Bestow Life Insurance Review

Bestow Life Insurance is a startup founded by Jonathan Abelmann and Melbourne O’Banion in 2016 and is headquartered in Dallas, Texas. It is a tech startup backed by a legacy life insurance carrier. Bestow has already disrupted the life insurance industry and is on the path to doing the same with pensions. 

The North American Company issues its policies for Life and Health Insurance, a carrier with an A+ rating from AM Best. It also has an A+ rating from the Better Business Bureau. 

Bestow offers a simple, fast application process and flexible policy that is great for people aged between 18 to 60 who need Bestow low-cost life insurance. Bestow requires no medical exams, blood tests, or anything, and rates are some of the lowest in the industry. Plus, with a 4.6-star average review based on more than 800 TrustPilot ratings, you can be sure that you’re making an intelligent decision when you choose Bestow.

Size and Reputation Today

Based on employee satisfaction, employer reputation, and company growth, Forbes recognizes some startup companies and employers yearly. For the third consecutive time, Bestow has been listed on the Forbes list of America’s Best Startup Employers 2022. In 2020, the team grew more than 80%; in 2021, they doubled headcount and revenue. They have achieved all this by providing new and innovative solutions for the life insurance industry. They’ve also been honored with awards, including the Great Place to Work certification, the CNBC Disruptor 50 List, and the Real Simple’s Smart Money Awards. 

After Austin and Dallas, Texas, a new office is being opened in Des Moines, Iowa. Bestow is also providing remote employee services to 33 states. With cutting-edge technology and a team of passionate experts, Bestow is primed for continued success.

Bestow Life Insurance Policies

Bestow only offers term life insurance which has benefits, but in Bestow’s case also brings some drawbacks. When you buy a level premium with another company, let’s say for 15 years, once the period ends, you can renew the term. But with Bestow, renewal is not guaranteed. Also, you can convert your term life insurance into a life insurance policy with other insurance providers. Bestow doesn’t offer that either. Bestow offers term life insurance for people between 18 to 60 for the periods of 10,15,20,25, and 30 years. Coverage amounts range from $50,000 to $1.5 Million.

Since Bestow is entirely digital and has an excellent interface, the complete purchasing process is done online. The customer has to face lesser hurdles and fulfill lesser formalities than they may with many other insurers. Term life insurance policies from Bestow are issued via streamlined underwriting, so no medical exams are necessary, even if you have prior illnesses.

At some point throughout the purchasing process, many life insurance companies demand that you work with an agent. However, because Bestow operates entirely online, you may request an estimate, fill out an application, and purchase the coverage, all online. If your application for a term life insurance policy is accepted, you can get coverage immediately. There isn’t a long waiting time, as there frequently is with most life insurance providers. Most life insurance providers do not provide an online chat feature, but Bestow does so to support their entire online purchasing process.

Bestow Life Insurance Savings and Available Discounts

Most insurance companies offer exclusive discounts when you combine two policies or buy multiple policies. For example, Chubb insurance provides a discount if you combine your house and auto insurance or have multiple vehicles insured. Since Bestow only offers Term Life Insurance, there’s nothing to merge. Hence, there are no exclusive discounts available. You may find discounts on their website in the event of a special occasion.

Bestow Life Insurance Claims Processing

Even though Bestow does not have a set deadline for making claims, it is advised to do so as soon as possible. Life insurance firms must typically follow state laws governing the amount of time a beneficiary has to make a benefit claim.

Once Bestow is informed of the insured’s passing, it no longer keeps indefinitely unclaimed life insurance policies in its possession. Unclaimed proceeds are given to the state where the insured lived after several years.

Submit The Claim Form

On Bestow’s website, there is a form that you must complete. Following receipt of your notice, the company will do a policy search and contact the relevant insurance provider that provided the policy. If a policy is not available, the company assists in giving you the information you need to look for coverage with other independent insurance providers.

The insurance provider that wrote the policy will send a claim packet to each beneficiary of record. The prerequisites needed to resolve the claim will be described in the package.

Each beneficiary must return the necessary paperwork and data to the insurance provider who sent the claim package. Remember that only the company that issued the policy has the authority to decide whether, to whom, and how benefits are paid, to determine the requirements, and to provide beneficiaries with claim updates.

Website and Mobile App

Bestow works digitally and uses the most advanced technologies and innovations. You can get insured online through their customer-friendly website without having to go through many hassles. Although Bestow doesn’t have a mobile application, the website serves all the needs. With a dedicated 24/7 live chat feature, you can contact customer support anytime and get an immediate response.  

How To Get a Quote with Bestow Life Insurance

The application process takes place online, from the first quote to the last approval. You may request a quote online by responding to a few simple questions about yourself. Keep in mind that the initial quotes are rough approximations. You won’t get an official estimate on your chosen coverage unless you apply and provide information about yourself. You’ll be required to provide the following information: 

  • Your citizenship 
  • Medical history 
  • Lifestyle and interests 
  • Beneficiaries
  • The duration of your term 
  • The level of coverage you want

The entire application process—from the first quote to the last approval—takes place online. If you have questions, contact one of Bestow’s representatives by phone, email, or the live chat option. After business hours, you can try using the chatbot to find the answers.

Bestow Pros and Cons

Pros

  • Quick coverage 
  • Does not require a medical exam
  • Good customer reviews
  • Offers multiple term lengths
  • Instant approval(same day) for most of the customers
  • Eligibility age of 60 for the maximum coverage amount($1.5 Million)
  • Owners of the policy may use it as security for a small business loan
  • Offers a live chat feature
  • Easy online application
  • 30-day trial period

Cons

  • Only offers one policy
  • You can not add riders to your coverage
  • No permanent life insurance policies are offered
  • Bestow’s policies are not available in New York.
  • You can not update to permanent life insurance
  • Policy renewals are not guaranteed
  • Low coverage limits

What Types of Customers Should Consider Bestow?

Bestow may be an excellent option to think about if you’re in good health and searching for affordable, no-frills term life insurance. For anyone aged between 18 to 60, who does not have the time to take medical examinations, Bestow is the best option. During the application process, Bestow will examine your driving history, prescription history, credit report, and any prior attempts to purchase insurance in place of a medical exam.

Final Thoughts on Bestow

Bestow hasn’t been in the race for too long and still has a long road to cover. But the way it has grown over the past few years, it is clear that the company has a brighter future. It has already received multiple rewards and achieved many milestones in the industry. Although there are a lot of drawbacks to Bestow term life insurance, we hope it will overcome those in a short span. It currently offers only one insurance policy and does not provide an option for combining or updating to a permanent insurance policy. 

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