Bestow Review

Overview

Life insurance isn’t something you typically think about early in life, and it is only as you age that you start to consider whether or not it may be worth purchasing. Unfortunately, waiting too late in life to buy life insurance can mean increased monthly premiums or even no coverage at all, so the earlier you make that decision the better it will be for you. Anyone between the ages of 21 and 54 should look into whether or not a policy is right for them, as it not only protects your assets, but your loved ones as well. 

With Bestow, finding out more information is easy. Completely done online, Bestow explains exactly how a life insurance policy affects your life, and they cover all the ways in which you can benefit from having one. Not only that, but they offer a free, instant quote online and there are no costly medical exams associated with the process. By signing up with Bestow, you get a short-term commitment that fully protects your loved ones should something happen to you, and all of this comes at a low, affordable monthly price.

Why Choose Bestow?

What makes Bestow stand out from its competitors is the fact that they have completely simplified the entire life insurance process. What usually requires a lot of time and, effort is now all completely online. You don’t need to participate in an in-person interview, there are no medical exams for you to complete, and you can actually apply and have coverage within minutes, if approved. 

Bringing life insurance into the digital age, Bestow runs their company completely online. From getting a quote to applying with them, you will do everything through their easy to navigate website, and you can even chat directly with a non-commissioned  agent on there as well. 

Insurance amounts range from $50,000 to $1,000,000, but premiums start at only $5 per month. This means that your loved ones may be fully taken care of if you were to pass, but you won’t spend a fortune every month in order to get them that protection. 

The other thing that people like about Bestow is that you aren’t locked into a contract for the rest of your life. Who knows where life will take you, and some individuals like the freedom of being able to shop around for rates at a later date, or they may find themselves working at a job that offers incredible life insurance policies. Thankfully, your term length is only up to a maximum of 20 years, so you can settle on the perfect term for you, and then re-evaluate your needs once it expires if you so choose.

Who Should Apply?

When it comes to life insurance policies, there are some restrictions on who can and cannot qualify. While everyone is welcome to fill out the forms and see if they qualify, there are some specific factors that will determine whether or not you are actually eligible. Not only does your history affect your overall ability to qualify, but it can also impact how much you are eligible for insurance wise. 

One of the main factors that goes into deciding your eligibility will be both your age as well as your medical history. Bestow does have age limits on their policies and term lengths, so understanding where you fall is important. The general age range is anyone between 21 and 54, but if you are over 45 then you will not be allowed to sign a 20 year policy. Once you hit 45, the maximum you can get is 10 years, so if you are interested in obtaining the full 20 years then you will need to do so before your 45th birthday.

Like with most insurances, pre-existing conditions are going to significantly impact you with Bestow. If you have a history of specific illnesses then you will likely not qualify for life insurance, and even if you are no longer ill there are still set periods that you need to have been healthy for. For example, if you have ever been diagnosed with cancer in the last 10 years then it is very unlikely you will qualify. This is also true for heart conditions, strokes, kidney disease, diabetes, and HIV. 

Other mitigating factors that could impact your ability to qualify, or might impact how much you pay in monthly premiums, include:

• Having a criminal record
• Being a tobacco user
• The type of occupation you have
• Whether you are male or female
• If you participate in high-risk sports or activities
• Your driving record
• A history of alcohol or drug abuse

Application Process

Applying with Bestow is one of the easiest things you can do, and the process from start to finish takes mere minutes. Everything begins with their quote process which is completely free and is the best way to get a general idea of how much your monthly premium will be. The quote process itself isn’t going to cover you, but you will need to complete it before taking the next steps.

Once you have your quote, you can now fill out the detailed questionnaire in order to see if you qualify. This questionnaire is quite personal and invasive, but it needs to be in order to assess whether or not you are going to be eligible for coverage. 

The first seven questions you are presented with are about major health issues, and this is used to determine quickly if you are eligible or not. It is important to answer honestly as lying will only hurt you later on, and even if you do end up approved you would then be paying for a policy that would be voided upon death. 

Next you will answer 10 questions about your general lifestyle and then you will need to provide your social security number. All of the information you provide is verified through a few different means, such as checking your credit report as well as pulling any medical information such as insurance claims. If everything is correct and you qualify, you will then be showing the actual amount you have qualified for, along with the total cost of your monthly premium.

Policy Term Lengths

Bestow only offers three options when it comes to policy term lengths, as they are not a permanent life insurance company. Instead, their term specific plans are better suited for individuals who are either in transitionary periods or who like to have the flexibility to change providers when they want. 

The lowest term you can apply for is a 2 year commitment, and this will be the cheapest option overall. Ideal for students, those who are in between jobs, you don’t need a lot of coverage, you’re single without dependents, or you simply don’t want to make a long-term commitment. 

Other than the 2 year term, there is also a 10 year and 20 year term available. For the 20 year term, you will need to be under the age of 45, so this is important to remember if you plan on applying for the maximum amount of time. 

Once your term expires, you are no longer covered with Bestow.

Underwriting & Riders

Bestow doesn’t personally give customers insurance, and they are more like a middleman between customers and the North American Company for Life and Health Insurance®. Acting as an agent, they remove a lot of the barriers that people face when looking into insurance, and they have thus created their streamlined website to help with the process. 

Unlike traditional insurance companies, Bestow removes the need for a human underwriter, and instead relies on its computer algorithm to determine who is eligible and who is not. Since there is no manual underwriter who is physically processing the applications, the process is much faster than traditional methods and you can complete everything in minutes. 

Unfortunately, since the process is so quick and streamlined, there is no ability to customize your plan to fit your personal needs, wants, or circumstances. You cannot add riders to your life insurance policy, nor is there any supplementary coverage. If this is something you are interested in, then speak with an agent at Bestow to discuss if their plans will ultimately meet your needs.

Bottom Line

If you are someone who appreciates convenience and doesn’t want to go through a lengthy process to obtain life insurance then Bestow is going to be a dream come true. Their streamlined application is quick and easy, and you don’t need to spend time on blood tests, doctor visits, or specialist appointments just to qualify. Not only have they made the process easier, but we found that they have made their monthly premiums more affordable for the average person so that anyone who wants to have life insurance can, as long as they’re approved. 

If you have dependents, or loved ones you want taken care of in life, then having life insurance is a must. We never want to think about what might happen to us in life, but the reality is that nothing is a guarantee which is why you want to take those extra steps to keep yourself and family protected. With Bestow you get great coverage of up to $1,000,000 and all it takes is a few minutes and a few dollars each month. To find out if you are eligible, check out their website and fill out a questionnaire for a free quote today.