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finder.com's rating: 4 / 5
18 to 60
$50,000 to $1,500,000
Medical Exam Required
|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|
Katia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University.
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.
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.
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.
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:
You can get a quote, apply for and, if approved, purchase your policy all online with Bestow.
If you’re approved, verify your coverage amount and length of term, then enter your credit card info to purchase the policy.
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.
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.
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 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||
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|
Wondering how Bestow stacks up to other companies? Tick the Compare box to see features for up to four companies side by side.
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.
★★★★★ — 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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