Bestow Life Insurance Review

Shortly after Bestow Life’s founding in 2016, it launched its digital life insurance platform. 

Believing that the insurance market was lacking in innovation, Bestow launched its digital-first offering with the goal of revolutionizing the industry.

In 2021, they took over Centurion Life Insurance Co., which was licensed to do business in 47 U.S. states, including the District of Columbia. 

Since this acquisition, Bestow life insurance has become available in all states, except New York.

Traditional life insurance companies often require an in-person application process and medical exam. But Bestow prides itself on a “done-in-minutes” digital application process and does not require policyholders to do a medical exam.

The insurer allows its customers to quote, sign up, and manage their entire life insurance policy online. 

This is a fast and easy option for those who prefer to manage their insurance virtually. Still, others who prefer human interaction when managing their policies may find this process frustrating or impersonal.

If you’re looking for a life insurance policy, you’re at the right place! 

Read our Bestow Life Insurance review to find out about their life insurance offerings, how they compare to other insurers, and whether they are the right option for you.

Bestow Life Insurance Benefits and Limitations (Pros & Cons)

Checklist for Buying Life Insurance

Buying life insurance can feel daunting—but the peace of mind that comes with knowing your family or dependents will be protected in the event of your death makes it worth it.

Even though it may feel complex, it doesn’t mean the process has to be complicated. 

Like many kinds of insurance, there are various life insurance policies you can choose from. 

Each has its own benefits and drawbacks, and each will have different rates.

To make buying life insurance as simple as possible, we’ve put together a straightforward guide to help you make the best decision for your and your family’s needs.

1. Know what coverage you need

Each individual will have different life insurance coverage needs, depending on their unique circumstances. 

Before you take out a life insurance policy, you should clearly understand how much and what kind of coverage you will need.

Here are some questions you can ask yourself before taking out a policy:

• Do you want your life insurance policy to cover just your burial, or continue to cover your dependents’ daily expenses?

• Do you have any debt, and will your dependents be able to pay this off in the event of your death?

• Are you the primary breadwinner of your family?

• How will your dependents continue to meet their financial obligations without your income?

• If you are a homeowner, how much of your mortgage do you need to pay off?

• Do you have any children, and do you want your life insurance to be able to cover their tuition costs?

2. Understand the differences between insurance companies

Each insurance company will offer unique policies, add-ons, benefits, and riders. The rates that they offer can also vary significantly.

We’ve done the hard work to give you an overview of life insurance policies offered by some of the largest insurers in the U.S. 

Read our comprehensive insurance reviews to make sure you’re aware of the pros and cons of each company, and keep reading to learn more about the options Bestow Life Insurance offers.  

3. Select your beneficiaries

Once you’ve decided which life insurance policy to sign up for, you will need to decide who to nominate as your beneficiary.

A beneficiary is a person—usually a spouse, child, or dependent—who will receive your life insurance payout in the event of your death. You can select one person as your beneficiary, or multiple people. 

Most insurance companies will allow you to split your death benefit as a percentage between your beneficiaries. For example, if you have two beneficiaries, you can allocate 70% of your death benefit to one beneficiary, and 30% to the other.

4. Get your paperwork in order

Once the insurer approves your life insurance policy, you will have coverage for as long as your policy lasts. 

Depending on the policy you select, this can be anywhere from five years to the duration of your life.

Ensure that your beneficiaries know your life insurance policy number, Social Security number, and where your policy documents are stored. 

In the event of your death, they will need this documentation to claim your life insurance.

What Are the Different Types of Life Insurance Policies?

As we mentioned, there are various types of life insurance policies. While researching potential life insurance providers, here are some of the most common types of life insurance you will come across:

Term life insurance

Is sometimes referred to as “pure life insurance.” It is a type of insurance policy you will take out only for a specified time (the “term”).

These life insurance policies are usually taken out for 10, 15, or 20 years. If the policyholder dies while their term life insurance policy is active, their beneficiaries will be able to claim. 

If the policyholder doesn’t pass away within this period, the insurance will be canceled, and you will need to take out a new policy to remain covered.

Many life insurance companies give their policyholders the option to convert their term life insurance into whole life insurance. 

Whole life insurance is a permanent life insurance policy that continues until the policyholder dies.

Term life insurance is usually the more affordable option, and it is a great choice for people who only want to cover themselves for a specified period. 

For example, you may want to take out term life insurance during your working years to protect your family from income loss in the event of your death. 

Once you reach retirement age and are no longer earning an income, you may feel that you no longer need life insurance, and your term life insurance policy will end.

There are various life insurance policies under the umbrella of term life insurance:

• Your premiums remain the same throughout your policy term.

• Your level of coverage remains the same throughout your policy term.

• You have the option to convert your term life insurance into whole life insurance.

• Policyholders can access affordable life insurance, and then “upgrade” at a later stage.

• You want $1 million or more in coverage.

• Your premiums remain the same throughout your policy term.

• Your level of coverage remains the same throughout your policy term.

Permanent life insurance

These insurance policies will only cover the policyholder for a predetermined period. Permanent life insurance provides coverage up until the death of the policyholder.

There are two different types of permanent life insurance:

• Your premiums remain the same throughout your policy term.

• Your level of coverage remains the same throughout your policy term.

• Your whole life insurance policy will offer a savings component where interest is accumulated. You can then withdraw or borrow against these savings.

• You do not have a fixed insurance premium.

• You do not have fixed benefits.

• You can update your benefits and riders at any time throughout your policy.

• Your universal life insurance policy will offer a savings component where interest is accumulated. You can then withdraw or borrow against these savings.

Types of Life Insurance Policies Offered by Bestow Life Insurance

While there are numerous life insurance policies available on the market, Bestow only offers term life insurance. 

As a company, Bestow prides itself on offering simple, affordable life insurance. By offering only one life insurance product, it is able to streamline its operations and give customers a seamless insurance experience.

This makes Bestow an excellent insurance option for people who want a straightforward term life insurance plan. 

But, if you want a policy that is flexible, offers optional benefits, or can be converted to a whole life insurance policy, you may find Bestow’s offering is too limited.

Term life insurance policies

Bestow only offers quotes for life insurance policies for the following terms:

• 10 years.

• 15 years.

• 20 years.

• 25 years.

• 30 years.

Because Bestow’s offering is limited, you can apply for these policies online in just a few minutes. However, the insurer does have limitations on who can apply for which policy.

These limitations are:

• 10-year term: Only those between the ages of 18 to 60 can apply.

• 15-year term: Only those between the ages of 18 to 55 can apply.

• 20-year term: Only those between the ages of 18 to 50 can apply.

• 25-year term: Non-tobacco users between the ages of 18 to 45 can apply. Women who are tobacco users must be between 18 to 39, and men who are tobacco users must be between 18 to 37.

• 30-year term: Women who are non-tobacco users must be between the ages of 18 to 40. Men who are non-tobacco users must be between 18 to 39. For tobacco users, women must be between 18 to 31 and men must be between 18 to 30.

Coverage limits

Bestow offers one type of term life insurance coverage from $50,000 up to $1.5 million.

Riders

Bestow does not offer any insurance riders or add-on coverage options.

Medical exam

Bestow does not require policyholders to take a medical exam to be approved for their life insurance product.

Bestow Life Insurance Reviews and Ratings

Before selecting a life insurance policy, it’s essential that you compare the ratings your insurer has received to other life insurance companies. 

This ensures the company you choose is reliable, financially stable, and has a good track record of paying out claims.

Here’s how Bestow Life insurance compares to other insurers on the market:

How to Claim from Bestow Life Insurance

Bestow allows beneficiaries to submit a claim through their simple online process. The steps your beneficiary will need to take to claim are as follows:

1. Submit a claim form

Your beneficiary will need to submit a claim form on Bestow’s website. Once they have received the claim, they will perform a policy search to find which underwriter issued the policy.

2. Receive the claim packet

The beneficiary will receive a claim packet that outlines all the requirements and paperwork that are needed to settle the claim.

3. Complete the claim packet

Each beneficiary will need to submit the required forms and send the information to the insurance underwriter. If the insurer finds all the information to be complete and correct, they will pay out the death benefit.

Our PolicyScout Final Verdict

Bestow is a reliable life insurance company, and its term life policies have received positive ratings from AM Best, J.D. Powers, and the Better Business Bureau. 

These ratings indicate that Bestow is unlikely to fault on its payments, so you can rest assured that they are financially strong enough to pay out claims.

Bestow life insurance is a simple, affordable option for customers looking for a no-frills approach and digital-first services. 

However, some customers may find that their offering is too streamlined to meet all their insurance needs for the following reasons:

• They do not offer insurance riders. This means you can’t customize your life insurance policy to your unique needs.

• They only offer one insurance product—term life insurance. Unlike many other insurers, they do not give policyholders the option to convert this to whole life insurance.

One of the biggest benefits of Bestow’s offering is that applicants do not need to take a medical exam to have their insurance approved. 

Because of this, they are able to approve applications and provide coverage at a much faster rate than competitors.

Frequently Asked Questions (FAQs) about Bestow Life Insurance

Is Bestow good at paying claims?

Bestow has earned positive ratings from AM Best, J.D Powers, and the BBB. These positive ratings indicate that they are financially sound and can pay out claims, even if a large number of people claim around the same time.

How do I cancel my Bestow life insurance?

Subject to the terms and conditions of your Bestow life insurance policy, you can cancel your policy at any time by contacting them on their customer care line at 833-300-0603.

Does Bestow cover accidental death?

Yes, Bestow does cover accidental death. However, they do not offer an accidental death rider, so your beneficiaries will not be paid an additional sum in the event of accidental death.

Need Assistance Choosing the Right Life Insurance Policy?

If you want more information on Bestow life insurance or guidance on choosing the right insurer for your needs, give us a call at 1-888-912-2132 or send an email to Help@PolicyScout.com and one of our consultants will be happy to help you.