Bestow Life Insurance, designed for the contemporary client, streamlines and simplifies the life insurance acquisition process. You should have no problems completing the application provided you match the profile requirements – that is, if you are healthy and between the ages of 18 and 60. Compare life insurance providers if you have complex criteria or need to tailor your coverage with riders.
- Bestow Life Insurance Information
- What factors determine the premium I pay for Bestow life insurance?
- How to Obtain a Bestow Life Insurance Quote
- Which life insurance products does Bestow offer?
- Which riders may I add to my Bestow life insurance policy?
- Customer reviews and service for Bestow life insurance
Bestow Life Insurance Information
Bestow is a technology-enabled insurance company specializing on term life insurance. It was established in 2017. Bestow, based in Dallas, aims to overcome the three biggest barriers to life insurance — time, money, and medical exams — by offering instant coverage online. It does away with the medical examination in favor of technology and big data and uses algorithms to underwrite insurance in less than 10 minutes.
Bestow is one of a small number of companies that are revolutionizing the insurance industry through the use of analytics to risk assessment. Bestow has partnered with North American Company for Life and Health Insurance, a financial giant that provides insurance and administers Bestow’s claim payouts.
Bestow made headlines in early 2018 when it announced a $15 million Series A investment round, increasing the company’s total financing to more than $18 million. Since then, the team’s CEO, Melbourne O’Banion, has overseen the team’s statewide expansion. At the moment, Bestow’s insurance is available in forty states throughout the country.
What factors determine the premium I pay for Bestow life insurance?
Your premium is determined by your age, health, lifestyle, work, and recreational activities, as well as the duration and quantity of coverage you select. Bestow saves its most advantageous rates for the least risky applicants, taking into consideration the following factors:
- Tobacco use. To qualify for the highest rate class, you must demonstrate that you have not smoked in the five years before your applications.
- Age. Individuals who are young and healthy typically qualify for lower premiums.
- Gender. Women live longer than males, which results in reduced insurance rates.
- Driving record. If your recent driving record is clean of serious traffic offenses and DUIs, you’re likely to get a cheaper premium.
- Criminal history. Individuals with a criminal history may have a more difficult time obtaining coverage.
- Health. The insurer considers your cholesterol, blood pressure, BMI, and family medical history to assess your likelihood of outliving your policy. Bestow is nearly guaranteed to refuse coverage if you have had an organ transplant or have one of the following health problems: heart disease, stroke, cancer, HIV, renal illness requiring dialysis, or diabetes prior to the age of 40.Occupation.
- Certain occupations provide a larger risk than others. Firefighters, fishers, roofers, loggers, and electrical power-line installers will all receive increased compensation.
- A risky way of life. Are you an enthusiast of high-risk activities such as scuba diving, automobile racing, rock climbing, or leisure flying? Are you a frequent traveler to risky or conflict-torn countries? Insurance companies will charge a higher premium to compensate for the increased risk.
- Alcohol and other illegal substances. Bestow Insurance Company is unable to cover those who have a history of alcohol or drug misuse.
How to Obtain a Bestow Life Insurance Quote
- Bestow enables you to get an insurance quotation, enroll in coverage, and purchase it all online.
- Click Let’s Get Start or Submit a Request for a Quote from Bestow’s website. After that, provide your gender, birthday, height, weight, and state of residency before clicking. Submit a quotation request!
- A revised quotation will be given to you. Select the extent of coverage and the contract’s term. If you are satisfied with your updated quote, click Start Application.
- To begin, create an account by giving your name and email address and creating a password.
- Then, as you explore the software, enter information about your personal information, health, and lifestyle. After completing the application form, click Submit Your Application.
- I’ve joined Bestow’s life insurance program. What Will Happen Next?
- If authorized, you must verify the amount of coverage and the duration of the insurance before finalizing the purchase using your credit card details.
Which life insurance products does Bestow offer?
Bestow Insurance Company is a specialty insurer specializing in term life insurance. You may choose between $50,000 and $1.5 million in coverage and maturities of 10, 15, 20, 25, or 30 years. Your prices will remain same as long as your insurance is in place. On the other hand, term life insurance policies are non-renewable, which means that you must reapply for a new policy if you intend to continue getting coverage at the end of the term.
Which riders may I add to my Bestow life insurance policy?
To prevent complicating the platform’s algorithms, Bestow does not enable policyholders to add riders to their plans. If you wish to add typical riders to your insurance, such as a premium waiver, you must obtain coverage from another source.
Customer reviews and service for Bestow life insurance
Bestow has been an accredited member of the Better Business Bureau since 2017, obtaining an A+ rating for its operations and quality of customer service. Three complaints were filed with the Better Business Bureau in the previous three years, which is a minimal number for an insurance company. Customers gave the insurance 1.75 stars out of 5, although this is based on a small sample size.
Bestow has a 4.8-star rating on TrustPilot, based on 500 reviews. While users have complimented the simple application process, great customer service, and ability to obtain coverage quickly, others have expressed disappointment with the lack of a permanent policy.
For another car insurance review, visit our review of Northwestern Mutual Life Insurance Review.