Bestow 2021 review

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Bestow’s online eligibility and policy application process introduces a new way to qualify for term life insurance. Founded in 2016, the company offers term life insurance in all states except New York for as little as $16 per month. All policies offered by Bestow are issued by North American Company for Life and Health Insurance®, an A+ (Superior) financially rated insurer. While fast approval and online purchasing make Bestow a great option for many life insurance shoppers, it is not the best choice for everyone.

Bestow

Bestow presents a new way to apply for term life insurance. Typically, life insurance policies 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 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 levels and rates, then purchases a policy with a credit card. Coverage begins immediately.

Types of coverage

Currently, Bestow offers two term life insurance policies:

  • 10-year term life insurance, with coverage levels ranging from $50,000 to $1 million.
  • 20-year term life insurance, with coverage levels ranging from $50,000 to $1 million.

These policies are only available to people who are employed and relatively young and healthy. Qualified applicants between the ages of 21 and 45 can purchase 10- or 20-year term policies.

Bestow is unable to offer coverage to people with a history of health conditions, such as:

  • Alcohol and drug abuse
  • Cancer (except basal and squamous cell skin cancer)
  • Diabetes before age 40 (except gestational diabetes)
  • HIV
  • Heart disease
  • Kidney disease that requires dialysis
  • Stroke

Reasons why Bestow is a great option

Bestow is 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 a fixed monthly premium.

Term life insurance offered by Bestow is not 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 or need a 20-year term policy to cover them until retirement

Additional policies offered by Bestow

Currently, Bestow only offers 10- and 20-year term life insurance coverage ranging from $50,000 to $1 million.

Frequently asked questions

What is the best life insurance company?

Choosing a life insurance company is subjective and often depends upon eligibility, the type of life insurance and coverage needed. These life insurance companies rate positively with consumers and are worth checking out.

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 not likely to qualify.

Do life insurance policies offered by Bestow automatically renew at the end of the term?

No, but applicants can still 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.

Written by
Michael Evans
Personal Finance Contributor
Michael Evans has worked in numerous industries, including education, finance, government, insurance and journalism. He began writing professionally while working for the world's first online mortgage brokerage in San Francisco, California. His writings have appeared in print and online publications, including Fox Business, International Living, Motley Fool and Yahoo Finance. Michael has contributed to Bankrate since 2013. He and his family divide their time between residences in Northern California and Colombia. When Michael is not writing, he enjoys working in his photography business and playing with his cat, Cyndi Lou.