Bestow, a life insurance agency that sells North American Company life insurance policies, allows you to purchase term life insurance completely online.
Should you buy a Bestow life insurance policy?
At first glance, Bestow’s system for buying life insurance appears uncomplicated. There’s no medical exam required, the application process is digital, and your wait time is minimal.
However, it’s worthwhile to take a closer look at the fine print before applying.
Think of this article as your go-to, unbiased guide to Bestow life insurance, including their products, application process, and quotes.
Table Of Contents
Bestow is new to the block. Founded in 2016 by Jonathan Abelmann and Melbourne O’Banion, Bestow is a startup insurance technology company hoping to streamline the purchasing process of life insurance policies.
Bestow is not a life insurance company.
It’s important to note that Bestow is an insurance agency – not a carrier. In other words, they provide a digital process for buying life insurance. But, you are purchasing a North American policy.
Bestow utilizes database technology instead of medical underwriting. This means their policies are always a form of no exam life insurance.
Bestow is headquartered out of Dallas, Texas.
Because they are not a life insurance company, Bestow does not have an A.M. Best financial rating. However, North American (the company providing the actual policy) is rated Superior (A+) by A.M. Best.
Bestow Term Life Insurance
You will want to familiarize yourself with the key features of Bestow’s life insurance options.
First off, Bestow only sells term life insurance. Term provides coverage for a specific period of time, like 10 years.
For many families, term coverage is the ideal form of financial protection. Keep in mind, though, other forms of life insurance exist, like no exam whole life insurance – if you need lifelong safeguarding.
There are five important features to analyze for any given life insurance product.
- Wait time – how long you will have to wait before your policy is issued.
- Issue ages – the age range the carrier is willing to insure.
- Policy amount – how much money (face amount) your policy can be worth.
- Policy length – the number of years your policy can last.
- No medical exam – the specific underwriting process that skips the physical.
Let’s analyze how Bestow stacks up.
Bestow will only need minutes to determine if you qualify for coverage.
Get coverage from anywhere in just minutes.– Bestow
Because the purchasing process is completely online, your smartphone – and a few minutes – is all you need to secure a term policy.
To compare, most top-rated no physical life insurance companies require at least a few hours to issue a term policy (others take days).
However, Foresters Financial only takes minutes and competes with Bestow’s turnaround time.
Bestow issues policies to applicants between the ages of 21 – 55.
Most carriers accept a much larger age range.
For example, the following companies issue policies from 18 – 80.
And, these companies have an age range of 18 – 65.
Also referred to as face amount, Bestow offers life insurance for $50,000 – $1,000,000.
Most no exam providers offer similar policy amounts. However, Lincoln will issue policies up to $3,000,000 – but you must qualify to skip the exam.
Be sure to conduct a needs analysis to determine the proper amount of coverage to protect your loved ones.
- Mortgage, debts, bills
- Monetary needs of beneficiaries
- Annual income
- Charitable giving
Bestow offers three policy lengths: 2-year, 10-year, 20-year.
2-year term is unique. Really, most everyone needs coverage for more than two years. As such, Bestow describes their 2-year plan as, “a life insurance trial, with no commitment”.
At the end of the day, you want your policy to last as long as someone depends on you financially.
If you have a young family, and plan to work for the next few decades, it could be that a 30-year term policy is best for you.
No Medical Exam
Finally, it’s important to understand the specific underwriting process that skips the medical exam. Companies differ.
No exam life insurance is an umbrella phrase used to describe various forms of underwriting – how a company evaluates your life insurance application.
Bestow’s underwriting (application evaluation) is entirely data-driven. They call it, “algorithmic underwriting”.
What that means – Bestow will never require to take an exam (not the case with all companies). Instead, they rely on information found online to determine if you are a good candidate for coverage.
Bestow Application Process
Keep in mind, Bestow’s steps for buying life insurance are completely digital.
We have split up our term life options into two convenient and simple options.– Bestow
Your selected term length determines what your application process will look like.
2 Year Term
Bestow’s fastest application is for their 2-year term product. It’s also the easiest to qualify for.
From your computer or cell phone, you will undergo four quick steps:
- Enter your basic information – name, birthdate, etc.
- Complete a basic questionnaire with a few health and lifestyle questions.
- View instant rates, if approved.
- Select your coverage amount.
Bestow recommends their 2-year term policy for someone still deciding on the best form of coverage, going through a life change, or for a small business owner.
10 Year And 20 Year Term
Steps 1, 2 and 4 are the same as Bestow’s 2-year term application process.
However, the 10-year or 20-year term product includes a more detailed health questionnaire.
You will need to answer:
- 7 health and medical questions
- 11 lifestyle questions
Bestow recommends their 10-year and 20-year policies for someone who has long-term debt, a young family, and in search of “set it and forget it” life insurance.
Here, you can gain a general idea of Bestow’s life insurance rates.
Generally speaking, their premiums are competitive with other top-rated carriers.
Quotes are for a Bestow 20-year term life policy.
Bestow Life Insurance Quotes Male
|21 Year Old||$8.13||$25.00||$46.66|
|25 Year Old||$8.13||$25.00||$46.66|
|30 Year Old||$8.67||$26.25||$49.16|
|35 Year Old||$9.38||$27.50||$51.66|
|40 Year Old||$10.96||$39.16||$75.00|
|45 Year Old||$13.38||$60.41||$117.50|
Bestow Life Insurance Quotes Female
|21 Year Old||$7.38||$17.50||$31.66|
|25 Year Old||$7.38||$17.50||$31.66|
|30 Year Old||$7.92||$19.58||$35.83|
|35 Year Old||$8.63||$22.50||$41.66|
|40 Year Old||$9.83||$31.25||$59.16|
|45 Year Old||$11.63||$46.66||$90.00|
Note – after age 45, only 10-year term policies are available.
Quotes for ages 50 and 55 are for a Bestow 10-year term life policy.
Bestow Life Insurance Quotes Male
|50 Year Old||$17.00||$56.25||$109.16|
|55 Year Old||$20.83||$75.83||$148.33|
Bestow Life Insurance Quotes Female
|50 Year Old||$14.67||$40.00||$76.66|
|55 Year Old||$19.50||$57.50||$111.66|
Frequently Asked Questions
Is Bestow a life insurance company?
Bestow provides a digital platform, a purchasing process if you will, to sell North American life insurance policies.
Can I get multiple quotes with Bestow?
Bestow only sells life insurance from one carrier – North American Life Insurance Company.
While North American is a top-rated carrier, it’s generally a good idea to evaluate multiple quotes from multiple carriers. No two applicants are the same and you may be able to find better rates or a better product elsewhere.
Can I be declined coverage?
You must fit specific parameters to qualify for a Bestow policy.
First off, you will need to be fairly healthy to be approved. And, you must be between the ages of 21 – 55.
Note – if you are older, we recommend evaluating your options for no exam life insurance for seniors.
Is the medical exam always skipped?
Bestow will never require you to take a medical exam.
Does Bestow offer whole life insurance?
Bestow only sells term life insurance – with no medical exam required.
If your need for financial protection is permanent or will last for more than 20 years, look to other life insurance companies.
Are riders available?
Riders are provisions to a life insurance contract that provide added features, in addition to the death benefit. You cannot add a rider to your policy.
Riders, like an accelerated death benefit, can make all the difference if you are diagnosed with a serious illness.
Verify that you are okay forgoing riders to your contract before you purchase a Bestow policy.
Can I convert a Bestow policy?
There is not a conversion privilege (term to permanent) for Bestow policies.
Can I renew a Bestow policy?
At the end of your term, your policy will always expire. You will have to reapply for a new policy.
Further, coverage always ends at age 65.
Bestow is not the only digital insurance startup on the block. Over recent years, a number of companies have developed similar processes.
Let’s analyze the key features.
Digital Life Insurance Providers
|Company Name||Carrier Relationship||Face Amount||Age Range||Term Length||Medical Exam||Other Products|
|Ethos||Assurity and Banner||$25,000 - $10 million||18 - 75 years||10, 15, 20, 30 years||Possibly||NA|
|Fabric||Vantis||$100,000 - $1 million||25 - 60 years||10, 15, 20 years||Possibly||Accidental Death|
|Lifefy||SBLI||$50,000 - $350,000||18 - 60 years||10, 15, 20 years||Never||Guaranteed Issue|
|Bestow||North American||$50,000 - $1 million||21 - 55 years||2, 10, 20 years||Never||NA|
|Ladder||Fidelity||$100,000 - $8 million||20 - 60 years||10, 15, 20, 25, 30 years||Possibly||NA|
|Haven||MassMutual||$100,000 - $3 million||18 - 64 years||10, 15, 20, 30 years||Possibly||NA|
Grab a pencil and a piece of paper.
First, conduct a needs analysis to determine whether Bestow – or another carrier – is your best option for your life insurance needs.
- What is my annual income?
- How many years do I plan to work?
- What are the monetary needs of those who depend on me?
- How much debt do I have (credit card, student loan, etc.)?
- What are my monthly bills (utilities, groceries, internet, etc.)?
- Do I have charitable giving goals?
- What is my mortgage balance (or rent amount)?
Next, we highly recommend you evaluate multiple quotes from multiple carriers.
If it is important for you to avoid a medical exam, assess the top-rated no physical life insurance companies.