Last updated: July 18th, 2022
Reviewed by
Grant Desselle
Licensed Insurance Agent
Table of Contents
Bestow began in 2017 as a startup aimed at “helping people protect their people.” While the business is based in Dallas, this online company works in all states, with the exception of New York. Bestow is technically an insurance agent, serving as a link between customers and North American Company for Life and Health Insurance, the insurance carrier.
Bestow specializes in instant issue life insurance, specifically level term life insurance. These plans are valid for a specific period of time and are significantly cheaper than whole life insurance. These plans can be ideal for those who desire coverage while their children and other dependents are living in their households.
The company’s greatest selling point is its simple, clean, online interface. A question often asked is how long is the life insurance application process? Typically the process requires a complete medical check-up and the approval process takes months.
Bestow streamlines this process through a simple online application that provides approvals on the spot.
Applicants answer questions through Bestow’s website, and the company uses this data to calculate their insurance premiums. After providing data like age, weight, ZIP code, and a brief lifestyle survey, applicants can begin their term life insurance plans in a matter of minutes.
| A.M. Best Rating | A+ |
| S&P Rating | Not Yet Rated |
| BBB Rating | A+ |
| Customer Service Phone | 833-300-0603 |
| Address | Bestow, Inc. 750 North St. Paul Street #1900 Dallas, TX 75201 |
| Website | Bestow |
| Product Name | Instant Decistion Term Life Insurance |
| Length of Coverage | 10,15, 20, 25, and 30 years |
| Minimum Coverage | $50,000 |
| Maximum Coverage | $1,500,000 |
| Estimated Time to Approval | 0 days |
| Product Features |
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Bestow sells instant issue, level term life insurance policies online. You complete the simplified issue term life insurance application.
Applicants need to spend only around five minutes on Bestow’s online platform and answer some medical and lifestyle questions to get an instant decision. You can also fine-tune coverage according to amounts, term duration, and other elements depending on what you and your family need. Once approved, financial protection is immediately active.
Applicants are guaranteed an instant decision based on available medical history during the underwriting process.
The application asks about your lifestyle and health to avoid requiring a medical exam. The company also uses public reports and algorithms to make decisions and set prices.
Policies are issued by North American Co for Life & Health, a stable company with excellent customer service and a strong financial rating.
Product details:
Pros
Bestow’s instant-issue life insurance is often priced below companies that have a month-long underwriting process, including a medical exam.
A good fit for besow is a person 30 – 45 years old with no current health problems. Some of the medical conditions that are ok as long as they are controlled are high blood pressure, cholesterol, anxiety, depression, and sleep apnea.
We think Bestow has the best prices and percentage of approved applicants.
The actual cost of the policy is determined after the company approves you. The cost may be higher or lower than expected. It is a nice feature that you are able to tailor the policy to fit your needs without having to submit additional information.
The application is a no medical exam life insurance plan that takes 10 – 15 minutes, and you are done. You can apply in the middle of the night on your mobile phone and have coverage instantly.
Some people don’t want to talk to a captive or independent life insurance agent and be overwhelmed with questions and options. With Bestow, it is your choice whether you talk to an agent.
Cons
If you have a history of cancer, heart attack, stroke, immune disease, or diabetes you are better off applying with another simplified issue life insurance company. These conditions cause automatic declines.
Many life insurance policies allow you to convert to whole life insurance or a universal life insurance policy without health questions during the coverage period. Unfortunately, this is not an option for the Bestow product.
While the product is not available for those over 60, the closer you are to 60, the more difficult it is to get approved for a policy with Bestow. This is because of the increased risk to the insurance company, especially when issuing instant products.
Bestow isn’t the most affordable life insurance provider, as there are more affordable options that require a medical exam. But, it is among the cheapest for an instant issue, online-only life insurance policy.
Both the 10-year and 20-year plans start at $8.00 per month. However, you can expect that these rates will fluctuate considerably depending on how you answer the initial intake questions. Additionally, these rates will increase as you age, as well as if you are diagnosed with any medical issues.
If you are a 35-year-old man and seeking a $250,000 policy, you can expect to pay around $12-13 per month. Women can expect to pay roughly $14 per month for the same policy.
These numbers can increase sharply with any medical or lifestyle issues you indicate on your initial questionnaire.
If you are a 35-year-old man and seeking a $250,000 policy, you can expect to pay around $14-15 per month. Women can expect to pay roughly $16-17 per month for the same policy.
Again, many factors can cause these rates to fluctuate, with some policies rising to $20-40 per month.
Bestow’s customers ultimately receive insurance policies from North American. North American paid over $593 million in death benefit claims in 2019 alone, and their reliability is recognized with an A+ Superior rating from A.M. Best.
Is Bestow life insurance good? Many of the reviews we’ve seen online are positive, with a 4.6 out of 5 on Trustpilot.
One good thing to note is that Bestow offers a 30-day free-look period. During this time, if you feel that a Bestow life insurance plan is not for you, you can cancel and get a full refund. In addition, if you find yourself unable to afford a premium payment, coverage will continue through a 60-day grace period from the date of the last payment. As long as the premium is settled during this grace period, coverage will stay uninterrupted. Any missed premiums throughout the policy’s term will be deducted from the death benefit in the event that it is claimed.
The National Association of Insurance Commissioners calculates customer satisfaction using complaint ratios. These ratios measure the number of complaints a company receives relative to its size. In 2019, North American’s complaint ratio was 0.74, meaning that they received fewer complaints when compared to other companies of the same size.
Bestow’s term life insurance isn’t for everyone. But those who qualify can enjoy the immediacy of their online interface and the simplicity of their policy options.
Here are some of the common questions that Bestow applicants and customers ask:
During the online application process, applicants will be asked for four things:
Rates will be based on the applicant’s answers to questions about their health and lifestyle during the application process. Bestow’s in-house underwriting platform processes this information through accelerated underwriting, which is an intelligent framework that evaluates a person’s risk profile without a medical exam. Approved applicants receive not just mere quotes but real rates based on their details.
Yes, coverage is available only to U.S. citizens or green cardholders.
Yes, they do. Bestow’s Spanish-speaking life insurance agents can walk applicants through the process and answer any questions.
Bestow is a 100% online application that provides instant approvals for term life insurance. A medical exam is never required, and multiple-term durations are available with coverage up to $1.5 million.
Bestow’s term life insurance isn’t for everyone. But those who qualify can enjoy the immediacy of their online interface, low prices, and the simplicity of their policy options.
Brian is the founder and CEO of Insurist and carries Life, Health, and Property & Casualty licenses in all 50 U.S. states. Since 2013, Brian has been a member of Million Dollar Round Table, a designation for the top 1% of financial advisors worldwide. Brian has been featured in Yahoo! Finance, Money.com, Entrepreneur.com, Life Happens, Forbes, MSN, and Good Financial Cents. Brian’s goal is to show customers the best products, the quickest answers to their questions, and provide expert advice.
Grant's past experience includes work as a licensed sales agent for Hagerty Insurance. He has reviewed thousands of existing auto policies across the nation and issued hundreds of new ones on everything ranging from classic cars undergoing restoration to modern exotics and motorcycles.
