No one wants to talk about dying, but you need to discuss life insurance today to ensure your family is protected tomorrow.
If you’re looking for clear cut coverage with a simple and seamless application, Bestow could be the company for you.
In this review, we’ll dive into the up-and-comer’s history, financial strength, and products to help you decide if the no exam provider is worth your time.
Our Bestow Life Insurance Review
Bestow is one of the newest names in the life insurance industry, finding its start in 2016.
The Dallas-based company was founded out of a desire to simplify the often overly-complicated task of purchasing life insurance and better protect families in need of coverage.
As such, the technology-driven insurer provides term life insurance policies without the typical requirement of a medical exam.
Using big data and technology, Bestow ensures the policy acquisition process is smart, cost-friendly, and convenient.
To buy a policy with Bestow Life Insurance, you’ll apply entirely online, and you’ll get a response within a few minutes.
If this process sounds awesome, that’s because it is. But Bestow isn’t the only company offering streamlined no exam life insurance.
So, what sets them apart?
Financial Strength and Ratings
Bestow stands out in part for its next-level commitment to employing technology in a bid to streamline life insurance.
They offer you an exceptional opportunity to enjoy a pocket-friendly term life insurance policy without having to take medical examinations.
But these attributes are meaningless if the company lacks financial stability. That’s why it’s crucial to investigate Bestow’s financial performance and credit ratings as well as its mission.
Bestow policies are issued by North American Company. With that in mind, we can look to North America to measure Bestow’s financial strength.
One of the best indicators of a life insurance company’s financial strength is credit ratings.
Credit rating agencies score companies based on their likelihood to meet their financial obligations, in this case, by paying out life insurance policies as promised.
North American company is rated “A+” by A.M. Best, Fitch, and Standard & Poor’s.
Consumer sentiment is another good indicator of a company’s strength. North American also touts an “A+” from the Better Business Bureau.
The century-old company is also accredited by the BBB, lending even more to its reputation.
Products Offered by Bestow
Bestow is a name you can count on, but are its products worth considering?
In this section, we’ll take a look at what Bestow has to offer you.
Bestow offers one essential type of life insurance: term. These policies come in a variety of terms and coverage amounts, giving you the flexibility you need.
Here’s a rundown of some of Bestow’s term life insurance policy features:
- No medical exams: Bestow’s policies don’t require bloodwork, urine samples, or a medical checkup.
- 2-year option: If you’re looking for a policy to cover a specific short-term debt or just want coverage in place while you figure out your needs, Bestow’s two-year policies are an affordable solution.
- Other terms: Bestow’s terms extend from 2 all the way to 20 years, providing you with both 10 and 20-year policies for more long-term needs
- Face amounts: You can get between $50,000 and $1 million of coverage from Bestow, an impressive amount for no exam coverage.
- Age limits: Bestow Life Insurance covers persons between 21 to 45 years old for a 20-year term and 21 to 55 years old for a 2-year or 10-year term.
- Payment method: You can pay for your policy with a credit card. Payments will be drafted automatically on every scheduled payment date until the term is over or you cancel or change the policy.
- Policy changes: Bestow allows you to change your coverage amount or plan during the term of your policy, molding coverage to fit life events like marriage, having a baby, getting a divorce, or losing your job.
How to Apply for Bestow
Applying for coverage with Bestow couldn’t be simpler. It also doesn’t affect your credit score.
Here’s what you can expect from the applicant process.
- Click on one of the many “Get Started” buttons on Bestow’s website
- Enter your name, date of birth, weight, height, and the state you reside in.
- Click submit, then pick the type of policy and amount of protection you need.
- Submit a few more basic details, like your legal name, contact information, address, and social security number
- Consent to releasing your health records for review.
- Answer a quick survey to gauge your risk factors.
- Choose who your beneficiaries will be.
- Lock in the term, monthly premiums, and the face amount of your policy.
- Sign off on the policy and make your first payment.
Bestow will use its technological tools to access your records from other databases and verify the info you provided in the application.
If you’re approved, your policy will be in place in a matter of minutes.
What We Like About Bestow
Bestow has numerous advantages that make them stand out among providers.
Consider the following benefits you get with Bestow:
- Valuable term life product: Bestow’s term life insurance policies are affordable and easily accessible, standing out amongst the competition.
- Exam-free coverage: Bestow offers great no exam life insurance policies, which not all providers do at the $1 million level.
- Commitment-free quotes: One of the best things about Bestow is that you can obtain a basic quote without having to provide your contact information.
- User experience: Bestow has the most user-friendly online life insurance application and one of the quickest underwriting times you’ll find anywhere.
- Quick application: In addition to the underwriting process, the application itself only takes a few minutes to complete.
- Financial strength: With an “A+” from A.M. Best, you can depend on Bestow for your life insurance needs.
What We Don’t Like About Bestow
Despite its great features and benefits, Bestow Life Insurance is not without its shortcomings, including the following:
- Age limitations: You have to be 45 years old or younger to qualify for a 20-year Bestow Life Insurance plan. Likewise, you have to be 55 years old or younger to qualify for a 2 or 10-year term.
- Only term life: Every policy you buy from Bestow is designed to expire by the time you turn 65 years old. There are no permanent policy options, which many insurance shoppers are looking for.
- Limited riders: Term life really is Bestow’s sweet spot, and there are very limited options for supplementary coverage or riders.
Final Thoughts on Bestow
If you’re looking for simple and affordable term life insurance with an intuitive application you can access from the comfort of your couch, Bestow is an excellent choice.
From getting quotes to signing up for coverage, Bestow is a quick and quite painless solution to your life insurance needs.
With Bestow Life Insurance, you’ll be able to get a quote, get approved, and pay for your policy in 10 minutes.
While most insurance companies promise “no exam” and “instant approval,” most never come close to delivering the kind of experience Bestow does.