Bestow Life Insurance is an online insurance company that offers a straightforward and convenient solution for individuals seeking term life coverage. With its user-friendly online platform and quick application process, Bestow aims to provide an accessible and hassle-free experience for customers. In this comprehensive review, we will explore the key features, pros and cons, coverage options, and customer satisfaction levels associated with Bestow Life Insurance.
Table of Contents
1. Introduction to Bestow Life Insurance 2. Application Process and Eligibility 3. Coverage Options and Limits 4. Pros of Bestow Life Insurance 5. Cons of Bestow Life Insurance 6. Customer Satisfaction and Ratings 7. Pricing and Premiums 8. Claims Process 9. Additional Services and Benefits 10. Conclusion
1. Introduction to Bestow Life Insurance
Bestow Life Insurance was established in 2016 with the goal of revolutionizing the life insurance industry by providing a fully online and streamlined process. Based in Dallas, Texas, Bestow partners with North American Company for Life and Health Insurance to underwrite its policies. Unlike traditional insurance companies, Bestow's digital platform allows customers to obtain quotes, complete applications, and purchase policies entirely online.
2. Application Process and Eligibility
Bestow's application process is designed to be quick and simple, catering to individuals who value convenience and efficiency. To apply for a Bestow Life Insurance policy, prospective customers can visit the company's website and answer a series of questions related to their personal information, lifestyle, medical history, and beneficiaries. The application does not require a medical exam, making it an attractive option for those who prefer to avoid the inconvenience and time-consuming nature of traditional underwriting processes.
Eligibility for Bestow Life Insurance is limited to individuals between the ages of 18 and 60. While this may exclude older individuals seeking coverage, it caters to a wide range of potential policyholders. The absence of a medical exam requirement also means that individuals with preexisting health conditions may still be eligible for coverage.
3. Coverage Options and Limits
Bestow Life Insurance specializes in term life insurance, offering policies with coverage terms ranging from 10 to 30 years. This type of coverage provides a death benefit to beneficiaries if the policyholder passes away during the specified term. Bestow's term life policies come with a range of coverage limits, starting from $50,000 and going up to $1.5 million.
It is important to note that Bestow does not offer permanent life insurance options, such as whole life or universal life. Term life insurance is best suited for individuals who want coverage for a specific period, such as paying off a mortgage or supporting dependents until they become financially independent.
4. Pros of Bestow Life Insurance
Bestow Life Insurance offers several advantages that make it an appealing choice for many individuals. Here are some of the key pros associated with Bestow:
Easy and Convenient Application Process
Bestow's online application process is designed to be user-friendly and efficient. With just a few clicks, prospective policyholders can obtain a quote, complete their application, and purchase a policy entirely online. This eliminates the need for in-person meetings or lengthy phone calls, providing a hassle-free experience for customers.
No Medical Exam Requirement
One of the standout features of Bestow Life Insurance is the absence of a medical exam requirement. Policy applicants do not need to undergo any medical tests or provide extensive medical records. Instead, Bestow relies on algorithms and publicly available data to assess applicants' eligibility for coverage. This streamlined underwriting process allows for faster application approval and policy issuance.
Competitive Premiums
Bestow aims to offer competitive premiums for its term life insurance policies. Monthly premiums are generally in line with other insurers offering similar coverage. Additionally, smokers may find that Bestow's rates are lower compared to some other well-known insurance companies.
High Coverage Limits
Bestow stands out by offering high coverage limits for its term life policies. Eligible applicants can secure coverage up to $1.5 million, which is significantly higher than what many other no-medical-exam insurers provide. This level of coverage allows individuals to adequately protect their loved ones in the event of their passing.
5. Cons of Bestow Life Insurance
While Bestow Life Insurance offers many advantages, it is important to consider the potential drawbacks associated with the company. Here are some of the key cons to be aware of:
Limited Eligibility Age Range
Bestow's coverage is only available to individuals between the ages of 18 and 60. This age restriction may exclude older individuals who are seeking life insurance coverage. It is important for those outside of this age range to explore alternative options that may better suit their needs.
Lack of Coverage Options and Riders
Bestow solely focuses on term life insurance and does not offer permanent life insurance policies, such as whole life or universal life. Additionally, the company does not provide any coverage riders that would allow for customization of policies. While term life insurance may be suitable for many individuals, those seeking additional features or investment components may need to consider other insurance providers.
Maximum Coverage Limits
Although Bestow offers high coverage limits compared to other no-medical-exam insurers, the maximum limit of $1.5 million may not be sufficient for individuals with substantial financial obligations or those seeking higher levels of protection. In such cases, policyholders may need to explore alternative insurers that can accommodate their specific coverage requirements.
6. Customer Satisfaction and Ratings
As an online insurance company, Bestow does not have a rating from J.D. Power, a leading consumer satisfaction survey provider. However, it is important to note that Bestow's underwriting partner, North American Company for Life and Health Insurance, has a strong financial strength rating of A+ (Superior) from AM Best. This rating indicates the company's ability to meet its financial obligations and pay out claims. While customer satisfaction ratings specific to Bestow are not available, the financial strength of its underwriting partner can provide some level of reassurance.
7. Pricing and Premiums
The cost of Bestow Life Insurance policies varies depending on several factors, including the applicant's age, gender, health history, and coverage amount. While Bestow aims to provide competitive premiums, it is recommended that individuals to obtain personalized quotes based on their specific circumstances to get an accurate understanding of the potential costs.
8. Claims Process
In the unfortunate event of a policyholder's passing, beneficiaries can file a claim with Bestow by completing an online claim form. The form requires basic information about the deceased, such as their name, date of birth, date of death, cause of death, and country of death. Bestow strives to make the claims process as straightforward as possible, ensuring that beneficiaries receive the death benefit in a timely manner.
9. Additional Services and Benefits
Bestow focuses primarily on providing term life insurance coverage and does not offer extensive additional services or benefits. However, the company does offer a learning center on its website, providing educational resources and articles on life insurance basics and general financial planning. This can be helpful for individuals who are new to life insurance and want to learn more about the product and its benefits.
10. Conclusion
Bestow Life Insurance offers a convenient and user-friendly option for individuals seeking term life coverage. With its full online application process, competitive premiums, and high coverage limits, Bestow aims to simplify the life insurance experience for customers. While limitations such as age restrictions and the lack of coverage options should be considered, Bestow's streamlined approach and commitment to providing accessible coverage make it a viable choice for many individuals. Before making a decision, it is recommended to compare quotes and explore other insurance providers to ensure that Bestow aligns with your specific needs and preferences.
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