Bestow is a Dallas-based life insurance company specializing in offering term life insurance online. The website is mobile-enhanced, making it easy to quote coverage options and purchase life insurance from your phone. Using data and algorithms, Bestow offers a quick approval for qualified applicants without the need for a medical exam. All policies offered by Bestow are issued by North American Company for Life and Health Insurance. The company’s superior financial strength is a testament to its historical ability to pay out death benefits, so your loved ones are likely to receive their payment on time and in full.
Bestow life insurance
Bestow presents a new way to apply for a term life insurance policy. Traditionally, life insurance companies require an online or in-person application and a medical exam followed by a few weeks of waiting for confirmation. Bestow’s 100% online process doesn’t require a medical exam and determines eligibility in about five minutes, employing an algorithm instead of a human underwriter to assess eligibility and accelerate the underwriting process.
Its online application collects personal data such as your Social Security number and contact information, which it uses to access publicly available data about the applicant. The company also collects health data, such as prescription drug use through sources like MIB Group, a not-for-profit corporation that provides underwriting services in the United States and Canada. Applicants also provide information about citizenship, lifestyle, medical history and hobbies.
If the system approves the application, the applicant reviews coverage options, death benefits and monthly premiums, then purchases a policy with a credit card. Coverage begins almost instantly.
Types of policies offered
Bestow does not offer permanent life insurance. It only offers a term life insurance policy with a term of 10, 15, 20, 25 and 30 years. Coverage options are limited to a minimum of $50,000 and a maximum of $1.5 million.
Coverage options are limited to applicants between the ages of 18 and 60 in good health. If you’ve been diagnosed with cancer in the last 10 years, you will not be approved. BMI and certain risk factors could also disqualify you from coverage with this online life insurance company. Smokers can qualify for a term life insurance policy, but may be subject to higher monthly premiums.
Though you can choose your term coverage options and death benefits, there are no riders to personalize your term life insurance policy with Bestow. If you live in a New York ZIP code, you cannot apply for life insurance with Bestow at this time.
Bestow ratings, reviews, customer satisfaction and complaints
Bestow is not rated with AM Best, J.D. Power or Standard & Poor’s (S&P). However, North American Company for Life and Health Insurance has an A+ (Superior) financial strength rating with AM Best. This rating is the highest offered, showing the parent company’s past ability to meet financial obligations and pay life insurance death benefits claims.
North American also has a Strong rating with S&P Global, indicating similar nods to its financial strength as AM Best. The online life insurance company did not place in the 2021 J.D. Power U.S Life Insurance Study, in which J.D. Power conducts an annual customer satisfaction survey that lists the top 25 life insurance companies across the country based on consumer reviews.
The National Association of Insurance Commissioners (NAIC) complaint index is another indicator consumers can use when choosing an insurance company. The NAIC complaint index for North American is 0.14, showing very few complaints compared to the national baseline of 1.0.
Reasons Bestow life insurance is a good option
Bestow may be a great choice for people who are young, in good health and need coverage quickly. The 100% online application, eligibility and purchasing process allows for qualification and purchase in minutes instead of weeks. There is no medical exam required and its policies have fixed monthly premiums.
On the other hand, term life insurance offered by Bestow may not be a good choice for people who want lots of policy options or for those in their late 40s or early 50s who have a history of health problems. Coverage options are limited to those 60 and younger, with no riders available.
For the healthiest applicants, Bestow term life insurance may not be the best fit. Completing a medical exam with another life insurance company may yield cheaper monthly premiums. However, if you need coverage quickly that doesn’t exceed $1.5 million, Bestow may be a good option.
Frequently asked questions
What is the best life insurance company?
The best life insurance company is different for everyone. Your age, health, ZIP code, lifestyle and coverage needs will determine which life insurance company is best for you.
Can I qualify for a policy offered by Bestow if I have a preexisting condition?
It depends. Bestow may extend coverage to an applicant with certain treatable conditions such as squamous cell skin cancer, but those with more serious conditions are less likely to qualify. Applicants usually complete the application, including choosing coverage options and death benefits, in about 10 minutes. Once you apply, you should know in minutes if you are approved and what the monthly premiums will be.
Do life insurance policies offered by Bestow automatically renew at the end of the term?
No, life insurance policies offered by Bestow do not automatically renew at the end of the term. You do have the option to apply for a new policy.
Am I covered as soon as I purchase a policy offered by Bestow?
Yes. But keep in mind that life insurance policies typically have a two-year contestable period, during which the insurance provider may decide to investigate the cause of death. If the insurer determines that the insured provided false or inaccurate information when they applied for coverage, the claim may be denied.