Buying a life insurance policy could help alleviate anxiety and protect your loved ones financially should the unexpected happen, but figuring out which policy is best for you can be tough-going. Bestow made our rating of best life insurance providers of 2022 and offers term life insurance policies ranging from 10- to 30-year terms.
Bestow Insurance Review
- Simple online application
- Fast quote and approval process
- 30-day trial period
- No medical exam
- New policies not available for older adults (60+)
- Doesn’t offer permanent life insurance policies
- No riders available
Bestow is a solid choice if you’re looking for affordable term life insurance. Its policies are for those between the ages of 18 to 60, and you can choose a term that is 10, 15, 20, 25, or 30 years.
The entire application process is digital. Instead of a medical exam, Bestow will also look at your driving records, prescription history, credit file, and any previous attempts at buying insurance during the application process.
Bestow current coverage amounts are on the low end, starting at $50K and capped at $1,500,000. There are no riders currently available. If you want higher limits or to add to your standard policy, you may want to look toward Barstow’s competitors.
If you are shopping for term life insurance, are not 60 years or older, and don’t need a high coverage amount, then Bestow is a strong contender. Bestow offers a 30-day money-back guarantee, and you will be issued a full refund. As Bestow does business entirely digitally, it might not be a great fit if you prefer to speak to a human or work with an agent
How Much Does Life Insurance From Bestow Cost?
Among life insurance carriers we rated, Barstow’s standard premiums for term-life insurance are on the more affordable end.
Typically, the cost of insurance can vary and depends on a handful of factors based on your particular situation, such as age, health, medical history, gender, where you live, family health history, and hobbies.
Other factors, such as lifestyle and engagement in what is considered risky behavior, can impact your rates. The cost also hinges on the term and coverage amount you pick.
If you are on a budget, it’s a good idea to do a bit of comparison shopping to scope out the cheapest life insurance companies. When doing so, get quotes based on the same variables and coverage amounts. That way, you can do a side-by-side look to compare rates.
How Much Does Life Insurance From Bestow Cost for Seniors?
If you’re 60 and over, you won’t be able to purchase a life insurance policy from Bestow as they’re only offered for ages 18 to 60. You’ll need to look elsewhere for coverage. Typically, the older you are, the more expensive your life insurance will be.
Types of Life Insurance Sold by Bestow
Bestow term life insurance
Term life insurance offers level premiums for a specific period, such as 10 years. With other companies, after your level term period ends you can often renew the policy each year at a higher rate. However, Bestow does not offer guaranteed renewability.
Also, many term life insurance policies include the ability to convert the term life to permanent life insurance. Bestow policies do not offer this option.
Bestow offers level term life insurance for 10, 15, 20, 25 or 30 years, with coverage amounts ranging from $50,000 to $1.5 million.
Anyone age 18 to 60 who has never been convicted of a felony can apply for coverage. Barstow’s coverage isn’t available in New York state.
The company offers a 30-day money-back guarantee for its term life policies.
How Much Does Life Insurance From Bestow Cost for Smokers?
While other insurance companies have different age restrictions for smokers on purchasing a policy, Bestow does not. In general, life insurance policies for smokers are typically more expensive than for non-smokers because smoking is considered a risky lifestyle choice.
What Kinds of Life Insurance Policies Are Available From Bestow?
Unlike many of its competitors, Bestow only offers term life insurance.
Here’s how Bestow stacks against the competition:
Term Life Insurance Options From Bestow
Based on various criteria and factors, Bestow made our Best Term Life Insurance Companies of 2022 list. Bestow offers term life insurance policies in the amount of $50,000 to $1,500,000. The insured person must be between the ages of 18 and 60 when the policy is purchased. Terms are available from 10 to 30 years, in 5-year increments. If you’re between the ages of 50 to 60, you can apply for coverage up to $1 million.
While policies aren’t renewable, should you near the end of your term, you can apply for a new policy. If you want to avoid a gap in your insurance, you can apply for new coverage before the end of your current policy.
How Do I Buy Life Insurance From Bestow?
The entire application, from the initial quote to final approval, is an online process. If you have any questions, you can reach out to one of Bestow’s licensed agents via phone, email, or its live chat feature. If it’s after-hours, you can try to search for answers through its chatbot.
You can get a quote online by answering a few basic questions about yourself. Note that initial quotes are ballpark estimates. It’s only after you apply and offer particulars about yourself, such as your citizenship, medical history, lifestyle, and hobbies, that you’ll receive an official quote on your desired policy. Information that you’ll also need to provide is who your beneficiaries will be, your term length, and the coverage amount that you want.
Before applying, you’ll want to have your Social Security number on hand and know the basics about yourself, including height, weight, and health history, and the details of your family medical history.
Haven Life and Bestow are both newer entries to the life insurance market, feature a quick and easy online application, and only offer term life insurance policies. Both offer terms from 10 to 30 years, in five-year increments, but Bestow offers coverage amounts from $50,000 to $1.5 million, while Haven Life offers coverage from $100,000 to $3 million.
Both are also highly rated. (Haven Life has an AM Best rating of A++ while Bestow has an A+ rating.) When comparing standard policies, Bestow is the more affordable of the two according to our data.
While Haven Life requires a medical exam to hop on some of its standard term life insurance policy, Bestow does not. Another difference between the two is that you can’t be older than 60 to apply for a plan, while Haven Life’s age cap is 64.
Haven Life is a digital insurance agency whose policies are issued by MassMutual or one of MassMutual’s subsidiaries.
Bestow life Insurance FAQS
Is Bestow available in my state?
Bestow is available in most states. Currently, the only state that Bestow doesn’t offer its term life insurance policy is in New York. If you’re a New York resident, you’ll need to look elsewhere for your life insurance needs.
What does life insurance from Bestow cover?
The only type of life insurance policy that Bestow offers is term life insurance. Should the insured pass, a death benefit will be paid out to the beneficiaries in the policy. This is only for the duration of the policy (i.e., 10 years, 15 years, 20 years, 25 years, 30 years) and up to the coverage amount.
What riders are available from Bestow?
Bestow doesn’t offer any insurance riders. Add-ons, or riders, can help you customize a standard policy.
Some common riders that other insurance companies might have include a waiver of premium or an accidental death benefit rider.
How long do you have to claim insurance benefits from Bestow?
It is recommended to submit claims as soon as possible, even though Bestow does not have a strict time frame for filing. Life insurance companies typically need to adhere to state laws on how much time a beneficiary has to claim benefits.
Bestow does not keep unclaimed life insurance policies indefinitely once the company is aware of the death of the insured. After a certain number of years unclaimed proceeds are turned over to the state in which the insured lived.
You can contact Bestow directly for more information.
Can you borrow from your Bestow life insurance policy?
You cannot borrow against your Bestow life insurance policy. In general, you typically cannot borrow from a term life insurance policy, only from a whole or other permanent life insurance policy. That’s because some whole life insurance policies have the potential to build cash value, which you can later borrow against.
Do life insurance policies from Bestow pay dividends?
Permanent or whole life insurance policies are usually the only type of life insurance that might pay its policyholders yearly dividends. While whole life insurance policies might offer dividend payments, these policies tend to be far more expensive than term life insurance policies.
What is the maximum amount of life insurance coverage available from Bestow?
If you’re between the ages of 18 to 50, the maximum amount of life insurance coverage you can get from Bestow is $1.5 million. For those between the ages of 50 to 60, the amount of life insurance coverage caps at $1 million.
Does Bestow’s life insurance pay for death by suicide?
Bestow says that suicide is not covered within the first two years that the policy was purchased. State laws typically determine company practices with payment for suicidal death.
If you are contemplating suicide, help is available. Call any time of day for free, confidential support from the 988 Suicide & Crisis Lifeline at 988 or 800-273-8255. The organization also operates more than 150 crisis centers that offer encouragement and local resources. Please reach out to them if you are in crisis.
Do life insurance policies from Bestow cover a drug overdose?
In general, life insurance companies are bound by state laws regarding payment for a drug overdose. Bestow does not include a specific exclusion for deaths from a drug overdose.
Policyholders with policies for more than two years are generally eligible to file a claim. However, Bestow’s policy may vary by the policy type and state, so you should reach out to the company directly for more information.