Bestow life insurance review
- Issue Age
- 18 to 60
- Coverage
- $50,000 to $1,500,000
- Medical Exam Required
- No
Our verdict
This startup has a seamless application process, but you're limited to term life insurance.
Designed for the modern-day buyer, Bestow cuts down on the time and cost of life insurance to make it an easier and more convenient purchase. If you fit the mold – aka you’re healthy and between 18 and 60 years old – you should be able to breeze through the application.
However, if you have complex needs or want to customize your coverage with riders, compare life insurance companies.
Pros
-
Online application
-
No medical exam
-
30-day money back guarantee
Cons
-
Only offers term life
-
No riders or supplemental coverages
Details
Product details
| Policies | Term |
| Coverage maximum | $1,500,000 |
| Term lengths | 10, 15, 20, 25, 30 years |
| Medical exam required | No |
| Available states | Not available in New York |
| Issue age | 18 - 60 years old |
Riders
| Riders |
Array |
Bestow life insurance rates
We pulled 2022 sample quotes from Bestow’s online quote tool for a $500,000, 20-year term life policy for a healthy man and woman. Bestow’s rates are pretty competitive compared to the average cost for a policy of this size and term length. However, your actual rates are determined by underwriting review.
| Age | Man | Woman |
|---|---|---|
| 20 | $27.25 | $17.25 |
| 25 | $27.25 | $17.25 |
| 30 | $28.08 | $19.33 |
| 35 | $28.92 | $21.83 |
| 40 | $38.50 | $29.33 |
| 45 | $55.17 | $42.67 |
| 50 | $74.75 | $56.00 |
| 55 | $108.08 | $82.67 |
People 50 and older can’t get a 20-year term
During Bestow’s quote process, we found that people 50 to 60 years old are only allowed to purchase a policy term length of 15 years or less.
Most competitors allow people to elect a 20-year term until at least 60. So, if you’re over Bestow’s age requirement for a 20-year term and need a longer policy length, you’ll have to shop around.
What affects my rate with Bestow life insurance?
Your premium is a product of your age, health, lifestyle, occupation and hobbies, as well as the length and amount of coverage you purchase. Bestow reserves its best rates for its least risky applicants and evaluates the following criteria:
- Tobacco use. To qualify for the highest rate class, you’ll have to prove you haven’t smoked tobacco in the past five years.
- Age. Young, healthy applicants are usually privy to cheaper premiums.
- Gender. Women have a higher life expectancy than men, so they tend to pay lower premiums.
- Driving record. If your recent record is free from major traffic violations and DUI, you’ll probably score a better premium.
- Criminal history. People with a criminal conviction to their name will find it harder to get coverage.
- Health. To determine the chances of you outliving your policy, the insurer looks at your cholesterol, blood pressure, BMI and family medical history. If you’ve had an organ transplant or have one of the following health conditions, Bestow will most likely deny coverage: heart disease, stroke, cancer, HIV, kidney disease requiring dialysis and diabetes before the age of 40.
- Occupation. Some jobs are more dangerous than others. Firemen, fishermen, roofers, loggers and electrical power-line installers will be subject to higher rates.
- Hazardous lifestyle. Do you have any high-risk hobbies like deep diving, racecar driving, rock climbing or recreational flying? Or, do you travel to dangerous countries? The insurer will charge a higher premium to compensate for the risk.
- Alcohol and drugs. Bestow can’t extend coverage to those who have a history of alcohol or drug abuse.
How to get a quote from Bestow life insurance
You can get a quote, apply for and, if approved, purchase your policy all online with Bestow.
- Navigate to Bestow’s homepage and select Let’s Get Started or Get Quote. Then enter your gender, birthdate, height, weight and state of residence and select Get a quote!
- Review your adjustable quote and select your desired coverage amount and term length. If you’re happy with your updated quote, select Start Application.
- Create an account by entering your email address and setting up a password.
- Proceed through the application, providing personal, health and lifestyle info. When finished, select Submit Your Application.
I’ve signed up for Bestow life insurance. What happens next?
If you’re approved, verify your coverage amount and length of term, then enter your credit card info to purchase the policy.
What types of life insurance coverage does Bestow offer?
Bestow offers term life insurance. You’ll have your pick of coverage amounts ranging from $50,000 to $1.5 million and lasting 10, 15, 20, 25 or 30 years. Your premiums will stay the same for as long as your policy is active. However, term life policies are non-renewable, so at the end of the term, you’ll need to reapply for a new policy if you still need coverage.
What riders can I add to my Bestow life insurance policy?
To avoid complicating its algorithms, Bestow doesn’t allow policyholders to customize their coverage with riders. If you want to dress up your policy with common riders like a waiver of premium, you’ll need to look elsewhere.
Bestow partners with Empathy
In 2022, Bestow partnered with Empathy, a support app designed to help bereaved individuals and families cope with the loss of a loved one. The app navigates family members through the emotional and logistical challenges that often accompany death.
“Losing a loved one is an abrupt and life-altering change, and we are proud to introduce Empathy’s app to Bestow customers,” said Ben Armstrong, Bestow’s chief marketing officer. “With Empathy, we can provide needed support in navigating loss in addition to the financial safety net offered by life insurance. Now available in 20 states, we hope to extend this invaluable benefit provided by Empathy nationwide.”
Bestow life insurance reviews and complaints
Bestow has been accredited with the Better Business Bureau since 2017 and has an A+ rating for its operations and customer satisfaction. As of September 2022, the BBB has recorded four complaints over the last three years, which is low for an insurance company. Customers award the insurer 2.17 out of 5 stars, but this is based on a handful of reviews.
On TrustPilot, Bestow has 4.6 out of 5 stars based on 899 reviews. Users comment on the easy application process, good customer service and ability to get instant coverage, but some lamented the lack of permanent policies.
| AM Best financial rating |
Not Rated |
| BBB accredited | Yes |
| BBB rating | A+ 1.6/5 out of 4 customer reviews |
| Trustpilot score | 4.7/5 out of 797 customer reviews |
| Customer reviews verified as of | 05 January 2022 |
Get free online quotes with life insurance companies like Bestow
Wonder how Bestow stacks up to other life insurance companies? Explore other insurers’ perks and benefits, and select view rates to get a quote.
More about Bestow
Founded in 2017, Bestow is an insurtech company that sells term life insurance. Headquartered in Dallas, Bestow aims to break down the major barriers to life insurance — time, money and medical exams — by offering instant life insurance decisions online. It trades in the medical exam for technology and big data and uses algorithms to underwrite policies in 10 minutes.
By using analytics to assess risk, Bestow is one of a handful of companies shaking up the insurance industry. The startup has partnered with a financial powerhouse, the North American Company for Life and Health Insurance, which writes policies on Bestow’s behalf and handles claim payouts.
In early 2018, Bestow made headlines when it raised $15 million in Series A funding – an amount that brought its total financing to more than $18 million. Since then, CEO Melbourne O’Banion has led the team in expanding nationwide. Fast-forward to now, and Bestow’s policies are available in all US states except NY.
In 2020, Bestow landed $50 million in Series B funding and $70 million in Series C funding. It also acquired Centurion Life Insurance in December 2020 to become a national carrier and launched its Protect API product.
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.
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