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- Low rates
- No medical exam
- Fast application
- Short and long term options
- Flexible Cancellation
- No permanent options
- No universal options
- Online only
- No 30-year coverage
- $1,000,000 cap
“Life insurance starting at just $5 per month”
We’ve already established that getting life insurance is a necessity, not a luxury – but that doesn’t change the fact that many millennials still shudder at the thought of purchasing life coverage.
That’s because they worry it’ll be too expensive, time-consuming, confusing, and, quite frankly, a massive hassle!
I get that – I’ve been there myself. Traditionally, purchasing life insurance wasn’t a quick box you could tick. But boy, how times have changed!
Purchasing life insurance can be done in just a few clicks, and you can even skip a medical exam now – without increasing your premiums.
If the sound of that is appealing, you may want to check out life insurance by Bestow. Bestow offers affordable, simple, and hassle-free term life insurance policies, which you can purchase in under 5 minutes without leaving the comfort of your home or picking up the phone (if approved).
Let’s take a closer look at Bestow Insurance, its features, and whether it could have the insurance you have been looking for.
Bestow Life Insurance
Bestow is fintech company founded in 2016 by two entrepreneurs, Jonathan Abelmann and Melbourne O’Banion, and is backed by 2 A+ top-rated life insurance companies. The pair set out on a mission to make purchasing life insurance less painful via the use of advanced tech – and that’s how Bestow, a simplified, online-only, smart insurance solution was built.
The company prides itself on offering “easy, affordable term life insurance” – and sells all of the policies online on a mobile-enabled website.
Bestow uses data to eliminate the need for doctor visits, which are often required by other traditional insurers. How, you ask? By using an algorithm underwriting, which includes asking questions about your things like your lifestyle, and health.
The 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 with long applications – you can purchase life insurance in under 5 minutes by completing a handful of easy questions online. 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.
Bestow offers both short-term and long-term life insurance policies – with plans for 2, 10, and 20 years. We’ll cover these in more detail below.
Do bear in mind that, as with most other insurance, there’s no guarantee that your application will be approved – it all depends on the risk assessment. The good news is that Bestow as a company is transparent about why an application may not be approved so that you know what you need to do differently, or what to look for with another provider.
What’s interesting about Bestow life insurance is that it’s available to customers aged 21 to 54 only, making it ideal for millennials – but not suitable for people who don’t fit in this age bracket.
What Life Insurance Options Does Bestow Offer?
Bestow specializes in term life insurance.
It’s the most common and cost-effective type of life insurance (I find it’s almost always cheaper than permanent life coverage), and it offers protection for a specific amount of time.
Your policy expires when the term ends – and if anything happens to you during the term, your loved ones will get a payout.
Bestow offers three terms for life insurance:
- 2-year term life insurance
- 10-year term life insurance
- 20-year term life insurance
2-Year Short-Term Life Insurance Policy
Bestow’s 2-year policy is ideal for those who need short-term coverage while they plan their long-term finances – or those who want to discover Bestow’s life insurance features on their own terms, without commitment.
This pressure-free plan offers up to $500,000 protection – and your premiums can be less than $3 a month. That’s one of the most affordable term life insurance options on the market right now – and it can be really useful if you’re after a low-cost, short-term life coverage option while you figure out your long-term plans.
It’s also ideal if you know your life is likely to change significantly in the next two years – perhaps you’re going to complete your master’s degree, change jobs, buy a place, or travel. Not having to commit to insurance for a long time can be very liberating – and that’s what the shorter Bestow life insurance term is for.
Your family will still be protected should anything unexpected happen to you – but you won’t feel rushed into a decision to commit to a policy that spans over decades.
Summary of Bestow’s 2-Year Policy:
- Short-term life insurance policy
- Up to $500,000 coverage available
- Plans starting less than $3 a month
- Quick application process online
- You can get an instant approval
- Great for: those who need short-term life insurance, want to try out life insurance while they plan their long-term financial future, or want to discover Bestow features without any commitment
Long-Term Life Insurance Policy with Bestow
The 10 or 20-year plans are for you if you want to jump right in and purchase a long-term life insurance policy.
These plans allow you to lock in the term plan price – and will mean that you don’t have to worry about life insurance coverage for decades. Also – the younger you are, the lower the premiums, so you could lock-in a very low-cost premium for up to 20 years!
As with the short-term insurance option, you’ll need to complete an ease questionnaire about yourself and your health online – and, if you qualify, you’ll get covered right away, without the need to complete a medical exam.
With the longer plans, you can get coverage of up to $1 million – with premiums starting from $8 per month.
But if your circumstances change, don’t worry – things aren’t set in stone. Even the long-term insurance plans can be canceled fee-free, anytime.
Summary of Bestow’s Long-Term Life Insurance Policy:
- Long-term life insurance policy
- 10-year and 20-year terms available
- Up to $1 million coverage available
- Quick application process online
- Get instant approval
- Great for: people with long-term life insurance needs who want a flexible and affordable coverage (e.g., young families, or people with long-term debt, etc.)
Bestow Life Insurance Financial Strength
I’ve said this before, and I’ll say it again: when it comes to insurance, choosing a financially strong company is paramount. You should only ever trust an insurer that is financially stable and able to handle any unexpected expenses and payout claims – whether that’s in a couple of years or 20 years from now.
The good news is that you have nothing to worry about when it comes to Bestow.
The fact that it hasn’t been around for centuries like some of the more traditional insurance providers doesn’t stand in the way – because Bestow is backed by North American Company for Life and Health Insurance®, which has a superior (A+) rating from A.M. Best and a strong (A) rating from Better Business Bureau, placing it right at the top of the list with other financially strong and reliable insurance providers.
It may be a fairly new company – but its customers don’t have to compromise on trust or reliability.
Bestow Customer Service
One of the things people worry about when considering how to buy life insurance online is the lack of personal support. While Bestow is online-only, what I like is that it’s easy to get in touch with a representative should you actually prefer to speak with someone.
Bestow provides help and support in three ways:
- You can start a quick chat with a support agent via LiveChat
- You can speak to a representative by phone (1-833-300-0603)
- You can email the team (email@example.com)
Whichever method you prefer, accessing personalized help and support with Bestow is easy if your questions aren’t listed in the FAQs, or if you’re ever scratching your head about a policy.
Pros & Cons of Bestow
Below I’ve listed what I really like about Bestow – as well as a couple of things that could be seen as cons if they’re important to you:
- Excellent, low rates
- No medical exam needed
- Fast, electronic application
- Financially strong & stable
- Short & long-term life insurance options
- Manage your policy online
- Flexible cancellation policy
- Customer help via live chat, email or phone
- No Permanent options
- No Universal options
- Digital Only – no face to face
- Only for ages 21 – 55
Is Bestow Good?
To sum up, Bestow’s life insurance product provides no-hassle term life insurance to those who want it to be simple, affordable, and instant.
With both short-term and long-term life insurance options available, Bestow is a solid choice whether you’re looking for insurance cover for the next couple of years while you make your financial plans for the future, or if you’re after affordable protection that lasts a couple of decades.
If you choose the long-term option, you can lock-in a very affordable rate which won’t increase for many years – which is pretty awesome.
When it comes to financial strength, the company is backed by a superior (A+) insurance provider, according to A.M. Best – which is reassuring for anyone who has ever had doubts about buying insurance from a relatively new company.
Do bear in mind that their life insurance is available to people aged 21 to 54, so those who are out of this age bracket will have to look elsewhere. It also doesn’t offer permanent life insurance policies, or universal life insurance coverage, so it’s ideal for those looking for a life insurance solution with the flexibility that term life insurance offers.
Taking out an insurance policy is quick – there are no in-person visits, no medical exams, no phone calls. Complete a short questionnaire – and 5 minutes later, your life insurance box is ticked! So, if worries about life insurance being time-consuming, expensive, and confusing are holding you back – Bestow might be just the right option to consider.