Bestow Life Insurance Review | Pros, Cons, Products, and Costs


Bestow was launched in 2016 as an alternative option to traditional life insurance policies, that require invasive and extensive medical testing before being approved.

Bestow offers an online-based service that streamlines the application and approvals process and gives you a good amount of control over your policy.

Bestow Life Insurance Products

bestow logo life insuranceBestow only offers term life insurance policies, which are policies that have a fixed premium rate and last for a defined length of time. They offer two main types of life insurance policies aimed at individuals in different stages of their lives.

The first is a two-year coverage plan, while the other is a 10– or 20-year coverage plan.

The two-year coverage plan aims to target younger people who need short-term life insurance. These people are typically new business owners, students, or people going through a job transition who can’t afford the commitment of a longer-term plan.

The plan has a coverage range of between $50,000 and $500,000 and offers a low-commitment and flexible life insurance policy option.

The long-term plans can have either a 10-year or 20-year term and have maximum coverage of $1 million. These plans are the more typical life insurance plans that are suitable for most individuals who need long-term life insurance coverage.

Get Quotes

Bestow Life Insurance Policy Restrictions

Many insurance providers have a list of restrictions and exclusions for their policies, and the Bestow company is no different. Firstly, you need to be a US citizen and not a resident of New York. Secondly, you need to be between 21 and 55 years of age.

Also, if you’re looking at a long-term 20-year plan, you need to be 45 or younger to qualify. There are also several health conditions and hobbies that can disqualify you from signing up with Bestow.

Bestow offers a convenient service, but it does, unfortunately, come with several drawbacks that may drive potential consumers away. Firstly, the maximum policy limit is $1 million, which may seem like a lot but may not be adequate if you have a large family with younger children.

The purpose of life insurance is to protect loved ones from financial risk in the event of your death. You want to make sure that your coverage is enough to do so in the future.

Bestow also offers relatively short-term periods, with a maximum of 20 years. If you’re a young person looking at life insurance, this may not be a good option, since your policy will expire before you’re in your 60s.

In this case, you’ll have to qualify for another life insurance policy in a period where you’re less healthy, and more of a risk for the insurer. These circumstances might result in much higher premiums and less return on your insurance.

Features of Bestow Life Insurance Policies

Online-only

Bestow is one of the companies that are driving a massive change in the way life policies are handled. Its online-only service means that most applications can be processed within minutes, providing easy, hassle-free cover to a wide variety of clients.

Bestow processes applications speedily thanks to a proprietary algorithm that uses data vendors to verify your details and compare it to your self-reported information. This tool will determine which health range you fall in, which then allows Bestow to provide you with a quote and coverage estimate.

You can even play around with the amount of coverage you want to see how the premiums and policies change before making your final choice.

The Bestow online platform is smooth, slick, and very easy to use. You can get plenty of information about Bestow’s policies and premiums without having to give them your email address.

This freedom of information allows you to evaluate your options without committing to anything—an unusual and impressive feature for insurance companies.

Payment Flexibility

One of the best things about Bestow’s online platform is that it makes paying your premiums easy and painless. Their customer-centric Free Look gives you a month to decide whether you want to make the policy permanent. If you cancel within this month, you get a full refund.

Bestow provides automated billing that makes paying premiums a breeze. You don’t have to worry about forgetting to make a payment, as the money is taken directly from your account without any additional input needed from you.

One aspect that Bestow stands out is their flexibility when it comes to missing payments. If you miss a premium, you have the opportunity to cover the premium the following month, with your cover remaining in place.

You have up to 60 days to pay your premium while still retaining your policy. However, these missed payments will be deducted from your death benefit when the policy is claimed.

Financial Strength

A huge factor that you should keep in mind when shopping around for life insurance is the financial strength of the insurer. Financial strength is an indicator of how financially stable and healthy a company is, which in turn correlates to how likely they are to be in business for the term length of your insurance.

The North American Company backs Bestow for Life and Health Insurance, and they have been in the insurance business for over 100 years.

North American is rated by AM Best, an independent rating agency, with a rating of A+ (Superior). This reputation means that North American, and in turn, Bestow, have a superior ability to meet their ongoing insurance obligations. An excellent financial rating like that should give you peace of mind.

Customer Reviews

Bestow Life Insurance is a relatively young service that is aimed at young professionals who want a life insurance policy that is fast, easy, and cheap. Their website design and application process are designed to enhance the customer experience, and you can easily monitor your policy through their customer portal.

A good indicator of how well a company deals with its customers is their Better Business Bureau rating. This rating takes a number of factors into account when determining how well a business responds to their customer needs. Currently, Bestow has an A rating with the BBB, and only one customer complaint.

This rating suggests that in general, most customers are thrilled with their experience with Bestow.

Bestow Life Insurance, Is it for You?

When shopping around for life insurance, it’s always important to keep your situation and needs in mind. Bestow offers an easy application process with no medical exam and short decision time, which is perfect if you’re healthy and meet their eligibility requirements.

However, due to their relatively low term limits, they may not be a great option if you’re very young.

Bestow’s policies also don’t come with any riders, so you can’t customize your policy to match your specific needs, which may be a drawback to some.

The Bestow 2-year transition life insurance policy is an interesting and unique proposition. It’s aimed at young people who are in a transition phase in their life and are unable to commit to a longer-term, traditional life insurance policy.

If you’re starting up a new business and exposing yourself to financial risk, this policy may be a good option to manage some of that risk.

If you’re looking for an easy, hassle-free life insurance policy, be sure to give Bestow a try, but also shop around to see if there are better options that can meet your needs.

If you’re one of the millions of applicants with a health problem, we suggest you look at other companies like American General or Protective.



Source link