Disclaimer: We are not Bestow Life Insurance Company. Rootfin is an independent rating agency that is here specifically to provide you an unbiased Bestow Life Insurance Review to help you determine if Bestow is one of the best life insurance companies to work with.
This Bestow Life Insurance Review is roughly a 6-min read.
Throughout our review, we will touch on several key factors such as the life insurance products available with Bestow in addition to complaints against Bestow, and if Bestow makes the most sense for you.
We also wanted to simplify things for you as much as possible.
Below, you will notice links that allow you to skip to any specific section of this post that you desire to read or learn more about.
Here is what we intend on covering in this review.
- Our Bestow Life Insurance Review
- Bestow Life Insurance Company History
- Bestow Financial Strength
- Bestow BBB Ratings and Complaints
- Life Insurance Products Offered by Bestow
- Available Riders Available with Bestow
- Cost of Bestow Life Insurance
- Application and Underwriting Process with Bestow
- What If You Have Been Declined Life Insurance with Bestow?
- What Makes Bestow Life Insurance Unique?
- Pros of Choosing Bestow Life Insurance
- Cons of Choosing Bestow Life Insurance
- Final Thoughts on Bestow
Furthermore, if you don’t have the time to read our full review of Bestow Life Insurance Company, we wanted to provide you a quick snapshot and overview of the company and have you on your way.
Here are those quick details for you.
Bestow Life Insurance is a full online platform for purchasing life insurance quick and easy.
Bestow is available in all U.S. states except for New York.
Bestow can be competitively priced and an easy process for healthy individuals between the ages of 21 and 55.
However, individuals between these ages with a long health history will be much better served to compare rates with other top life insurance companies using an independent life insurance agent who specialized in high-risk life insurance underwriting.
While Bestow is an excellent fit for individuals looking to purchase life insurance quickly and without hassle, they are not the best for all situations.
We always recommend comparing rates with multiple life insurance companies to combat against the potential mistake of leaving a cheaper option on the table or taking the risk of being declined for life insurance coverage.
That’s the fastest and easiest way to explain and breakdown Bestow Life Insurance Company for you.
If, however, you have a few minutes you can use to learn more about the company, we recommend you read our full review directly below.
Here is what you need to know.
Our Bestow Life Insurance Review
If you the individual who prefers to purchase life insurance hassle-free and 100% online, Bestow is undoubtedly a company worth considering.
Bestow is another online platform built to offer life insurance to individuals who prefer to skip working with an agent, much like the business models of companies such as Ladder Life Insurance or Ethos Life Insurance Company.
Another strong point about Bestow Life Insurance is that they currently offer term life insurance products directly through North American Company which is a major and reputable life insurance company in the industry.
Bestow is built to attempt to offer almost instant coverage but only to individuals who are healthy and can meet stringent guidelines (we will touch on this more later).
Bestow Life Insurance Company History
Bestow Life Insurance Company is currently based out of Dallas, Texas and began in 2017.
This makes Bestow one of the newest life insurance companies on the market currently offering coverage.
At this time, Bestow offers coverage in every U.S. State with the exception of the State New York.
Bestow was created to make the life insurance process quick, simple and easy for consumers to purchase without the need of using commissioned life insurance agents to market the products to consumers.
Bestow Financial Strength
Some consumers often aren’t aware of how to adequately judge a life insurance company’s strength.
Especially fully online platforms such as Bestow that use a different company to manage, underwrite, and issue their life insurance products.
With Bestow, you have nothing to be concerned about.
Like stated previously, Bestow currently issues their life insurance policies through North American which has been in the business since 1890 and is currently being provided an A+ rating according to A.M. Best.
A.M. Best is a global credit rating agency that specializes in judging an insurance company’s financial strength, liquidity, and ability to fulfill promised made to loyal policyholders.
Considering A+ is the second-highest rating you can be provided in this category; we feel good about saying your coverage needs are safe with Bestow Life Insurance.
Bestow BBB Ratings and Complaints
BBB and consumer reviews can often tell you a lot about a life insurance company.
Currently, The BBB is rating Bestow as rated as an A+.
However, limited information is available on the BBB about the company.
They only show one consumer review, which was negative and has only been accredited with the BBB since 2017.
While this doesn’t necessarily indicate anything negative about the company, it seems it’s a bit too early to draw any real conclusions or opinions about the company’s customer service or a total number of complaints filed.
Life Insurance Products Offered by Bestow
Currently, Bestow Life Insurance Company only offers term life insurance to consumers in the term durations of 2, 10, and 20 years.
With Bestow, you can opt to purchase 500,000 for two years in duration and up to 1,000,000 in coverage for 10- and 20-year term durations.
Another essential factor to consider with Bestow is the current age restrictions.
If you are opting to purchase a 20-year term policy, you must be between the ages of 21-45.
If you are a current tobacco user, you must be between 21 and 43.
For the 2- and 10-year policy options, you must fall between the ages 21-55 years old to qualify.
This limits an entire group of individuals from using Bestow as an option that falls over the age of 55 years old.
Available Riders Available with Bestow
At this time, Bestow does not offer any riders to consumers who purchase life insurance.
This is typical of an online platform offering life insurance with no medical exam required.
The products are designed to be simple and easy to understand without the use of a licensed agent.
Riders are not overly complex to understand but typically when purchasing life insurance riders; it’s best to be advised by a licensed agent about how they specifically work and can benefit you.
Cost of Bestow Life Insurance
Bestow is one more of the competitive life insurance companies offering coverage to healthy individuals who enjoy the fully online shopping platform.
For healthy individuals, running rates with Bestow as well as companies such as Ladder Life Insurance will prove to be competitive vs. many of the other major life insurance companies in the country.
However, if you do take medications, or have prior health conditions, you are likely to be declined for coverage.
Bestow is purely a no-exam life insurance offering.
This means that the electronic database checks dig as deep as possible to verify good health and prescription records.
If you currently don’t think you could qualify for this coverage, we would urge you to compare rates with about a half dozen other life insurance companies to effectively find the best deal.
Using an independent life insurance agent to accomplish this is likely your best bet.
Application and Underwriting Process with Bestow
The Bestow life insurance application process is about as easy as it gets.
It only takes a few minutes to complete and confirms information such as identity as well as ask several questions related to your health.
After completing this information, you will be prompted to fill out further information about your desired beneficiaries, and you can select a credit card for your payment method for future payments for your premiums.
Overall, if you are in good health like stated previously, you will find the process to be easy and competitive.
However, if you have blemishes on your health background, it’s likely not even worth running rates with Bestow and you will be better suited comparing rates with an independent life insurance agent.
What If You Have Declined Life Insurance with Bestow?
If you are declined life insurance with Bestow, you are basically out of luck.
Full online platforms for purchasing life insurance are not the best in having plan B’s or alternative routes you can take after being declined.
They are more specifically built to help healthy individuals get coverage quickly and at decent rates.
If you are declined life insurance with Bestow, it’s imperative not to give up.
It’s much easier than you think to be declined by these online platforms offering coverage.
After being declined, consider options such as using another company that specializes more in the high-risk life insurance or discuss other coverage options such as accidental death coverage or guaranteed issue life insurance.
What Makes Bestow Life Insurance Unique?
Any life insurance company that offers coverage purely through online platforms without needing agents to market products is unique on its own.
Additionally, the term durations being offered at 2,10 or 20 years is relatively unique, considering most other companies offer a more standard plate of term life insurance durations such as 10,15,20,25 and 30 years.
Overall, Bestow has a unique angle and decent coverage available to healthy individuals and individuals under the age of 55.
Pros of Choosing Bestow Life Insurance
After going through and doing our homework on Bestow Life, here is what we believe to be the most significant upsides of choosing them for your life insurance coverage:
- Fast and Easy Application Process
- Competitive Rates for Healthy Individuals
- No Medical Exam is required.
Cons of Choosing Bestow Life Insurance
On the other hand, this is what we believed to be the biggest downfalls of choosing Bestow.
- Not Great for High-Risk Individuals
- Ages Are Limited to 21-55 Years Old
- Limited Product Lineup and No Available Riders
Final Thoughts on Bestow
Regardless of your current situation, it’s always best to run life insurance rates/quotes with multiple life insurance companies.
Using an independent life insurance agent to run your rates is another viable approach you can take as well.
While Bestow is an excellent option for young and healthy individuals, they certainly are not the best for individuals outside of this age range or with prior medical problems.
Best of luck in your search.
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