Bestow Life Insurance Company Review 2020

(Accurate rates in less than 2 minutes)

Bestow Life Insurance Company Review
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Table of Contents

If you’re looking for a company that can offer a life insurance policy with blistering accuracy and lightning speed, you don’t need to look much farther than Bestow. The company is one of the latest up and coming digital online insurance agents to utilize modern technology to change the way you apply for life insurance.

BESTOW NO MEDICAL EXAM TERM LIFE INSURANCE OVERVIEW
Coverage Offered:
Term Life Insurance
Term Length Options:
2, 10 & 20 Years
Eligible Ages:
20-Year Term: Ages 21-45 (21-43 Tobacco Users)
10-Year Term: Ages 21-55
2-Year Term: Ages 21-55
Coverage Amounts:
2-Year Term: $50,000-$500,000
10-Year Term: $50,000-$1,000,000
20-Year Term: $50,000-$1,000,000
Medical Exam Requirement:
None
Underwriting Difficulty:
Can be declined for coverage. Ideal for healthy individuals with no significant health risks.
Approval Time:
10 Minutes
State Availability:
All states except New York

Bestow Life Insurance

Bestow is a relatively young insurance agency that is based entirely online. Although being a very young company, it hasn’t stopped them from garnering the backing of an A+ rated insurance company and accumulating thousands of happy and satisfied customers reviews in just a few short years of being in business.

Bestow began as the brainchild of founders Melbourne O’Banion and Jonathan Abelmann. They both reached the age and stage of responsibility in life where acquiring insurance went from being a good idea to a necessity.

As with how most digitally focused insurance startups began, when the two tried to sign up for life insurance, they ran into reams of paperwork, a three-week wait time, and seemingly endless back and forth with insurance agencies regarding their quote and the final contract price.

Both men decided then and there that something needed to be done to make purchasing life insurance more accessible, faster, and far more user friendly. 

A notable hallmark of Bestow insurance is its customer-centric philosophy. They say that their company is “built for those you love,” and the Bestow mission is to help you protect them.

No one should find themselves without affordable life insurance when it should be as simple as a few clicks of your mouse. O’Banion and Abelmann took the trillion-dollar life insurance industry head-on, and they haven’t looked back.

Bestow Direct Term Life Insurance

Bestow is an online life insurance agency that serves as the go-between for you, the customer, and North American Company, the actual insurance company. Bestow sells term life insurance policies using a special algorithm that qualifies you for coverage. Their automated system will offer you a rate if qualified, along with a contract within five to ten minutes. This is commonly referred to as “direct term life insurance.”

With Bestow as the digital middleman, you’ll never be required to visit an insurance agent in person, go the rounds of figuring out whether you’re qualified, or even visit the doctor to take a medical exam. Thanks to their high-tech approach to purchasing life insurance, you’ll get your policy, sign up, and submit your first payment in minutes, and you won’t have to talk to a soul.

Want to speak with someone while you’re deciding on a policy? Never fear – Bestow offers live chat through their website and a call-in number so you can talk with an agent in their Dallas, TX, office.

Bestow Company History

Determined to be an insurance agency like no other, O’Banion and Abelmann launched their company 2016 and sold their first policy in 2018. They’ve been making friends among customers and life insurance companies alike since then.

As of 2020, under 60% of Americans have life insurance policies, and of those, half are typically underinsured. They’re on a mission to change these numbers and currently licensed sell policies in every state except New York. 

While the company is in its earliest stages, insurance companies and investors alike started eyeing Bestow as a company to get behind. Bestow insurance funding now comes from North American Company in addition to Valar Ventures, New Enterprise Associates, Core Innovation Capital, 8VC, and Morpheus Ventures.

North American Life Company and Bestow

It is vital to understand that Bestow is not an actual life insurance company. They are an insurance broker that is backed by the insurance company known as North American Company for Life and Health Insurance. 

Bestow is one of the latest companies to utilize technology to create a streamlined application process when it comes to applying for term life insurance online.

Through their partnership with North American Life, Bestow has paired its incredible quote and application process as a way to provide a customer-oriented method of selling insurance.

When a customer purchases an insurance policy with Bestow, it’s North American that will supply the actual policy. Should death occur while the coverage is active, the death claim would be paid out by North American.

North American has been around since 1886 and has an A+ rating from A.M. Best, making this pair-up one of the most financially secure and trustworthy options available for purchasing life insurance policies. Whether you need to make a claim in two years or twenty, North American will be there to pay the claim. 

Thanks to this pairing, your wait time for a decision on getting coverage has been reduced to minutes. By using their special underwriting algorithm and an online medical questionnaire, you’ll be ready to sign on the dotted line in no time, no needles, or doctor visits required.

Bestow Life Headquarters

You can find Bestow Life headquarters smack dab in the heart of Dallas, Texas. If you’re wondering how Bestow careers would treat you, you’d be happy to know the company has an almost unheard-of satisfaction rating of 4.8 out of 5 on Glassdoor. In addition to that, if you work for them, you’ll get:

  • Flexible Paid Time Off – Take the time you need, when you need it. 
  • Benefits – 100% coverage for healthcare premiums.
  • Swag – Hoodies, totes, stickers.
  • Free Food – Full access to a snack pantry, taco Mondays, and catered Friday lunches.

Sounds pretty great, right? Their employees rave about the intelligent, caring, passionate, forward-thinking team they get to work with every day.

Bestow Life Insurance Reviews

Bestow Life rates highly across numerous review sites, including the Better Business Bureau and Trustpilot. The BBB gives them a rousing A+ accredited business endorsement, the highest they hand out. With over 200 Trustpilot customer reviews, Bestow scores a 5-star excellent rating.

The company has also earned multiple endorsements from many popular financial-based websites such as Doughroller, who gives them a 5 out of 5, as does SuperMoney. Millennial Money scores Bestow a 9.4 out of 10, which is still a solid A grade. 

Overall, these ratings are what you want to see when looking for a life insurance company to purchase your policy from and put your trust in to be there for you should a claim need paying.

Bestow Life Insurance Customer Review Ratings:

Bestow Life Trustpilot Score
Bestow Life BBB Rating
200+ Customer Reviews
A+
94% Excellent Rating
Accredited Business Since 2017
4.8 / 5
2 Customer Reviews

North American Life Company Reviews

North American Life company has an impressive track record. From their start in 1886, they’ve been known as an honest, trustworthy, and financially sound company. They’ve consistently grown until to date, they’ve sold nearly 600,000 policies and hold assets over $22 Billion. 

They’ve received an A+ rating from A.M. Best, putting them in the top tiers of financial stability for the ability to pay out claims.

Standard and Poor, a credit rating agency that assesses financial strength gives North American an A+, the highest rating they have available.

North American also boasts an A+ from Fitch, a company that determines financial strength, solvency, and future ability to remain financially stable. 

Finally, the Better Business Bureau also gives them a rousing A+ score.

North American Financial Strength Ratings:

North American Financial Strength Ratings
A.M. Best Rating
A+ (Superior)
S&P Global Rating
A+ (Strong)
Fitch Rating
A+ (Stable)
BBB Rating
A+ (Accredited)

Bestow Life Advertisements

Bestow Facebook AdvertisementBestow advertises their services as being able to provide quotes in seconds and coverage in minutes from applying online. Bestow ads often refer to their no medical exam underwriting and 100% online application.

You’ll also notice an enlarged text that focuses on what the “potential cost” of a term life insurance policy could be. Located on their website and social media ads, you’ll notices that their plans could be as low as $2 per day. They advertise their lowest starting price point, and policies go up from there.

These advertisements not only look great, but they sound great, too. When considering the claims of Bestow, it’s important to remember that these are advertisements to get you to run a quote and potentially apply for coverage.

Your specific situation, such as your health and lifestyle, plays a significant role, and you may or may not qualify for such low rates.

Bestow Term Life Insurance Options

Bestow offers three different term life insurance contract lengths and no permanent life insurance options. Their coverage options are narrow when considering what available options you could have when working with other independent brokers.

The upside to the term life insurance plans that they do offer is that they are incredibly affordable and require no medical exams at all. Let’s break down what Bestow offers its potential clients.

Features
2-Year Term
10-Year Term
20-Year Term
Eligible Ages
21-55
21-55
21-45
Minimum Coverage
$50,000
$50,000
$50,000
Maximum Coverage
$500,000
$1,000,000
$1,000,000
Policy Riders
None
None
None
Conversion Option
None
None
None
Free Look Period
30-Days
30-Days
30-Days

Bestow 2-Year Term Life Insurane

It’s not uncommon to find a one-year term plan with most life insurance providers, but Bestow is one of the only companies to provide a level two year term contract. A two-year term insurance plan can be a perfect option if you’re looking for individual life insurance, and you’re:

  • In between jobs
  • Transitioning from school to the workforce
  • Transitioning from freelance work to full-time employment with a waiting period in between 
  • Not sure how much life insurance you need and want to try it out
  • Wanting a low-cost, high-coverage option
  • Needing up to $500,000 in coverage  

Bestow 10-Year Term and 20-Year Term

The other options Bestow offers are their two most popular and these include a 10-year and 20-year term policies. These individual life insurance plans begin at a low rate of $2 per day and can cover you up to $1 million.

Getting a ten or twenty-year policy when you’re young will help you lock in the lowest rates with Bestow. As with many companies, the older you are when purchasing the policy, the more you will pay for your premium. These plans are offered by all life insurance companies and are beneficial if:

  • You’re the sole provider for your family
  • You have children or other people depending on your income
  • You have significant debt including college loans, vehicle loans or a mortgage
  • You’re young enough to lock in a low rate
  • You only need up to $1 million in coverage

Bestow Life No Medical Exam Policies

Outside of providing a quick application process, Bestow’s most noteworthy hallmark is their offering of no medical exam policies. Whether you choose to apply for a 2, 10, or 20-year plan, you will not need a medical exam at all.

The option to apply for term life insurance without a medical exam is not unheard of. Bestow is just one of over two dozen life insurance providers to offer the option. However, Bestow’s no exam coverage is a bit different from what some of the other providers out there offer.

For example, Bestow offers what we refer to as a pass or fail term life insurance plan. What this means is that if you meet the underwriting guidelines for coverage, you will be offered a policy. On the other hand, if you do not meet the guidelines for coverage, you will not be offered a policy, nor will you have the option to take a medical exam to prove your insurability. 

Most no medical term life insurance options that are available today will underwrite without an exam but also provide the opportunity to take a medical exam if you do not qualify for no exam underwriting. Bestow fails in offering this option to its customers.   

When you apply for a policy with the company, you will be asked a variety of questions, including:

  • Age
  • Height
  • Weight
  • Smoking Status
  • Lifestyle Questions
  • Health Questions

Once you answer these, Bestow’s proprietary algorithm will determine if you qualify for the policy you seek. That is all the medical information Bestow requires. Their promise to all applicants is no doctor visits and no needles.

Who is Bestow Best For?

If you’re are relatively young, considered to be in generally good health, and are looking for a simple hassle-free way to apply for life insurance online, Bestow could be best for you. Keep in mind that coverage is only available if you are between the ages of 21-55. If you’re not within the age limits, then Bestow will not be best for you.

While you have the option of applying for a 2-year term contract, Bestow only offers two traditional term lengths, which include a 10-year and 20-year level premium duration. The company has stated that they are working on adding longer durations, but there is no timeframe as to when that will happen.

Permanent insurance is not an option with Bestow. However, Bestow markets its term insurance coverage to a younger audience. Most young families will find that term insurance is often the ideal solution to their life insurance needs.

Generally, young families tend to have higher life insurance needs. They often need enough coverage to protect an outstanding mortgage, provide for their children’s education as well as joint debts that most families have. Most importantly, since they are in their working years, they need to have enough life insurance coverage to provide an income to their spouse should they suddenly pass away.

It is not uncommon for a young family to need a life insurance policy as high as a million dollars. Term insurance, which is the only coverage option offered by Bestow, will be the most affordable option compared to permanent plans such as universal life and whole life insurance.  

With work and daily family duties to worry about, who has time to shop for life insurance, let alone schedule and take a medical exam?

For these reasons, Bestow often makes for a perfection solution for life insurance coverage. With no medical exams and the ability to get coverage within 10 minutes from applying, Bestow is best for the customers they market their plan to.

Here are a few essential things to keep in mind when considering Bestow life insurance. You must be:

  • U.S. citizen and resident
  • Employed, full-time homemaker, or student
  • Aged 21-55 for a 10-year term policy
  • Aged 21-55 for a 20-year term policy

Health is a vital qualification factor, and a history of the following health conditions will disqualify you from getting life insurance coverage with Bestow.

  • Heart Disease
  • Stroke
  • Cancer (except basal and squamous cell skin cancer)
  • Organ Transplant
  • Diabetes before age 40 (except gestational diabetes)
  • Alcohol and Drug Abuse
  • HIV
  • Kidney Disease Requiring Dialysis
  • Body Mass Index (BMI) Outside Guidelines

So far, there are no exceptions to the above qualifications. We also believe that if you have had ever been convicted of a felony, you may be ineligible for coverage with Bestow.

How Does Bestow Life Insurance Quotes Work?

Getting a Bestow term life insurance quote is rather simple. All you need to do is visit the company’s website, and located on the homepage is a green quote button. 

Once you click the green quote button, you will be directed to a quote page with a simple quote form. The quote form requires some necessary information to display “estimated rates.”

Information needed for an initial quote:

  • Gender
  • Birthdate
  • Height
  • Weight
  • Zipcode
  • Nicotine use

What we like about the Bestow quote tool is that you are not required to submit and personal contact information to view potential rates. Once you have entered the following information, you will be able to see the monthly price for all available term lengths and death benefit amounts. 

Keep in mind that the rates shown to you are only an “estimate” of what you may qualify depending on the outcome of underwriting. 

After you have applied and gone through underwriting, you’re approved rate can possibly be different from your initial estimated rate.

What States Does Bestow Offer Life Insurance In?

You can apply for a policy in every state in the U.S. except for New York.

Bestow Life Insurance Application Process

The application process for life insurance is one of the simplest in the industry. Bestow only offers insurance policies online, so there is no paper option, and you won’t have to speak to an agent unless desired.

After receiving your “estimated rates,” you’ll have the option to proceed with the application. At this point, you will be required to provide contact information, which will also be used to create a personalized account and login with Bestow.

Part One:

  • Full Legal Name
  • Email
  • Phone Number
  • Address
  • Gender
  • Date of Birth
  • Height & Weight

After you have finished creating an account with Bestow, the next step will begin the part of completing the actual application. Be prepared to answer the following:

Part Two:

  • Health Info – 7 Questions
  • Lifestyle Info – 10 Questions

Once you have completed the 17 total application questions, you will have the option to submit your application for underwriting and possible approval.

A quick note, once you elect to submit your application, you will be required to review the standard Hippa authorization as well as provide your social security number to complete the application process. Your SSN is needed so that Bestow can verify both your identity and as well as pull the required background checks to complete their underwriting review.

How Fast Can Bestow Offer Life Insurance?

In all, the entire process takes around five to ten minutes. If approved for coverage, you will be notified via email as well as within your dashboard with Bestow. Approval is so fast that shortly after submitting your application, you should receive a decision within a few minutes.

Once you received a decision for approval, you will be provided with your actual rate. Ideally, your approved rate will be the same as your estimated rate, but again it may be different depending on underwriting results.

If you accept your coverage, you will have the option to adjust your contract length, the coverage amount, set up your beneficiary information, and pay for your policy by credit card.

Bestow does offer a thirty-day free-look period during which you can decide to cancel your policy with no consequences and their Bestow moneyback guarantee.

What Kind of Personal Information Does Bestow Look At?

As we tell our customers when applying for life insurance, it’s a very personal process, and that’s no different from Bestow. There is just no way around it unless you’re looking to apply for a guaranteed issue policy as those types of policies are automatic approval and require no application questions.

Life insurance companies use underwriting as a way to assess an individual’s potential risk to the insurance company paying out a potential death claim. An applicant that has no health issues and who doesn’t use tobacco or participate in risky activities would be viewed as a low risk to the insurance company paying out a potential death claim.

In return, these individuals will pay a lower premium for their coverage versus someone who smokes, participates in risky activities, or has a history of medical issues. Because these individuals are considered to have a lower life expectancy, their rates will be higher as the potential of paying out a claim is higher.

Underwriting will vary depending on the insurance company. While some companies will rely on medical exams and lab results, Bestow utilizes an accelerated underwriting approach.

Accelerated underwriting eliminates the need for a medical exam. Instead, it uses data, technology, and an algorithm developed by Bestow to analyze applications for potential approval. 

When applying for coverage with Bestow, underwriting will work with a few data vendors to verify the accuracy of the response to applications and determine overall eligibility very quickly. The following data will be reviewed once an application has been submitted:

  • Identity Verification
  • Medical Information Bureau (MIB)
  • Prescription History Database
  • Motor Vehicle Report (MVR)
  • Financial Reports (Not Credit Scores)

It should be noted that nearly every life insurance company utilizes the above information to help assist in underwriting life insurance coverage.

After you complete the application process, you’ll not only be given an answer as to your qualification, but you’ll be provided with your actual rate for the amount of coverage you seek. The rate offered isn’t a quote – but the real, bottom line price for your insurance policy. This entire underwriting process results in coverage in minutes.

Are There Claims Exclusions?

As with most new life insurance policies, there will be a two year contestability period. The two year contestability period also applies to all Bestow term life insurance policies as well.

What this means is that the insurance company has the option to investigate a death claim if they believe the information on the application was not completely accurate. Suicide also applies to the two year contestability period as well. 

Bestow Term Life Insurance Rates

How good is Bestow Term Life Insurance Rates?

We took a look at Bestow’s term life insurance rates and compared them to three other companies that offered a similar no medical exam application process with accelerated underwriting.

Compared to the other three companies, Bestow comes in at a bit of a higher cost. In most cases, double the price of other providers who can offer the same type of coverage. We should also mention that the term life insurance companies used in our comparison all offer a conversion option, longer-term durations, higher issue ages, and optional policy riders, all of which Bestow does not.

The below male and female sample rates are based on a health classification of preferred plus. For our comparison, we chose a term length of 10 years, along with a death benefit of $1,000,000.

In all fairness, Bestow does not allow you to select a health classification when viewing rates. We can only assume that they are displaying the best rates based on the height and weight you input within the online quote tool.

Bestow 10 Year Term Insurance Cost (Males)

AGE
BESTOW
SAGICOR
PROTECTIVE
LINCOLN
25
$40.83
$22.05
$21.16
$20.83
30
$43.33
$22.86
$21.16
$20.83
35
$45.83
$23.25
$21.93
$22.97
40
$59.16
$30.68
$29.36
$29.02
45
$78.33
$48.95
$46.81
$48.63
50
$109.16
NA
NA
$75.97
55
$160.83
NA
NA
$132.72

Bestow 10 Year Term Insurance Cost (Females)

AGE
BESTOW
SAGICOR
PROTECTIVE
LINCOLN
25
$25.83
$18.39
$18.28
$16.64
30
$28.33
$18.45
$18.28
$16.69
35
$31.66
$19.27
$19.37
$20.26
40
$40.83
$23.40
$25.91
$27.05
45
$55.83
$42.33
$38.25
$43.27
50
$76.66
NA
NA
$62.99
55
$111.66
NA
NA
$97.17

Plan details to the companies listed in the above comparison table.

Bestow Term Life: Offers a 2, 10 or 20-year term plan up to age 55. Approval for coverage can be as quick as 10 minutes from after the time the application has been submitted. The maximum amount of coverage is $1,000,000.  

Lincoln TermAccel 2019: Multiple term lengths including a 30-year plan. Accelerated no medical exam underwriting up to age 60 for qualifying applicants. Approval can be made a quick as 48 from the time the application has been submitted. Non-qualifying applicants will be given the option to take a medical exam if they do not meet accelerated underwriting guidelines.

Protective Classic Choice Term: Offers an accelerated underwriting experience that requires a telephone interview. Protective is also one of two companies that offer a term contract length of both 35 and 40 years.

Sagicor Sage Term: An accelerated underwriting process most similar to Bestow. Applications are done online with no telephone interview required. Offers term lengths of 10, 15 and 20 years with possible approval with 2 minutes from submitting the application for underwriting. 

Companies Similar to Bestow Life Insurance

Bestow offers a simple solution to view term life insurance rates and conveniently apply for life insurance online in minutes. However, they are not the only startup company to offer these convenient options.

Insurance startups similar to Bestow have been popping up over the last decade. Each of these startups also tends to have few things in common with each other, and it includes massive funding from investors, technology-focused quoting and application process, and a partnership with a financially secure life insurance company that can provide the actual coverage.

Because most of these insurance startups have millions of dollars in startup funds, they invest heavily in promoting their brand and services. You probably even noticed their advertisements in your social media feeds or within YouTube ads, as that is how most of them spread information about their services. 

If you’re curious to know what each of these companies has to offer, we have put together a brief description of some other popular startups.

  • PolicyGenius
  • Haven Life
  • Ladder Insurance
  • Health I.Q.
  • Fabric
  • Ethos
  • Sproutt

Policygenius

Policygenius logo

  • Founded: 2014
  • Type of Coverage: Term & Permanent
  • Term Lengths: 10, 15, 20, 25, 35, 40 & Lifetime
  • Issue Ages: 18-80
  • Minimum Coverage: $25,000
  • Maximum Coverage: $10,000,000
  • No Exam Option: Yes
  • Coverage Issued Through: Various Companies

Policygenius is an independent broker that works with multiple insurance companies to help find you the best rates. Their online quote platform is hi-tech allowing you easily compare rates and apply online.

Be sure to check out our Policygenius life insurance review for additional information.

Haven Life

Haven Life Logo

  • Founded: 2014
  • Type of Coverage: Term Life Insurance
  • Term Lengths: 10, 15, 20 & 30 Years
  • Issue Ages: 18-64
  • Minimum Coverage: $100,000
  • Maximum Coverage: $3,000,000
  • No Exam Option: Yes
  • Coverage Issued Through: MassMutual

Haven Life offers life insurance through MassMutual. The application process is simple with the potential for instant approval if coverage is not greater than $1,000,000. Life insurance requests over $1,000,000 up to $3,000,000 will require a medical exam.

Be sure to check out our Haven Life Insurance review for additional information.

Ladder

  • Founded: 2015
  • Type of Coverage: Term Life Insurance
  • Term Lengths: 10, 15, 20, 25 & 30 Years
  • Issue Ages: 20-60
  • Minimum Coverage: $100,000
  • Maximum Coverage: $8,000,000
  • No Exam Option: Yes
  • Coverage Issued Through: Fidelity Security Life

Ladder offers the potential for instant term life insurance approval up to $1,000,000, with policies issued through Fidelity Security Life. What makes Ladder Life unique is its customer login dashboard, which allows you to manual decrease or increase your life insurance coverage if your needs change. This can also be done with owning multiple life insurance policies and commonly referred to as laddering or structuring your life insurance.

Health IQ

  • Founded: 2013
  • Type of Coverage: Term & Permanent
  • Term Lengths: 10, 15, 20, 25, 35, 40 & Lifetime
  • Issue Ages: 18-80
  • Minimum Coverage: $25,000
  • Maximum Coverage: $10,000,000
  • No Exam Option: Yes
  • Coverage Issued Through: Various Companies

Health IQ is similar to Policygenius as both are independent life insurance brokers who are contracted with dozens of providers. Health IQ, however, can offer a potential discount on life insurance rates to those who are athletes. 

Be sure to check out our Health IQ life insurance review for additional information.

Fabric

Fabric Life Logo

  • Founded: 2017
  • Type of Coverage: Term & Accidental Death
  • Term Lengths: 10, 15 & 20 Years
  • Issue Ages: 18-80
  • Minimum Coverage: $100,000
  • Maximum Coverage: $5,000,000
  • No Exam Option: Yes
  • Coverage Issued Through: Vantis Life

Fabric has partnered with Vantis Life to offer fast, affordable term life insurance coverage as well as accidental death coverage, also known as AD&D. Approval can be quick for those in excellent health, while some will be required to take an exam to qualify for there term life insurance coverage.

Ethos

  • Founded: 2016
  • Type of Coverage: Term Life Insurance
  • Term Lengths: 10, 15, 20 & 30 Years
  • Issue Ages: 20-65
  • Minimum Coverage: $100,000
  • Maximum Coverage: $1,500,000
  • No Exam Option: Yes
  • Coverage Issued Through: Banner Life

Ethos works with Banner Life to provide quick-term life insurance that can be purchased online. The application takes about 10 minutes to complete with a potential instant approval. 

Be sure to check out our Ethos life insurance review for additional information.

Sproutt

Sproutt Company Logo

  • Founded: 2018
  • Type of Coverage: Term & Permanent
  • Term Lengths: 10, 15, 20, 25, 35, 40 & Lifetime
  • Issue Ages: 18-80
  • Minimum Coverage: $25,000
  • Maximum Coverage: $10,000,000
  • No Exam Option: Yes
  • Coverage Issued Through: Various Companies

Sproutt is another independent online life insurance broker that utilizes health-based questions to determine the best overall life insurance and coverage amount based on your response. The application process is completed online with the potential to take a medical exam if required.

The Pros and Cons of Bestow Life Term Insurance

Bestow is a fantastic company that offers quality term life insurance plans at low affordable rates. However, as with any insurance company, there are a list of both pros and cons. Here’s a quick list to wrap up our Bestow Life Insurance Review.

Pros of Bestow Term Insurance

  • Pro #1: Backed by North American Company

If you purchase a Bestow life insurance policy, you can rest assured it will be quality coverage coming from a strong and stable company. North American Life is an A+ rated company by AM Best, ensuring that your policy will be in place and the finances are available for anyone’s claim.

  • Pro #2: Lighting Fast Application and Approval Process

By sitting at your computer for five to ten minutes, you can go from no insurance to fully protected. The online quote and application process is one of the fastest that we have ever seen when it comes to online life insurance.

  • Pro #3 No Life Insurance Agent Required

Are you a “do it yourself” type person? Bestow’s online application platform is so easy to use that you will not need the help of an agent to purchase life insurance.

  • Pro #4: No Medical Exam

All of Bestow’s term life insurance policies are no medical policies. So, for those who loathe the idea of setting up a doctor’s appointment or hate needles, this pro is at the top of the list.

  • Pro #5: Up to $1,000,000 of Coverage

Although coverage is capped at a maximum of $1,000,000 of term life insurance, the amount is generally perfect for most young families that are purchasing their first life insurance policy.

Cons of Bestow Term Life Insurance

  • Con #1: Limited Options and No Conversion

Bestow sells term life insurance policies, and you can only choose from three different contract lengths of 2, 10, or 20 years. Other popular term lengths not available are a 15, 25, 30, 35, or 40-year term length.

While limited to just a few term lengths, Bestow doesn’t even offer permanent plans such as guaranteed universal life or whole life insurance option. With no available permanent options, there is no opportunity to convert your term policy into a permanent policy.

A conversion option is a common feature that comes with most term life insurance policies. It allows you to automatically switch your coverage to permanent protection if you become sick and unable to re-qualify for new coverage. 

  • Con #2: Limited Age and Health-Range 

Bestow focuses on a niche age group consisting of very healthy younger to middle-aged adults. If you fall outside of the 21-45 range for a 20-year plan or 21-54 for a 10-year plan, you’re out of luck.

Bestow is not ideal for anyone over age 54. But don’t worry, if this is you, you have options with an independent agency like Top Quote Life Insurance.

There plenty of life insurance companies that offer a 10-year term policy up to age 80 as well as a few companies that provide a 20-year policy up to age 70. Bestow is not a seniors life insurance option or for people with health conditions.

  • Con #3: Locked Into One Companies Rates

Bestow does offer competitive rates on its term insurance plans, but this doesn’t mean that they are the lowest. With Bestow, you’re limited to just their rates. Working with an independent agent who is contracted with multiple companies can shop your life insurance needs to make sure you’re getting the best price for your coverage.

  • Con #4: No Options if You Don’t Qualify with Bestow

Since Bestow only offers coverage from one company, should you not qualify, they won’t be able to provide you with any backup options. An independent agent can discuss your health conditions to make sure you are matched with the right plan and insurance company the first time.

The Final Word

Is Bestow the best option when it comes to buying life insurance?

Bestow is admittedly a solid choice for term life insurance if you can meet the underwriting guidelines for their program. With that said, their policy options are not going to be for everyone. 

As an independent agency, we believe that most of these technology-focused agencies offer great value, but also come up short in many areas as you as see from the list of cons. 

We might seem a little biased, but working with an independent agency, in our opinion, will be the best way to purchase life insurance coverage. Independent life insurance agents can offer the following:

  • Multiple (A) rated insurance companies
  • Both term and permanent plans
  • Plenty of exam and non-medical exam plans
  • Coverage that can offer same day approval
  • The ability to shop your coverage if declined by another provider

With that said, Bestow is a great option but not your only option. Be sure to do your research, ask for help, and make sure you’re getting the best deal on your life insurance. Contact us for assistance.

Bestow Life: Frequently Asked Questions

Bestow is a life insurance agency that sells term life insurance policies provided by North American Company for Life and Health. At the moment, they do not offer any other company than North American.

Bestow provides life insurance that is purchased 100% online. Answering a few questions can lead to the possibility of being approved for coverage as fast as 10 minutes from submitting your application.

None of Bestow’s term life insurance policies require a medical exam. Eligibility is primarily based on responses to the application questions along with data received from the vendors Bestow works with (identity verification, prescription history, motor vehicle report, and financial data).

Bestow will try its best to provide approval, but because there are no medical exams or medical records needed for underwriting, their coverage is best suited for healthy applicants. 

At the moment Bestow only offer a 2, 10, and 20-year term life insurance policy. They do not offer any longer-term length or permanent plan.

If your Bestow term insurance policy expires, you will need to re-evaluate your life insurance needs and determine if life insurance coverage is still required. A life insurance needs calculator can help determine if your current situation involves life insurance. Bestow term plans do not offer a conversion option, so you would need to re-qualify for an entirely new plan once the current policy has expired.

Term insurance is the most affordable type of life insurance. However, Bestow’s rates tend to be on the higher side when compared to most term insurance companies. On the other hand, Bestow offers one of the fastest ways to get coverage, so the trade-off in paying a little extra can be worth it.

No. Bestow is limited to applicants ages 21-55. There are several excellent senior life insurance options available outside of Bestow.

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Jeffrey Manola

Jeffrey Manola

Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.

Not only does he strive to provide you with the best rates for your life insurance coverage, but he also wants you to be well informed about the different types of life insurance options that are available. You will also find a significant amount of valuable information on the multiple life insurance companies that can provide you with coverage.

Jeffrey Manola is licensed to provide expert advice and help aid in the purchasing process of life insurance products. He is licensed with the National Insurance Producer Registry (NIPR) in the following states:

AL: 790866 AR: 14358927 AZ: 14358927 CA: 0K29801 CO: 531038 CT: 002536246 DC: 3000281706 DE: 3000190912 FL: W383615 GA: 3089339 HI: 482421 IA: 14358927 ID: 646048 IL: 14358927 IN: 3100885 KS: 14358927 KY: DOI-986908 LA: 758187 MA: 2045330 MD: 3000011601 ME: PRN252004 MI: 14358927 MN: 40427014 MO: 8428106 MS: 10519253 NC: 14358927 ND: 14358927 NE: 14358927 NH: 2434852 NJ: 1562332 NM: 14358927 NV: 3299018 NY: LB-1484031 OH: 1117369 OK: 100293583 OR: 14358927 PA: 740709 RI: 3000183893 SC: 14358927 TN: 2383399 TX: 1969337 UT: 648983 VA: 987464 VT: 3426230 WA: 947010 WI: 14358927 WV: 14358927

Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency. We want to help you save money, protect your future, and earn your trust (888) 777-7574.

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Life Insurance Rates?

Purchasing Life Insurance has never been easier

Or give us a call...888-777-7574