You may have heard about Bestow Insurance before or just about life insurance in general.
It might actually make you groan a bit as it can be tedious, expensive, and quite honestly — you might not understand why or if you need it.
But if you are married, have a growing family, and have others that rely on you financially — term life insurance should be something you strongly consider.
And it doesn’t have to be expensive or a pain to get started, thanks to Bestow. The term life insurance company offers affordable and simple insurance policies, which take under 5 minutes to get a quote and approved.
Below is my Bestow Insurance review, that will cover more about the company, about term life insurance, their features, and more.
Quick Review: In short, I RECOMMEND Bestow for simple and affordable term life insurance policies, giving it a 9/10 score. You can get your free quote with Bestow in minutes and if you choose, get started with a plan after that.
What is Bestow Life Insurance?
One of the interesting aspects of our digital world is the innovative ideas people come up with to simplify things in our everyday lives.
That’s where founders Jonathan Abelmann and Melbourne O’Banion come in with Bestow.
The fintech company was founded in 2016 in order to make purchasing life insurance less painful via the use of their own advanced technology. The goal was for anyone to hope on their website via computer or mobile and in minutes have their quote and policy ready.
No longer do you have to fill out mountains of paperwork, get a ton of doctors visits, and talk to tons of insurance salesmen. Bestow’s policies are issued by North American Company for Life and Health Insurance® — an A+ rated insurer. So you know you are getting quality.
And you can get a policy for as low as $5 per month! This of course varies pending the term insurance length you need, your health, and size of coverage.
How Does Bestow Insurance Work?
So no doctor visitors, eh? The reason Bestow can do that is they use data from questions you answer about your current health, lifestyle.
Your quote gives you quick insights into what you can expect to pay.
When you move on to the next steps of the short application, Bestow’s algorithm pulls available data about your prescription and credit history, driving records, and even prior insurance attempts.
The result is policy underwriting that’s just as valid as a medical exam.
What I like about Bestow is that it doesn’t waste time and gives you accurate results in a few minutes. I think many times life insurance can scare people off because of the lengthy process and unsure about what they are filling out.
There’s no need to bury your head in paper forms or speak to an advisor to see if you qualify. And that makes purchasing life insurance a lot more convenient and accessible.
What Kind of Insurance Does Bestow Offer?
Now that you understand a bit about Bestow and how they work, what kind of insurance does the company offer?
Well they are strictly focused on something called term life insurance.
Term life insurance is the most common and cost-effective type of life insurance, which simply offers protection for a specific amount of time.
Then, your policy expires when the term of your insurance period ends.
If anything happens to you during the term, your family will get a payout based on the amount you chose for coverage.
The reason for this insurance is to protect various financial aspects to your life and your family.
What if something unexpected happens, like a major injury or an untimely death? By this happening to you, what would happen to family’s finances and future without your income?
Not something we want to think about, but as you have more financial responsibilities, a mortgage/rent, spouse and potentially children — you want to protect their future and know they are okay if something would happen to you.
What Are The Terms for Life Insurance With Bestow?
Bestow offers three terms for life insurance: 2-year term life insurance, 10-year term life insurance, 20-year term life insurance. The 20 year term is available for those under 45 years old.
According to their website, Bestow is working to add longer term options soon. I’ll be sure to update this article as I found more out.
But for all three terms you have the option for minimum coverage of $50,000.
If you choose a 2-year term policy you have up to $500,000 in coverage. For the 10-year or 20-year terms, you can choose up to $1,000,000 in coverage.
What you potentially choose is based on your current personal finances, assets, and what you can afford to pay monthly. The higher your coverage requirements, the more your monthly payment will be.
But even as a test run for myself, a 10-year plan for $500,000 was estimated to be around $24 a month. Still very affordable.
Again, these results will vary based on the quick quote questions you answer and final payment can alter (less or more) after your application.
Does Bestow Require A Long-Term Commitment?
When you get term life insurance, there are specific timeframes you’ll be essentially paying for your coverage. However, Bestow has a fairly flexible policy in case your plans change.
Bestow offers on each policy a 30 day period where you are eligible for a full refund and can cancel your plan. Life can happen and what you can afford can too, so it’s nice that they give you a full-month opportunity if anything happens.
Additionally, if you hit a time when you can’t afford to make a premium payment, your coverage will actually continue for a particular “grace period” from the date of your last payment (60 days).
According to Bestow, as long as your premium is paid during the grace period, coverage remains uninterrupted. Solid!
And any missed premiums throughout the term are deducted from the death benefit in the event of a claim.
I like when a company is willing to work with you and make life easier for you.
How Does Bestow Make Money?
So, Bestow offers so many great things and it’s quite affordable. How are they making money?
Based on the information I found, Bestow generates revenue through its commissions and administrative fees.
This income allows us to work with our partners to develop innovative products, add more products and features to the website, and ensure that customers have the best experience possible with the highest quality support.
The Pros and Cons of Bestow
Okay, so you got all the break down and probably have a good idea of some pros and cons with Bestow. But since I didn’t cover every little thing in detail, I broke the the goods below.
Pros of Bestow:
- Easy and intuitive platform
- Affordable with plans starting at $5/month
- No medical exam or doctor’s visit needed
- Three policy terms to choose from
- Control and manage your policy online
- Get a quick quote in under 5 minutes
- Simple cancellation policy if you change your mind
- Application takes minutes for approval
- Strong customer service (online chat, call, email)
Cons of Bestow:
- No physical locations, all digital
- Age limits apply, insurance for ages 21-55
- Max 20 year insurance limit
Is Bestow life Insurance Legit?
So after all that, is Bestow Insurance legit? Yes! The company is revolutionizing the life insurance industry in a simple process, but impacts people in a big way.
Not only is the company making term life insurance more affordable, they are making it more accessible and less tedious than ever before.
Bestow is a great option if you’re looking for insurance coverage for the next couple of or even up to two decades to help protect your family and finances for the unexpected.
Also, if you recall, their life insurance is only available to people aged 21 to 55 who have never had a felony and generally are in good health.
So if you think those areas will be issues, then Bestow will not be an option for you.
What I love about Bestow is their modern approach to term life insurance. You can get a policy in a few minutes and pending your choices for as low as $5 a month. It’s a great deal to ensure your family is protected incase of the unexpected.