Bestow is a life insurance provider that offers policies online. It aims to make the process of obtaining life insurance as simple and convenient as possible, without sacrificing quality or coverage. In the following post, we will take a closer look at what Bestow has to offer and how it compares to other life insurance providers.
Bestow Life Insurance: What It Is and How It Works
Bestow life insurance is a type of term life insurance that is designed to be affordable and easy to purchase online. The application process for Bestow life insurance is entirely online and can be completed in as little as 5 minutes. Applicants answer a series of health and lifestyle questions to determine their eligibility and pricing. In most cases, no medical exam is required, although in some cases, Bestow may request additional medical information.
Once an applicant is approved, they can choose their coverage amount and term length. The premiums for Bestow life insurance policies are fixed for the duration of the term, and the policy can be canceled at any time without penalty.
In the event of the policyholder's death, the beneficiary will receive the death benefit amount tax-free. The death benefit can be used for any purpose, and the beneficiary does not have to provide proof of how the funds are used.
It is important to note that Bestow life insurance policies have exclusions and limitations, which are outlined in the policy documents. For example, suicide is typically not covered within the first two years of the policy, and there may be restrictions on coverage for certain high-risk activities.
Pros and Cons of Bestow Life Insurance
When considering Bestow life insurance, there are several advantages and potential drawbacks to consider. Here are some of the pros and cons of Bestow life insurance:
- Affordable premiums: Bestow life insurance policies are designed to be affordable, making them a good option for individuals who may not have a lot of extra money to spend on life insurance.
- Quick and easy application process: Bestow's online application process is fast and straightforward, allowing individuals to obtain coverage quickly without the need for a medical exam.
- No sales agents involved: Because Bestow is an online provider, there are no sales agents involved in the process, which can make it a more comfortable experience for those who prefer to handle their insurance needs independently.
- Flexible coverage options: Bestow offers a range of term lengths and coverage amounts, allowing individuals to choose a policy that fits their needs and budget.
- Limited coverage options: While Bestow offers a range of term lengths and coverage amounts, the policies are still relatively limited compared to other life insurance providers.
- No permanent coverage: Bestow only offers term life insurance policies, which means that the coverage ends after a set period. Individuals who are looking for permanent coverage options may need to consider other providers.
- No riders or additional benefits: Bestow policies do not offer riders or additional benefits that may be available with other providers, such as a living benefit rider or a return of premium rider.
- Not available in all states: Bestow life insurance policies are currently not available in all states, which may limit their availability to some individuals.
Customer Experience and Reviews
The customer experience and reviews are important factors to consider when evaluating any life insurance provider, including Bestow. Here are some key points to consider regarding Bestow's customer experience and reviews:
Bestow strives to provide a user-friendly and convenient experience for its customers. The online application process is designed to be simple and streamlined, with no medical exams required in most cases. Once a policy is purchased, customers can manage their policy online through Bestow's website or mobile app. Bestow also offers customer support via phone, email, or online chat.
Bestow has received positive reviews from customers and industry experts alike. On Trustpilot, a popular review site, Bestow has an "Excellent" rating with an average of 4.8 out of 5 stars. Customers praise the ease of the online application process and the affordability of the policies.
However, it is important to note that Bestow has only been in business since 2016, and therefore does not have as long a track record as some other life insurance providers. Additionally, like all insurance companies, Bestow has some negative reviews from customers who were dissatisfied with their experience. Some common complaints include unexpected rate increases and difficulty contacting customer service.
Cost and Affordability
One of the key advantages of Bestow life insurance is its affordability. Bestow's policies are designed to provide coverage at a lower cost than traditional life insurance policies, making them accessible to a wider range of individuals.
The cost of Bestow life insurance policies depends on several factors, including the applicant's age, health, gender, and lifestyle habits such as smoking. The younger and healthier the applicant, the lower their premiums are likely to be.
Bestow's policies are generally less expensive than traditional life insurance policies because they are simplified term policies that do not require a medical exam in most cases. By eliminating the medical exam, Bestow can keep its costs low and pass on the savings to customers. However, it is important to note that in some cases Bestow may require additional medical information to approve an application, which could impact pricing.
To give a sense of the cost, a 30-year-old female non-smoker in good health could get a $500,000, 20-year term policy with Bestow for as little as $20 per month. A 40-year-old male non-smoker in good health could get the same coverage for as little as $29 per month.
It is important to note that while Bestow's policies are generally affordable, there are several factors that could impact pricing, including the coverage amount and term length selected. Additionally, rates can increase over time as the insured gets older, so it is important to review policy documents carefully to understand how premiums may change over time.
Bestow life insurance offers a simple, streamlined option for individuals looking for affordable term life insurance coverage. With no medical exam required in most cases, the application process is quick and easy, and policies can be purchased entirely online without the need for a sales agent.
Bestow's policies are designed to be affordable, making them accessible to a wider range of individuals. While there are limitations to Bestow's policies, such as the lack of permanent coverage options, they may be a good choice for those looking for basic, straightforward coverage.
If you're in the market for life insurance and are looking for a simple, affordable option, Bestow may be worth considering. As with any insurance product, it's important to carefully review the policy details and compare options before making a decision.