Bestow Review – A Simple Way to Purchase Term Life
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Shopping for term life insurance is — dare I say — easier with Bestow.
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Cost
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Features
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Ease of use
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Services
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Of all the tasks on your to-do list, is purchasing term life insurance at the top? If you’re like most other people and me, the answer is a big, fat no.
But in our defense, who can really blame us? If you’ve ever started purchasing a term life insurance policy, then you know it quickly takes on a life of its own. Between the numerous new terminology and dealing with insurance agents, let’s just say it’s easy to put at the bottom of our checklists.
But there’s a relative newcomer to the term life insurance scene trying to make purchasing term life insurance a little easier. Bestow Insurance was founded in 2016, promising to do things differently with term life. I looked at what they have to offer and put together this Bestow Life Insurance review.
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What is Bestow Life Insurance?
Founded in Dallas, Texas, in 2016, the startup was born from the idea of using artificial intelligence to create a better experience shopping for term life insurance. Bestow operates entirely online and brings term life insurance directly to you without a salesperson.
Bestow’s premise is to make purchasing term life insurance so easy you can’t put it off any longer.
Term life insurance policies for life and health insurance are issued by either Bestow Life Insurance Co. or North American Co., depending on your state of residency. North America is rated A+ (Superior) on A.M. Best financial strength rating.
Bestow has received an A+ rating from the Better Business Bureau and is accredited by them.
Protect Your Family's Future with Bestow
- Secure up to $1,000,000 in life insurance for your family
- Apply with a 60-second online questionnaire
- Policies start at $11 per month
- No medical test needed, no waiting, no hassles
How does Bestow Insurance work?
Before we understand how Bestow works, let’s review term life insurance.
In term life insurance, you select term lengths such as a 20-year policy during which a death benefit would be paid. If you die during the term, your family receives the death benefit (or whoever you select). If you die after the term is complete, no one receives anything. Terms can be purchased anywhere from a 1-year increment up to 30-year policies, depending on the life insurance agency. Term life policies do not build any cash value.
One of the frustrations of purchasing a policy is the application process and medical exams required. The lab tests and interview questions are enough to send anyone over the edge. This all takes place before you’ve even made your first premium payment!
Bestow’s mission is to simplify the application process. Not only do you have to answer a handful of questions, but Bestow has cut out the medical exam, too. The company can do this through an accelerated underwriting process, relying on artificial intelligence to review health conditions instead of people to underwrite your policy.
Bestow even claims that once you answer the simple questions, you can have your term life policy within 5 minutes—utterly unique in the insurance industry!
How much does Bestow cost?
Like other forms of insurance, term life varies greatly from person to person. Various factors influence your term life insurance premiums, including your age, tobacco usage, where you live, your gender, and, of course, your medical history.
And even without a medical exam, Bestow claims to offer competitive term life rates.
Bestow writes policies for 18- to 60-year-olds, with death benefits ranging from $100,000 to $1.5 million in 10- to 30-year terms. Because Bestow is writing policies with these specific guardrails, it helps keep the cost of monthly premiums competitive over other insurance providers.
Bestow says its term life policies start at $11 per month. But here are other examples of average monthly premiums with Bestow:
Age | Male, 10-year term | Male, 20-year term | Female, 10-year term | Female, 20-year term |
30s | $31.65 | $33.44 | $22.48 | $24.88 |
40s | $49.06 | $71.60 | $40.24 | $57.30 |
50s | $122.77 | N/A | $95.15 | N/A |
Bestow features
Bestow has several features you don’t often find in traditional life insurance companies.
Policies backed by a reputable carrier
Bestow is backed by a powerhouse insurance company, North American Company for Life and Health Insurance. This is an insurance company founded in 1886, which gives a good indication of how strong a company it might be.
A quick process
One of the biggest hassles in purchasing term life insurance is the medical exam — and it’s likely why we put off the purchase. Bestow guarantees you’ll get quotes in seconds, and the application only takes a few minutes to complete.
Competitive rates
You might expect a company that eliminates the medical exam to pass on the risk with your monthly premiums. But Bestow’s monthly premiums were as competitive as those of other term life insurance carriers.
Who is Bestow best for?
Term life insurance is a financial necessity, as it helps protect loved ones if something happens to you. But who specifically is Bestow best for?
Those with dependents
If you have dependents, either in the form of kids, a spouse, a partner - or anyone who depends on your income - then you owe it to yourself to purchase a term life policy. This gives you peace of mind, knowing your outstanding financial obligations and missing income will be covered.
Those who are healthy and young
Like other term life carriers, Bestow offers the most competitive rates the younger and healthier you are. It’s less of a risk for the insurance carrier, so if you can lock in when you’re younger, you’ll be rewarded with low rates.
Those who need $100,000 to $1.5 million in benefit
If your insurance needs fall within that range, Bestow is a great option since it’s so quick and convenient.
Protect Your Family's Future with Bestow
- Secure up to $1,000,000 in life insurance for your family
- Apply with a 60-second online questionnaire
- Policies start at $11 per month
- No medical test needed, no waiting, no hassles
Who shouldn’t use Bestow?
Here are a few scenarios where Bestow might not be the best fit.
Those who need more than $1.5 million benefit
If you and your family determine you need more than $1.5 million to fit your family’s needs, Bestow caps out at this amount.
Those who want a whole life policy
Bestow only offers term life insurance, and policyholders cannot convert to whole life.
Those who want policy customization
Not only do the term life policies only come in a 10- to 30-year increment, but you also cannot further customize your policy. Other insurance carriers allow you to have add-on benefits to your policy, but you do not have this option with Bestow.
Pros and cons
Pros
- No medical exam required. Bestow relies on its artificial intelligence technology to quickly answer you with a yes or no acceptance. Using a special algorithm, it cuts out the need for a time-consuming medical exam.
- No interview or phone calls required. Other insurance companies might require additional phone calls or ask you to submit your medical records. Bestow asks detailed questions upfront, so you don’t have to worry about an additional time-consuming application process. You only need to give your phone number to have it on record with your new policy.
- About as simple as it gets. Again, you only complete an online application without interviews, phone calls, or medical exams.
- Answer within minutes. With Bestow, you’ll know within minutes if your application is accepted. The life insurance quote process literally only takes seconds, and the application questions take a few minutes. You’ll know right away if you’ll be extended a policy.
- Affordable. For term life insurance, it’s cheaper. Bestow offers competitive rates for term life, so we really have no more excuses to put off the purchase!
Cons
- Policies limited to $1.5 million. Bestow caps out the policies at a $1.5 million death benefit.
- Limited to 10-year to 30-year increments. You might not be interested in limiting your policy and may prefer a shorter, or longer, time frame with your guaranteed rate.
- Excludes those who have had cancer. You should also note if you have battled cancer within the last 10 years, Bestow does not offer policies to anyone who has been medically diagnosed or treated with cancer in the last 10 years.
Bestow vs. competitors
Bestow is not the first online insurance company, and not the last, either. I wondered what the difference between Bestow and other popular online insurance companies might be.
Ethos life insurance
Ethos is another online-only insurance company similar to Bestow, but Ethos has some stark differences compared to others.
For starters, Ethos offers both term life and whole life options. Ethos also claims most applicants do not need a medical exam, but it’s not guaranteed you won’t either.
Ethos accepts applications from people ages 20-65, a wider age range than its competitors. You should know that Ethos doesn’t currently offer term life insurance for residents of New York. Still, all other locations, including Washington D.C., are available, making it more widely available than Bestow.
Ethos offers more policy customization, too, with both benefit amounts and terms. You can purchase anywhere from $20,000 to $2 million in benefits and choose from term options of 10,15, 20, or 30 years.
Fabric by Gerber Life
Fabric is another online life insurance company. Fabric offers more products than Bestow, including term life and accidental death insurance. Fabric also has a free online will-writing tool.
A company like Fabric can be convenient for busy parents who don’t have time to shop for multiple companies. Fabric is a one-stop shop for managing your family’s finances.
After a team of underwriters reviews your application, you may need to submit additional medical documentation. You will likely be subject to a medical exam.
Bestow | Ethos | Fabric | |
Medical exam | No | Possible | Possible |
Terms | 10-, 15-, 20-, 25-, 30-year | 10-, 15-, 20-, 30-year | 10-, 15-, 20-year |
Death benefit | $150,000 to $1.5 million | $20,000 to $2 million | $100,000 to $5 million |
Products | Term | Term and whole | Term, accidental death, will |
Policy issue age | 18 to 60 | 20 to 65 | 21 to 70 |
FAQs
How much term life insurance should I purchase?
This is a highly personal question and only you can determine what is best. Generally speaking, you should purchase enough so your loved ones could cover any debts, mortgages, and missing income for the next few years. Another easy rule to remember is 5x your annual income, but this is only a starting point.
Does Bestow offer term life insurance to anyone?
Bestow does not guarantee approval to anyone who applies. For starters, you can only apply with Bestow if you’re between the ages of 18 and 60. You will need to provide your Social Security number for a soft credit check as credit score is a factor used by all insurers when insuring individuals.
Can I replace my current term life policy with one from Bestow?
If you have a current term life insurance policy with another company, yes, technically you can replace it. The exception is if you live in Florida, Georgia, Indiana, Kansas, Michigan, Nevada, Oklahoma, or Wyoming. These states do not allow replacement term life policies. You should note the application process is different for a replacement policy versus a brand new policy with Bestow.
Can I have more than one term life policy?
Yes, you can have more than one term life policy if you want to manage different policies from different companies. Some companies restrict the number of policies you can have or the life insurance coverage options. Some companies will exclude you completely if you already have one or more policies.
Is Bestow term-life insurance legit?
The bottom line is that shopping for term life insurance is — dare I say — easier with Bestow. The company has fantastic reviews, a quick quote and application process (thanks to the miracle of AI), and competitive life insurance rates.
If purchasing term life insurance has made its way to your “Least Favorite Things To Do” list, I encourage you to look at Bestow. You just might get the task of term life insurance checked off your list sooner than you think.
Protect Your Family's Future with Bestow
- Secure up to $1,000,000 in life insurance for your family
- Apply with a 60-second online questionnaire
- Policies start at $11 per month
- No medical test needed, no waiting, no hassles
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Writer
Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.
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