Bestow Life Insurance Review

Bestow makes life insurance as painless as possible through both no medical exam policies and a lightning-fast approval process.

A+ AM Best Rating

Products

  • 2-year term life
  • 10-year term
  • 20-year term

Bestow is unlike any life insurance company we’ve seen. Founded in 2017, it has shaken up the life insurance landscape by injecting technology into a historically tech-averse industry. What used to be a painstaking process of applying for a life insurance policy, undergoing a physical, and waiting a month for approval is now a 10-minute process with Bestow’s online application and automated underwriting.

The quick and easy process is great for people short on time, in need of convenience, and who don’t want to go through a medical exam. It can be great for people who need immediate coverage for a shorter period. However, Bestow doesn’t currently offer permanent coverage or a wide variety of term lengths. It also may not be the best for older adults, as it won’t sell a policy to anyone 55 or up.

Who might choose Bestow for life insurance?

  • People who want to skip a medical exam: None of Bestow’s policies require a medical exam. (Heads up: they do ask medical questions.)
  • Younger families: Bestow’s coverage works well for those short on time and with short-term life insurance needs.
  • Business owners: Need life insurance as collateral for a business loan? Bestow’s process is quick enough to insure you while you’re waiting at the bank.
  • Those still trying to figure things out: Bestow designed the 2-year term policy for people in transition periods.

Bestow life insurance policies

  Death benefit payout Age range Exam required
2-year term $50K-500K 21-55 No
10-year term $50K-1M 21-55 No
20-year term $50K-1M 21-45 No

Sample quotes based on HelloBestow.com and are for illustration purposes only. Actual quotes may vary. Data effective 10/1/19.

Bestow sells term, term, and only term. Its term policies come in three flavors (term lengths), and that’s it—don’t expect riders or any frills on your coverage.

Bestow 2-year term life insurance

Bestow’s 2-year term policy boasts the fastest application of all their products, as well as being the easiest to qualify for. Bestow markets 2-year term policies toward those who know they need life insurance but aren’t sure of long term plans quite yet. It could also be a fit for business owners who need quick coverage for loan approval from a bank (but only up to $500K).

A 2-year term comes with an inherent downside, however. Once the term is up, if you still need coverage, you’ll have to buy a policy at your current age. That translates to a more expensive policy and, if your health has taken a bad turn, possibly getting denied a policy altogether.

Bestow 10-, 20-year term life insurance

With a 10- or 20-year term policy, Bestow offers up to $1 million in coverage with no medical exam. Although the application isn’t as fast as the 2-year term, it’s still pretty quick, offering coverage in just a few minutes—supposing you get approved for a policy.


Bestow life insurance rates

Bestow provides term policies at competitive rates. Keep in mind, these policies may be slightly more expensive than if you got a medical exam as a healthy individual. But for people who certainly don’t want or don’t have time to take a physical with blood work, it may offer the most competitive no exam policies out there.

Bestow sample rates

20-year term life policy for a healthy 25 year old

Death benefit payout Male monthly premium Female monthly premium
$100K $10 $8
$250K $15 $11
$500K $25 $18
$1M $47 $32
Get a Quote

Sample quotes based on HelloBestow.com and are for illustration purposes only. Actual quotes may vary. Data effective 10/1/19.

20-year term life policy for a healthy 45 year old

Death benefit payout Male monthly premium Female monthly premium
$100K $17 $15
$250K $32 $26
$500K $60 $47
$1M $118 $90
Get a Quote

Sample quotes based on HelloBestow.com and are for illustration purposes only. Actual quotes may vary. Data effective 10/1/19.


Things to consider about Bestow

Bestow saves people time and offers competitively-priced policies with its automatic underwriting process. However, none of its policies will cover anyone past age 65, it only sells term, and it doesn’t offer any riders.

Quick underwriting (and approval) process

The biggest thing Bestow has in its favor is its lightning-fast application and approval process. To apply for and be issued a policy for $1 million in just ten minutes is unheard of in life insurance, so we think that’s pretty cool.

Life insurance coverage lasts until 65 (at maximum)

Bestow won’t sell a 10-year term life insurance policy to anyone over 55, nor will it sell a 20-year term policy to anyone over 45. What this means is, no matter what option you choose, none of Bestow’s policies cover a person after age 65. As such, Bestow becomes a less-than-desirable company if you’re looking for life insurance for seniors or final expense insurance.

Temporary, non-customizable coverage

Many out there are perfectly happy with term life insurance, and term truly is a good choice for a lot of people. But for those who want lifelong coverage (like whole life insurance), or for those who really like add-ons (like riders) to their coverage, Bestow may not be the right choice.


How Bestow stacks up

Bestow sells life insurance policies. However, the company that provides and backs the policies is the North American Company for Life and Health Insurance (say that five times fast). As such, all the financials and customer complaints reflect Bestow’s producer, the North American Company for Life and Health Insurance.

Is Bestow financially stable?

Bestow financial ratings
AM Best (FSR) A+
S&P A+
Moody’s N/A
Fitch A+

Table created using information available at AMBest.com, StandardAndPoors.com, Moodys.com, and FitchRatings.com. Data effective 10/2/19.

According to everyone who rates them, the North American Company for Life and Health is in good financial standing. Although they don’t receive the highest marks possible, they are well-positioned to meet financial requirements i.e., paying claims to beneficiaries.


Bestow claims and customer service

Reviews about Bestow all appear to be glowing, with many reviewers claiming how quick and affordable the entire process is. On Bestow’s Google reviews page, at the time of this writing, 40 users have rated the company 4.9/5 stars, with not a single review of fewer than 4 stars.

The North American Company for Life and Health Insurance (which issues the policies) has a low number of complaints as well—just 13 last year. That’s well under the average number of complaints for a company of its size.

Finally, Bestow has a dedicated customer service phone number at the bottom of their site. If your beneficiary would need to file a claim, Bestow has an online form for that too. This insurer aims to process all claims within 10 days.


Bottom line: Fast, affordable online term insurance

If life insurance companies ran a race to issue life insurance, Bestow would probably finish first every time.

There’s no question, Bestow makes buying affordable term life insurance easier than probably anyone else in the market. They still ask medical questions on their no medical exam policies, but since both the questionnaire and underwriting are completed online, you can be issued a policy in minutes.

If you’re looking for affordable term coverage ASAP, you’ll probably be happy with Bestow. However, this company may not be best for older adults, those who want a variety of options from their life insurance, or anybody who wants permanent life insurance (like whole or universal life insurance).


Bestow FAQ

Does Bestow life insurance consider marijuana use?

Bestow asks medical questions regarding nicotine-related products only. If you smoke marijuana, it likely won’t affect your rates or ability to get a policy with Bestow.


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