Bestow Life Insurance Review

see how Bestow Life Insurance compares

1 Minute Review

Bestow offers 3 kinds of life insurance policies: 20-year level term policy, 10-year level term policy and a unique 2-year transition policy that covers clients between jobs. Through its policies, you may qualify for up to $1 million in term life insurance. That may seem like a sizeable sum, but if you have a spouse and children, you have to consider the cost of things beyond your mortgage, such as daycare and eventually college, as well as the loss of wages over time. Bestow uses its proprietary technology to underwrite your insurance policy, so the application process is much faster than with traditional life insurance companies. They’re also backed by Munich Re and North American Company for Life and Health Insurance, 2 A+ rated insurance companies.

Best For

  • People who are looking for short- term life insurance
  • People who are between jobs and want insurance protection for that transitional period
  • Individuals who don’t want to go through the hassle of having a medical exam or blood work done to get coverage

Pros

  • Screen only for serious diseases (like heart disease, cancer, HIV) so approval is potentially easier
  • Excellent pricing and decent coverage options if you need insurance quickly and without hassle

Cons

  • Offers 3 types of plans; does not offer whole or universal life insurance policies
  • The 10- and 20-year plans not available to users under 21 or older than 55

Bestow is one of many companies seeking to simplify and streamline the process of buying term life insurance. Based out of Dallas since 2017, Bestow bills itself as the digital company making life insurance simpler. Through its easy online quote process, you can find out within 5 minutes if you are approved for coverage, giving you added peace of mind. Bestow is the only company that offers a 2-year term life insurance policy. 

Find everything you need to know about this up-and-coming term life insurance option and how it can help you.

Who’s Bestow for?

You may be asking yourself, “how much life insurance do I need?” Perhaps you have a decent idea of how much you need but no real plan on how to go about obtaining life insurance. Understanding how to buy life insurance is an important step in getting the financial protection you need in case something happens to you. 

There are some people for whom Bestow is a better fit: 

  • People in transition from one job to another: Not having life insurance between jobs can be risky. If you have a family and children, having ample protection in case something happens to you is a must.
  • People who are moderately healthy: Bestow doesn’t require you to go through a medical examination or have blood tests to get approved for coverage.
  • People who need insurance quickly: If you want 10- or 20-year term insurance with up to $1 million of coverage, the online approval process is faster than trying to get term insurance the traditional way.
  • People who are between 21–40: This age bracket wants simple coverage at an affordable rate. Parents, young couples and individuals this age want the simplicity of an online approval platform, and Bestow offers that. 

Bestow Products

  • 2-Year Transition insurance: Term life insurance for those who are in transition from one job to another, or otherwise evaluating their insurance options but don’t want to be without coverage; includes up to $500,000 of coverage.
  • 10-Year Term insurance: Term life insurance for a 10-year span of time; includes up to $1 million worth of coverage.
  • 20-Year Term insurance: Term life insurance for a 20-year timeframe; includes up to $1 million worth of coverage. 

Focus on Term Life: Bestow Options

Bestow offers numerous term life options. Through its online approval process, you simply choose the amount of coverage you want and answer a few simple health questions. In just minutes, Bestow pulls information about you from available databases on the web with your permission and uses its intelligent algorithms to determine whether you qualify for coverage. 

Available Discounts and Tips on Getting the Best Rates

The best way to save money on your term life insurance is to take care of your health. You’ll get much better rates if you’re not a smoker. It’s important to be honest and candid on your application about any health issues you have. 

Typically, the younger you are when you buy term life insurance, the better your rates are. Depending on how your health progresses over the years, however, you could have a harder time finding companies that are willing to work with you when you’re older.

If you choose a 20-year Bestow term life policy when you’re 25, you’ll need to look for insurance again at 45. By then your life insurance needs may differ dramatically from when you were 25, so it makes sense to compare prices from top insurers when the time comes. Everyone wants to save money, so be sure that when deciding among cheap life insurance companies you get the coverage you need to stay adequately protected.

Benefits of Bestow’s Digital-Only Approval Process

Bestow prides itself on offering a digitally-based alternative to the process of buying life insurance the old-fashioned way. It does this by pulling freely available information about you from a variety of databases. This can only be done with your permission using the information you entered on the application.

The process is surprisingly fast, owing to Bestow’s intelligent algorithms and thorough search capabilities. The system is smart enough to know how to make a fairly accurate decision about your approval based on a variety of factors, and a great deal of thought and attentiveness has contributed to making the process user-friendly. 

Pricing and Value

The price you pay for life insurance depends on your age, general health, gender and whether or not you’re a smoker. For example, a 25-year-old female nonsmoker who wants 2 years and $50,000 worth of coverage would pay only $3 per month according to Bestow.

A healthy 27-year-old female nonsmoker can get a 20-year term for $34 per month, while a healthy 35-year-old man who doesn’t smoke can get covered for a decade for just $26 per month. Everyone’s insurance needs are different, which is why it’s a good idea to try out the online quote and approval process with Bestow. (This information is accurate as of 11/6/2019).

Overall, we’ve found Bestow to be a great value for the money if you’re in good health, a non-smoker and between the ages of 21–45. 

Get a customized quote from Bestow here.

Customer Service

Bestow Customer Care Advisors are licensed insurance agents who are not paid on commission, so they have no incentive to try and push a sale. Instead, it provides straightforward, friendly help through a variety of channels. 

  • By phone at 833-300-0603
  • By email at team@bestow.co
  • By live chat on the Bestow website 

Claims Support

Filing a claim with Bestow is simple and straightforward. Bestow aims to process most claims within 10 days. Filing a claim with Bestow can be done in 3 simple steps: 

  1. Fill out the form located at: https://hellobestow.com/file-a-claim/.
  2. Bestow then works with their insurance carrier to expedite claim processing
  3. As long as there are no disputes, the insurance partner contacts the beneficiary to get the relevant information in order to pay the claim. 

Have Life Insurance You Can Count On

Bestow fills a specific need in the life insurance market: insurance for people within a specific age bracket who need term life insurance and are moderately healthy. The online application process has streamlined inefficiencies that can be found within the traditional life insurance buying process, planting Bestow neatly into a category of startups who shake up the status quo by adding greater efficiency and understanding.

With a simple application process and approval that can be completed in 5 minutes online, Bestow is a solid option for life insurance shoppers who are looking for 2-year, 10-year or 20-year short term insurance plan without a lot of hassle or paperwork. 

Frequently Asked Questions

1) Q: I have life insurance through work. Do I need more coverage?

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1) Q: I have life insurance through work. Do I need more coverage?
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Most group life insurance policies offered through employers offer a death benefit equal to 1-3 years of salary. For many households, this amount won’t be enough to retire debt or provide for the surviving family. A commonly used rule of thumb suggests that you should have at least 8-12 times your income in life insurance coverage.

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2) Q: Is life insurance taxable?

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2) Q: Is life insurance taxable?
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In most cases, the death benefit paid to life insurance beneficiaries is tax-free. However, if the policy premiums were taken as a deductible business expense, there may be a tax liability. There is also the possibility that a life insurance payout can change the way an estate is taxed.

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3) Q: What are the advantages of term life insurance?

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3) Q: What are the advantages of term life insurance?
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A term life policy allows you to purchase coverage at a guaranteed premium for a limited amount of time. This structure makes term life an affordable choice to protect your family if you have a financial commitment that won’t last forever, like a mortgage or the cost of raising kids. A 20-year term life insurance policy is the most popular life insurance policy purchased to protect loved ones if the unexpected happens. Get a quote here from top providers.

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