Life insurance is a fantastic resource to ensure you leave your family financially secure if the worst happens and you pass away. The benefits from your life insurance will help your family pay for any immediate financial needs and can help replace the lost income you typically brought in over the short or long term.
However, many people find that the process of purchasing life insurance is frustrating. Most companies will require you to answer various questions and may even need you to have blood drawn or go through a medical exam. One life insurance company working to change that is Bestow. The company’s goal is to make purchasing life insurance fast and easy for everyone.
The Basics of Bestow Life Insurance
Bestow is a legitimate life insurance option provided by a company that wants to make acquiring life insurance easier than ever before. Instead of requiring blood draws and medical exams, Bestow instead uses big data to underwrite the life insurance policies that they offer. In this way, they are a modern insurance company. This article will explain why the company is legit and whether it might be a good option for you.
The goal of Bestow is to make life insurance more straightforward and humane. This is done by offering a simple application that can be quickly completed online. By having a streamlined application system, consumers can get insurance in a matter of minutes instead of waiting weeks or even months.
|Bestow Company Information||#colpan#|
|Address||750 North St. Paul Street #1900
Dallas, TX 75201
Type of Insurance Provided by Bestow
Bestow offers term life insurance that is useful for a specific period of time. Instead of permanent life insurance such as whole life, many experts in the financial industry often recommend term life insurance. With this type of life insurance, you’re covered for a certain amount of time before the insurance expires.
Since the death benefit expires at a specific time after the term has elapsed, this type of life insurance is much less expensive than a whole life policy in terms of the premium due. The payout and rate are both fixed and level for the period of the term, so you’ll pay the same amount every month or year during the time that you have your policy. You can also trust that your death benefit will never change during that time.
The life insurance offered by Bestow is only term life, and it comes in terms of 10 or 20 years with policies that can reach up to a million dollars. There are some reasons you can be denied coverage, and those who are older will not be eligible to apply. Bestow does have more rules for coverage than most standard insurance companies. For the 10-year policy, the age range is between 21 and 55. The 20-year policy has stricter guidelines. An applicant needs to be between 21 and 45, except for men who use nicotine products, who must be no older than 43.
No Medical Exam
It’s relatively standard to go through a medical checkup before acquiring life insurance known as a life insurance medical exam. However, Bestow doesn’t require you to go through that. Instead, the company will ask questions about your lifestyle and health and then use predictive models to fill in all the gaps. The company also offers guidance from licensed life insurance agents, customer support, and the option to cancel a plan at any time.
Consumer Complaint Ratio for Bestow
The North American Company for Life and Health Insurance offers the policies provided by Bestow. Compared to other life insurance companies in 2017 of about the same size, Bestow had fewer complaints. That makes it above average in terms of the complaint ratio.
The complaint ratio score is provided by the National Association of Insurance Commissioners for insurance companies. The score looks at how many complaints were made about a specific company based on their market share. The median average is 1.0, so having a score lower than that means a company is doing well. In the latest scores, the ratio for Bestow was 0.31, which is excellent news if you’re considering a policy through Bestow.
How to Sign Up with Bestow
If you want a process that is straightforward and quick, Bestow offers precisely that. Below we’ll look at the steps to apply and get term life insurance from the company.
Starting the Process
The first thing you will need to do is visit the Bestow website, where you will find the process for obtaining a quote. There’s a button toward the middle of the screen that says, “get a quote,” another at the top right of the screen, or you can open the navigation panel and click on the same thing.
Provide Basic Information
The process of starting a quote is simple. All you need to do is fill in your gender, birth date, height, weight, and state of residence. There is also a box you will need to check if you use any products that contain nicotine. Once you’re done, click on “get a quote!”
Review Your Quote Estimate
At this point, the screen will change. You will be able to see an estimated quote for a coverage term and amount, but you can make changes to alter the quote and see how things change. For example, a test quote shows a premium of $12.54 for a specific individual who wants $50,000 in coverage, but the same premium rises to $129.16 a month for a one million dollar policy over 10 years.
Fill Out the Application
If you decide you want to sign up for life insurance from Bestow, you’ll need to make an account. This requires providing your email account and making up a password for it. Once you’ve done this, all you need to do is click “start” to move forward.
Provide Personal Information
Now you’ll have to fill in some more in-depth information about yourself. This will include your first, middle, and last name, phone number, address, gender, birth date, height, and weight. After you have completed filling it out, you can press the button that says “complete section” at the bottom.
Enter in Health Information
This screen is going to ask you seven questions to get more details about your health status. The company will ask about your medical history, weight loss, disability status, tobacco use, HIV status, and other items. Based on the responses, you may need to enter follow up answers. Once you finish, press “complete section” again.
Fill in Lifestyle Information
Once you reach this screen, you’ll have another 13 questions that you need to answer. These will include information about where you were born, travel plans, residency, income, employment, hobby plans, and other things. After all the questions are answered, click “complete section.” At this point, you will be done with questions and can choose “submit your application.”
You will need to authorize Bestow to collect medical information about you. You’ll also be asked for your social security number for verification purposes.
Prices of Bestow Term Life Insurance
You can expect your life insurance premium each month to vary from other individuals based on your current health and lifestyle. Many different factors are considered as they are with any company, but some of the most important include:
- Age– the older you are the more life insurance costs
- Coverage Amount– The more coverage that you have the more your life insurance costs.
- Gender– Females are less expensive than males when it comes to life insurance coverage.
- Health History– The better health that you are in, and better family health history, the higher your odds of being classified into the best risk categories.
- Height– This matters for your BMI calculation.
- Term Length– The longer the term length, the more the insurance costs.
- Weight– This matters for your BMI, which is weight divided by height squared.
Pros and Cons of Bestow Life Insurance
Several things make Bestow a good choice for term life insurance. The first is the lack of a need to take a medical exam before being accepted. For people who are busy or don’t like needles, this can be a huge benefit compared to most traditional term life insurance.
In addition to requiring no health exam, Bestow offers a quick and easy application process. All of the questions needed can be answered in minutes so you can submit the application. Assuming you hit their underwriting requirements, you can have a brand-new life insurance policy in just a few minutes. Bestow is 100% online, so it is easy to apply. Because it is all online, Bestow is also not a commission-based life insurance company. That means there’s no need to worry about a salesperson trying to sell you the most expensive plan to make more money. If you do speak to someone in sales, they aren’t working on commission.
There are also a few disadvantages to Bestow. For one, it doesn’t have a huge number of policy options. If the ones that are offered don’t fit what you need, you may need to choose a different company. This applies to both the term lengths and the policy coverage limits.
In some cases, the lack of a medical exam can also be a deterrent. It might seem like a good thing, and in many cases, it is, but some people will be declined even if they might have been approved if a medical exam was required. It may also cause someone who is healthy to be given a worse health rating, and make their life insurance more expensive than it otherwise would be. It is worth comparing quotes from Bestow with other life insurance companies if you are in excellent health because traditional companies may be less expensive.
Bestow is a Fully Legitimate Insurance Provider
Whether you already have life insurance or are looking for your first policy, getting a free quote at Bestow isn’t a bad idea since it’s quick and easy to do. You have the chance to find a more affordable policy in minutes. Those who decide to sign up who are approved can also get insurance quickly.
You can get quick insurance without challenges associated with traditional term life insurance, which often has a medical exam. While Bestow has a simple process to apply for a quote, make sure you get quotes from other places to get the best deal. You can find the perfect policy with the right price for your needs.