Updated October 30, 2019

Bestow Life Insurance Review

Read more about Life Insurance

Bestow Life Insurance offers term policies with no medical exam required. But is it legit? And do they have good customer service? Read our review for more.

Bestow offers life insurance without the hassle. Founded in 2017, the company uses its own algorithm to underwrite policies. That means they approve or deny policies based on data rather than medical exams.

In less than five minutes, your application will be decided, up to $1 million of coverage. Read on to learn more about this innovative company.

Bestow's Financial Strength
Bestow partners with North American Company for Life and Health Insurance, which has an A+ (Superior) A.M. Best rating. Why is this important?

A company's financial strength determines if they'll be around long enough to distribute your payout should you die within your policy's term.

What Bestow Offers

Bestow sells one type of life insurance—term life. You choose the length of the term, from 2, 10, or 20 years. Should you die during the term, your beneficiaries receive the designated payout. If you are still alive when the term ends, the policy expires.

Term life insurance is a good option if anyone else financially relies on you, including a spouse, child, or even an elderly parent. You'll choose the term and pay a level premium. The premium Bestow quotes at the onset of the process is the premium you pay for the life of the policy.

Coverage Amounts

You can get coverage in increments of $50,000 up to $500,000 for the two-year term and up to $1 million for 10- and 20-year policies.

Bestow's policies are available for applicants age 21 to 54 with some restrictions. Coverage isn't available in New York.

20-Year Terms
Only a select group is eligible for Bestow's 20-year policy. You must be between the ages of 21 and 45 (43 if you're a smoker). However, applicants aged 45-55 can purchase up to a 10-year term policy.

Reasons We Like Bestow Life Insurance

Cancel Anytime
Bestow charges no cancellation fee, which gives you flexibility if you get life insurance at work, can't afford the policy or have other needs.

No Medical Exams
Bestow doesn't require medical exams for anyone. If you don't meet their guidelines, you don't get insurance.

Why is there no medical exam?
Bestow relies on its underwriting algorithm and data to make decisions. They use various personal records to make decisions rather than medical exams.

Serious Security
Bestow uses the highest level of security to encrypt all information shared online. Stripe, a payment processor, stores your information in their secure system.

Lower Premiums
Bestow doesn't have commissioned sales agents. You do everything online and the company passes the savings on to you.

Short-Term Option
Bestow's two-year policy lets you take some time to plan your future while staying protected against the unexpected.

Who Should Consider the Short-Term Option?
The 2-year policy is a good fit for those that aren't ready to commit. Maybe you are starting a new business, getting married soon, or in-between jobs. The Bestow Short-Term Policy provides protection during these 'unknown times,' giving you time to make a more permanent decision at your own pace.

30-Day Free Look Period
Get a full refund if you decide you don't like (or can't afford) the policy.

Missed Payment Coverage
You keep coverage for the 30 days following a missed payment. If you make your premium payment the following month, you keep your coverage.

Premiums Don't Change
Unless you switch your policy, you'll know from day one how much you pay monthly for life insurance for the duration of the policy.

Downsides

Policies Don't Renew
Once your coverage ends, that's it. If you are young enough, you may re-apply, but you'll likely pay higher premiums. Make sure you choose a term that will cover the period you need.

No Coverage for Older Applicants
Only applicants up to age 55 may apply for life insurance with Bestow.

No Riders
If you want accelerated death benefits, child/spousal protection, waiver of premium, or disability coverage, you'll have to look elsewhere. Bestow keeps its policies simple.

Exclusions
Like most life insurance policies, certain occurrences fall under the 'exclusion' category. If you commit suicide within the first 2 years, die from an accident participating in a risky hobby (scuba diving, skydiving, or racing for example), or die learning to fly a recreational airplane, your policy may be void. Make sure to read the fine print on your policy to find out exactly what's excluded.

How To Apply With Bestow

Bestow's application process is simple enough to complete from your mobile phone. It has four parts:

  • Personal Information: Provide your name, birthdate, address, and Social Security number.

  • Lifestyle: Answer questions about your medical history, hobbies, life choices, and citizenship.

  • Beneficiaries: Name the people who will receive benefits in the event of your death.

  • Policy and Payment Information: Accept the policy and provide your payment information.

Who pays out on the policies?
Bestow's partner, North American Company for Life and Health handles the payout, assuming it's valid. Bestow serves as a third-party administrator for your life insurance. In other words, they process your application, handle underwriting, and collect payments. They also handle customer support.

Pay attention to the disclosures before signing them. Each gives Bestow permission to pull personal data regarding your health, credit, and driving records, all of which they use in the underwriting process.

You should also double-check your application because there are no do-overs. Once you submit your answers, Bestow underwrites your policy and gives you an answer instantly.

That can be good news—and bad. You won't have to deal with in-person sales meetings, needle pricks, or extensive underwriting. But mistakes can hurt your chances of getting coverage.

Bestow's application process is handled online, but you can speak with a non-commissioned customer care advisor at any time. Just call 1-833-300-0603 to ask your questions or express concerns.

The Underwriting Process

Bestow works differently than most other insurance companies to assess your risk. The company relies heavily on data collected from its partners including:

  • Credit report
    Are you up-to-date on your bills? Do you overextend your credit? Do you move multiple times a year? Do you have arrest records? Bestow can get these answers and more just from your credit report.

  • Prescription history
    What types of prescriptions do you fill and how often? Are you addicted to opiates? Do you take high blood pressure medication, diabetic medication, or medicine for any other life-threatening illness? Your prescription records tell Bestow representatives a lot about you.

  • Driving history
    A clean driving record means you follow the law and don't take chances. A driving record filled with accident reports and moving violations, on the other hand, tells Bestow that you are high risk.

  • Insurance Records
    Bestow can tell if you've applied for other insurance policies before. They can tell if you obtained the policies or were declined. A declined application can be a red flag.

Your lifestyle plays an important role in your eligibility. Sometimes issues show up in your records that force Bestow to increase your premiums, including information that may contradict what you stated on your application.

How It Compares

vs Haven Life
Like Bestow, Haven Life provides only term life insurance. The online application process takes about 20 minutes and you can apply for $1 million in coverage up to age 59.

Backed by MassMutual, Haven Life offers simplicity with security. If you need a medical exam, you can buy temporary coverage for 90 days while they underwrite your policy.

vs Ladder
Ladder offers online term life insurance policies. Get coverage from $100,000 to $1 million with no medical exam or up to $8 million with full underwriting/medical exam.

The company also lets you change your policy during the term. Need more insurance? Apply online through your account—you don't have to cancel your policy and start a new one. Need less? Decrease your coverage and pay lower premiums right away.

vs Fabric
Unlike Bestow, Fabric offers accidental death as well as term life insurance policies. Accidental death insurance offers instant approval with no underwriting. You can cancel at any time.

Fabric's term life insurance is available in 10-, 15-, and 20-year terms. They offer up to $1 million in coverage. Fabric also offers the option to convert to a whole life policy.

Bottom Line

Bestow offers life insurance for those who don't have time for medical exams and long underwriting periods. If they consider you healthy and low risk, you may pay cheap premiums.

But make sure you compare the offer to other companies. Find the coverage you need now and in the future.

More from CreditDonkey:


Best Term Life Insurance


Term vs Whole Life Insurance


Life Insurance Cost

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