Last Updated: June 2020
In this review of Bestow Life Insurance, you will learn about Bestow’s life insurance products, financial ratings, and pros & cons to help you decide if Bestow makes sense for you.
You will also find a list of other top-rated companies to compare rates before making your final decision.
- About Bestow Life Insurance
- Bestow Life Insurance Ratings
- Review of Bestow No-Exam Life Insurance
- Bestow Offers Competitive Rates for Healthy Individuals
- What Makes Bestow Life Insurance Unique?
- Pros & Cons of Choosing Bestow Life Insurance
- Review Bestow & Other Top Rated Companies
About Bestow Life Insurance
If you prefer 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, similar to companies like Ladder Life or Leap Life.
Another strong point about Bestow Life Insurance is that they currently offer term life insurance products directly through North American Life Insurance 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.
Bestow 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 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 Life Insurance Ratings
As stated previously, Bestow currently issues its life insurance policies through North American which has been in the business since 1890.
Here are the ratings for Bestow Life Insurance:
- A.M. Best: “A+” (superior) – rating for North American
- Affordability Index: 8.8
- Ease of Applying: 9.6
- Customer Service: 9.3
- COMDEX Ranking: 92 – rating for North American
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Bestow compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Learn more about our process for reviewing life insurance companies here.
Bestow BBB Ratings and Complaints
Currently, The BBB is rating Bestow with 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 the total number of complaints filed.
Review of Bestow No-Exam Life Insurance
Currently, Bestow Life Insurance Company only offers term life insurance to consumers. Here are several features of their policy options:
- Term durations of 2, 10, and 20 years.
- You can opt to purchase $500,000 for two years and up to $1,000,000 in coverage for 10 and 20-year terms.
- Available from age 21 to 55.
- There is no medical exam required to qualify.
If you are opting to purchase a 20-year term policy, you must be between the ages of 21 and 45. If you need life insurance as a tobacco user, you must be between 21 and 43.
For the 2 and 10-year policy options, you must fall between the ages 21 and 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.
If you are looking for no-medical exam life insurance, compare Bestow alongside other top life insurance carriers like Ladder Life Insurance Company.
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.
Bestow Offers Competitive Rates for Healthy Individuals
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.
Application and Underwriting Process with Bestow is Easy & Fast
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 asks 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.
What If You Have Declined Life Insurance with Bestow?
If you are declined life insurance with Bestow, you should review other life insurance companies.
Other companies will offer a wider variety of policies, including high-risk life insurance or guaranteed acceptance life insurance which are easier to qualify for.
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 & Cons of Choosing Bestow Life Insurance
There are pros and cons to every life insurance company. It is important to look at each aspect before purchasing a policy.
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
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
Review Bestow & Other Top Rated Companies
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.
Here are some other companies to review that offer no medical exam life insurance policies.
- Sagicor Life Insurance
- Foresters Life Insurance
- SBLI Life Insurance
- Ladder Life
- Fidelity Life Insurance