, and the company also offers a “Plus” service that includes a fitness app and a state-specific, legally valid, online will.
Another online provider of term life insurance, with a five-star rating from TrustPilot. LadderLife is unique in that it allows you to adjust the amount of coverage in your policy over time. So, for example, you may be able to raise your coverage after you have children or lower it after you’ve paid off a major expense. Fidelity Security Life Insurance Company backs its policies.
It’s worth noting that Ladder Life is the exclusive life insurance partner of Esurance.
Ethos Life Insurance
Ethos offers term life insurance with a simple online application process. It boasts flexible policies that you can renew up to age 95. Ethos partners with Legal & General America, RGAX, and Assurity Life Insurance to provide policies to customers. See our review of Ethos Life.
You can get up to $25 million in coverage from QuickQuote, including policies that require a medical exam and those that don’t. It offers access to terms of 10 to 40 years and will provide quotes from as many as a dozen companies.
For a deeper look at these companies and many others, read our article on the 31 Best Term Life Insurance Companies.
Bestow Life Insurance offers access to term life insurance with minimal hassle. It is possible to get a quote in less than a minute, and fully apply for a policy in under 10 minutes. The company offers competitive premiums, especially for younger and healthier people.
Many potential customers may appreciate the easy online application process and clean website interface. Though there is no required medical exam, some might be turned off by specific health questions.
Some possible customers may prefer a company with more product offerings, as well as guaranteed approvals, and some may wish to have policies longer than 20 years.
There is a lot of competition among online providers of term life insurance. Bestow is in the mix as among the best, but you may find other companies with more product offerings, lower premiums or both.
Have you used Bestow to obtain term life insurance? What was your experience? Tell us about it.