Bestow Life Insurance Review: Fast & 100% Online (No Exam)

The 60-Second Summary

0
4.5/5
GetSure Rating
Bestow is perfect for those in excellent health who value speed and convenience (100% online, 15 min application, w/no medical exam). However, this quick underwriting makes Bestow risk-averse, and the older or less healthy are likely to be declined.
The Pros
The Cons

3rd-Party Bestow Life Insurance Reviews

Full Review Below.

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    Who Is Bestow Life Insurance?

    Founded in 2017 and headquartered in Dallas, Bestow is an online life insurance broker that sells term life insurance in all states except New York.

    Similar to competitors like Ethos Life and Fabric, Bestow offers a 100% online experience – from quote to application to claim.

    Bestow has taken it a step further though, guaranteeing no medical exams for all pre-qualified applicants.

    Company 101
    Type
    Life Insurance Broker
    Issuer
    North American Company For Life And Health Insurance
    BBB Rating
    A+
    A.M. Best Rating
    A+ (for the policy issuer, North American Company for Life and Health)
    Website
    Email
    team@bestow.com
    Phone
    (833) 300-0603
    Address
    750 N St. Paul St #1900
    Dallas, TX 75201

    Is Bestow Life Insurance Legit?

    While you may not have heard of Bestow (yet), the Company is highly reputable.

    Bestow has an A+ rating from the BBB (Better Business Bureau) and a 4.7 star TrustPilot rating, from 587 unique reviews.

    To top it off, Bestow is owned by some of the most prominent venture capital firms in the U.S., including New Enterprise Associates (NEA), Felicis Ventures, and Morpheus Capital.

    How Does Bestow Work?

    When you buy life insurance, there are typically two companies involved, the broker and the carrier.  

    In this arrangement, Bestow is the broker.  It handles all customer-facing aspects, namely:

    • The application process
    • Underwriting (analyzing your risk and deciding the right monthly price for you)
    • Claims processing
    • Customer support

    The carrier in the above example is North American Company for Life and Health Insurance.  This is the company that issues the formal policy contracts and pays out on claims.

    Will Bestow Pay Out?

    When you buy life insurance, what you’re buying is essentially a promise from your insurer.  (A promise to pay you money in the future if a certain event occurs).

    Should you be worried about payout with a Bestow policy?

    There are two good reasons that say “no”.

    Reason #1. Bestow's Carrier Partner Has A (Very) Long Track Record

    When you buy a policy from Bestow, you enter into a contract with the life insurance carrier they have partnered with, North American Company for Life and Health Insurance.

    And this company, the carrier, is the one responsible for paying out the death benefit.

    Even if Bestow goes bankrupt and shuts down, your coverage and your right to receive the death benefit payment will stay the same.

    And if you’re now wondering if you can rely on their carrier partner, the answer is an easy and resounding yes.  

    North American Company for Life and Health Insurance has been issuing and paying out on life insurance policies for the past 135 years (since 1886).

    And if that weren’t enough, they also have an A+ financial stability rating from A.M. Best, the rating agency that is the gold standard in the life insurance industry.

    Reason #2. There's A government Backstop In Place

    And for those who really like to dot their i’s and cross their t’s, here’s one more reason you have nothing to worry about when it comes to payout.

    Like many other financial services verticals, life insurance is regulated by the government (in this case, state governments).

    In the rare case that your insurance carrier goes bankrupt, your state insurance regulator will make sure that your policy is sold to another carrier.

    Your premium payments would then go to this second carrier, and they would be responsible for paying out your policy’s death benefit.

    It’s similar to the loan industry.  If your lender went bankrupt, would you be off the hook for paying back your loan?

    Of course not (no one gets that lucky!).  Your loan would simply be sold to another company and you would then have to pay back that lender.

    What Type Of Life Insurance Does Bestow Sell?

    Bestow sells one type of policy: term life insurance.

    Coverage amounts range from $50,000 to $1.5 million and term lengths can be 10, 15, 20, 25, or 30 years.

    Bestow does not sell permanent life insurance (e.g., whole life insurance) and does not have a guaranteed issue policy (often referred to as “burial insurance”).

    Types of Life Insurance Sold
    Term Life?
    Yes
    Whole Life?
    No
    Guaranteed Issue?
    No
    Other Products?
    No
    Online?
    Yes, quote and application
    Medical Exam?
    No, for all applicants

    Who Can Get A Bestow Policy?

    To be eligible for a Bestow policy, you need to meet three criteria:

    • U.S. resident (of any state except New York)
    • Between 18-60 years old
    • No felony convictions on your record

    Beyond this, there are no official approval criteria.  However:

    TrustPilot reviews suggest that Bestow favors younger adults who are in above-average health. Specifically, two recent reviewers were declined for having a high BMI (Body Mass Index).

    An individual’s BMI isn’t always in their control though, so it’s understandable that these declines were considered unfair.

    But it isn’t too surprising given that Bestow does not have a medical exam.

    Without concrete knowledge of how healthy an individual is (from a physical or blood test), Bestow has to play it safe and decline individuals who are actually low risk.

    Bestow Term Life Insurance Rates

    Rates for Men

    The table below shows the rates that men aged 30, 40, and 50 years old would pay for a range of term life insurance policies:

    • 10-year term, $500K in coverage
    • 10-year term, $1 million in coverage
    • 20-year term, $500K in coverage
    • 20-year term, $1 million in coverage

    (These data assume that the policyholder is a non-smoker who lives in California.)

    Men

    10-Yr

    $500K

    10-Yr

    $1M

    20-Yr

    $500K

    20-Yr

    $1M

    30yo

    $22.25

    $38.50

    $24.75

    $43.50

    40yo

    $32.25

    $58.50

    $38.50

    $71.00

    50yo

    $61.42

    $116.83

    $73.50

    $141.00

    Rates For Women

    Similarly, the table below shows pricing for women aged 30, 40, and 50 years old, for the same four types of policies.

    As with the above, this assumes that the policyholder is a non-smoker and lives in California.

    Wom

    10-Yr

    $500K

    10-Yr

    $1M

    20-Yr

    $500K

    20-Yr

    $1M

    30yo

    $11.83

    $17.67

    $16.83

    $27.67

    40yo

    $21.83

    $37.67

    $27.25

    $48.50

    50yo

    $41.83

    $57.67

    $55.58

    $105.17

    Bestow's Online Application Process

    Bestow has one of the fastest, easiest life insurance applications I’ve seen.

    Here is what it looks like:

    Step 1. Fill Out Quote Form

    Navigate to Bestow’s home page and click “Get a Quote.”  Fill in the form with your gender, birthdate, height, weight, and zip code.  Then click Get Estimate.

    Bestow Quote Form

    Step 2. Choose Policy Options

    Use the toggle and slider to choose your desired term length (how long you want this policy to last) and coverage amount (the amount of your death benefit payout).

    Bestow quote results

    Step 3. 5-Minute Application

    The next step is the application, which you can finish in 5 minutes.  The 1st section is just basic contact info.  The 2nd and 3rd sections ask about health and lifestyle.  E.g., about recent weight loss, diagnosed medical conditions, how much you drink on a weekly basis, etc.

    Step 4. Instant Decision

    Assuming Bestow does not see any red flags in your application, you will be offered the chance to e-sign your application and receive an instant decision.

    Filing A Life Insurance Claim With Bestow

    How does the claims process work for Bestow policies?  There are three basic steps:

    1. Form Submission: You fill out a claim form on Bestow’s website (as shown in the screenshot)
    2. Claim processing: Bestow works with the insurance carrier to process the claim and handle any disputes (which are rare)
    3. Payout:  The insurance carrier contacts the beneficiary to get their payments details and pays the claim (usually by wire transfer).

    Bestow's goal is to process all claims within 10 days or less.

    Bestow Claims Form

    FAQ Round-Up

    Before we wrap up, let’s cover some of the most Googled questions about Bestow.  (Apologies for any repetition, but some people skip here first.)

    Yes, Bestow is a legitimate and reputable life insurance broker. Bestow has an A+ rating from the Better Business Bureau and an average rating of 4.8 stars on TrustPilot. Bestow’s policies are issued by North American Company for Life and Health Insurance, an insurance carrier that has been in business since 1886 and that has an A+ financial stability rating from A.M. Best.

    Yes. Bestow’s policies are issued by North American Company for Life and Health Insurance, which has the highest financial stability rating (“Exceptional”) from A.M. Best. North American was founded in 1886 and has a 130+ year history of paying out on policies.

    Bestow insures residents of all U.S. states (except New York) who are between 21 and 55 years old and who do not have a felony on their criminal record.

    Yes, Bestow is a popular new life insurance broker headquartered in Austin, TX and backed by some of the most prominent venture capital firms in the U.S., including NEA, Breyer Capital, and Core Innovation Capital. It has a 4.8 rating on TrustPilot from 497 reviews, with users focusing on Bestow’s quick (10-15 min.) application process and lack of medical exams or blood tests.

    Conclusion

    Bestow is a fantastic option for individuals who are looking for the convenience of a 100% online application process and who are in average to above-average health.

    If that describes you, get started requesting a quote at Bestow.com.

    And of course, if you have any lingering questions, don’t hesitate to leave a comment or send us an email at hello@getsure.org.

    Warm Regards,
    The GetSure Team

    Sources

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