Bestow Life Insurance Review

Quick, online term policies at low costs

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Bestow

 Bestow

Our Take

Bestow Life Insurance, an online vendor of term life insurance plans, works with the North American Company for Life and Health Insurance to provide customers with affordable plans. It’s a good option for anyone looking for a simple term life insurance policy that offers them a variety of coverage levels to choose from and that they can quickly get online. 

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Get a quote in seconds and apply in minutes

  • Insurance backed by an insurer with an A+ AM Best rating

  • Coverage amounts between $50,000 and $1,500,000

  • Premiums start from $10 per month

Cons
  • Only offers term life insurance

  • No riders available

  • Must be between 18 and 60 to apply

  • New to the insurance business

Key Takeaways
  • Bestow Life Insurance offers term life insurance up to $1.5 million with no medical exam. That is a much higher policy limit than most companies offer without a medical exam. 
  • Policies are simplified issue, geared towards those who need coverage quickly, and you only need to provide medical information and some personal data.
  • Bestow Life Insurance only offers one life insurance product, and you can’t purchase other insurance products like critical care or auto and home insurance. 
  • Bestow has a 30-day free look period with a money-back guarantee.
Specifications
  • Year Founded 2016
  • Kinds of Plans Term
  • Number of Plans 1
  • Payment Options Online, phone, automated payment
  • Official Website www.bestow.com

Introduction

Bestow Life Insurance is a financial technology (fintech) company that uses algorithms and big data to make underwriting decisions for the term life insurance policies that it sells. It offers term options ranging from 10 years to 30 years that you can purchase online via a quick application. 

We reviewed Bestow Life Insurance Company’s policy offerings, riders, pricing, customer service, industry ratings, and more to help you decide if its policies are right for you.  

Company Overview

Bestow Life Insurance was founded in 2016 and is headquartered in Dallas. It is part of a wave of companies that want to disrupt the insurance industry by using alternative underwriting models in underwriting decisions. The company secured a partnership with North American Company for Life and Health Insurance to issue the policies that it sells on its platform. North American Company for Life and Health Insurance has been in business since 1886 and has an A+ AM Best rating. 

Bestow Life Insurance only offers term policies, however, and is licensed for business in all states except New York. 

Available Plans 

Bestow Life insurance offers term life insurance plans that are sold online. You can get a quote in seconds and complete your application in minutes. 

Term Life Insurance

Bestow Life Insurance’s coverage comes in terms of 10, 15, 20, 25, and 30 years. You can buy policies in amounts ranging from $50,000 and $1.5 million, and policies are simplified issue. This means they’re issued without a medical exam and the company decides if it will insure you based on your answers on its form and a proprietary digital algorithmic decision model that includes accessing your personal online data from third-party agencies.

Bestow Life Insurance insures people between the ages of 18 and 60 and because they do not offer whole life insurance policies, there is no possibility of term conversion on your plan. All coverage is issued through its partnership with North American Company for Life and Health Insurance.

With your permission, Bestow accesses data like your prescription history, driving record, criminal records, and other data to make their underwriting decisions. Those who are concerned about data privacy might want to choose another insurance company. 

Available Riders

Insurance riders are additional coverage options that you can add to your plan and purchase. Some examples are an accidental death benefit rider, which pays out should you die from an accidental, or a child life insurance rider, which provides term life coverage for your children. 

Bestow Life Insurance does not offer any riders on their policies. 

Riders can help you get additional coverage at a lower cost than you might otherwise. That might be reason enough to purchase insurance from a different company. 

Customer Service: Good Phone, Email, Chat, and Online Support 

If you have questions, you can call Bestow Life Insurance’s hotline at 1-833-300-0603, email, or contact the company 24/7 via online chat on its website. 

You can also contact the company via your online account once you are a customer, and there are Spanish-speaking agents available as well. 

Customer Satisfaction: Fewer Complaints Than Average 

The National Association of Insurance Commissioners (NAIC) rates consumer complaints to help customers understand the performance of particular insurance companies. Companies with a score of one receive an average number of complaints. Those with a score above one have a higher number and those with a score below one have fewer than average.

Bestow Life Insurance isn’t rated, but their issuer North American Company for Life and Health Insurance has an NAIC complaint index of 0.14. That means that it received far fewer complaints than competitors. In total, the company  0.03% of the national complaint market share. Many of the complaints received were for things like difficulty contacting customer service, billing errors, and slow payouts of benefits. 

Financial Strength: A + (Superior)

AM Best is an insurance industry consumer ratings agency that examines a company’s financial strength to indicate how likely it will be to meet its financial obligations like insurance payouts.

Although Bestow does not have a rating, North American Company for Life and Health Insurance has an A+ (Superior) rating from AM Best. 

Cancellation Policy: 30-Day Free-Look Policy

Bestow Life Insurance’s cancellation policy features a generous 30 day free-look period. That means that for 30 days after you purchase your policy, you can cancel it at any time for a full refund without a cancellation fee. This is longer than the industry standard, allowing you more time to consider your policy. 

If you want to cancel your policy at any time after that, you can contact the company directly. This is usually done without a cancellation fee. 

Price of Bestow Life Insurance: Affordable

Bestow Life Insurance allows you to get a quote online in seconds. Its rates are decided based on elements like your gender, age, height, weight, where you live, and whether you are a smoker. Here are some estimated monthly rates for $500,000 in coverage for people who are 68 inches tall, 160 pounds, and live in Illinois.

Age (term length) Male Female
30 (20 years) $22.25 $16.83
35 (20 years) $31.42 $22.67
40 (20 years) $41.00 $28.92
45 (20 years) $52.67 $41.42
50 (15 years) $65.58 $46.00
55 (10 years) $84.75 $58.50
60 (10 years) $114.75 $78.50

The online quote tool does not allow you to get quotes for insurance coverage terms greater than 15 years after age 50 and more than 10 years after age 55. You need to call them for those rates. 

How Bestow Compares to Other Life Insurance

Bestow Life Insurance sells online simplified-issue term life insurance policies that you can get quickly with little effort and no medical exam. It provides a surprisingly large maximum coverage amount for a simplified-issue policy, as well as five different term length options. However, it has no options for other types of insurance or insurance riders.

Bestow Life Insurance is a good option for people who want fast coverage and aren’t concerned about policy options or things like the ability to convert your policy to whole life coverage. To see how it stacks up against other companies selling insurance coverage with an online application, we compared them to Ethos. 

Bestow vs. Ethos Review

Bestow Life Insurance and Ethos are both fintech companies that leverage tech and online platforms to provide life insurance coverage to consumers. However, they go about doing it very differently. 

Whereas Bestow has one partner that issues all of its policies, Ethos has multiple life insurance companies they partner with, giving consumers more choices. Both offer options for coverage without a medical exam, but Ethos provides some options that require a medical exam which could help you save money on premiums if you are in good health. The companies both use underwriting partners with high AM Best ratings and lower than average customer complaints.

Consider these key differences between Bestow and Ethos:  

  • Ethos offers more policy options with several term and whole life policy options.
  • Ethos offers policy riders on their policies but Bestow does not. 
  • Bestow insurance uses an alternative underwriting rubric with the help of its proprietary algorithm. Ethos underwrites its policies without accessing unconventional data.
  • Bestow allows you to chat online with a customer service representative 24/7 if you have questions.
  Bestow Ethos
Kinds of Plans Term Whole, term
Customer Service  Phone, email, online, chat Phone, email, online
Customer satisfaction (NAIC Rating) 0.14 Companies they work with range from 0.33 to 0.93
More than 4 optional riders? No Yes
AM Best Rating A+ Partners are A to A+

If the company that you’re buying your insurance from isn’t underwriting it, make sure to research the companies that are issuing your insurance, too. You might find other policy options or discounts if you buy from them directly.

Final Verdict

Bestow is a high-tech insurance option that underwrites life insurance differently than most of its conventional and fintech competitors. It uses technology to help issue larger amounts of term insurance to consumers using proprietary algorithms. However, despite their technological savviness, they only offer one term policy with five term lengths and no riders. Bestow, therefore, offers far fewer options than most of its competitors, including its fintech counterparts. 

However, the company that issues their insurance plans, North American Company for Life and Health Insurance, has a low level of customer complaints and a high AM Best rating. If you want a large term insurance policy without a medical exam, Bestow could be the right choice.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company's offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.