Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.
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At a glance
Bankrate's take
Policyholders looking for a quick decision on a term life insurance policy and who prioritize digital tools and streamlined policies might find Bestow fit for their needs.
Only offers term life insurance
The application process never requires a medical exam
Advertises that healthy individuals could receive coverage for as low as $11 per month
Offers coverage amounts ranging from $100,000 to $1.5 million
New
What’s new with Bestow?
In September 2024, Bestow partnered with Transamerica to offer FE Express Solution, a final expense insurance with a simplified application process for both consumers and agents. It provides guaranteed level premiums and lifetime protection, as long as premiums are paid, of up to $50,000. Bestow's online platform allows for application and approval to take as little as 10 minutes. The policy includes a funeral concierge rider which offers funeral and legacy planning tools.
In May 2024, Bestow announced they were selling to Sammons Financial Group. A public hearing was set for the end of May regarding the acquisition and appears the transaction is in progress.
Bestow life insurance review
Bankrate’s insurance editorial team took a deep dive into various life insurance companies, and based on our assessment, Bestow could be one of the best life insurance companies for those looking for AI-powered life insurance application experience and a quick underwriting decision for term life insurance.
Bestow is a Dallas-based life insurance company specializing in offering term life insurance online. The website is mobile-enhanced, making it easy to quote coverage options and purchase life insurance from your phone. Using data and algorithms, Bestow offers quick approval for qualified applicants without the need for a medical exam.
Bestow presents a new way to apply for life insurance. Traditionally, life insurance companies require an online or in-person application and a medical exam followed by a few weeks of waiting for confirmation. Bestow’s 100 percent online process doesn’t require a medical exam and usually determines eligibility in about five minutes, employing an algorithm instead of a human underwriter to assess eligibility and accelerate the underwriting process.
Its online application collects personal data such as your Social Security number and contact information, which it uses to access publicly available data about the applicant. The company also collects health data, such as prescription drug use, through sources like MIB Group, a not-for-profit corporation that provides underwriting services in the United States and Canada. Applicants also provide information about citizenship, lifestyle, medical history and hobbies.
If the system approves the application, the applicant can then review coverage options, death benefits and monthly premiums before proceeding with purchasing a policy with a credit card. Coverage begins almost instantly for approved applicants. Reasons that applicants might be denied coverage include prior medical history, such as having been diagnosed with cancer in the last 10 years. Smokers may be accepted but could also be subject to higher monthly premiums.
Bestow life insurance coverage types
Currently, Bestow only offers term life insurance. Term life insurance is only active for a certain amount of time (otherwise known as the term) and could be best for people who want extra financial protection during specific parts of their lives, such as when their children are young or while they pay off debt.
Bestow’s life insurance policies are simple — people from 18 to 60 years old can apply for a term of 10, 15, 20 or 30 years, and death benefit options are limited from $100,000 up to $1.5 million. Depending on how much life insurance you need, Bestow might have an option for you.
Be aware that Bestow does not currently offer permanent life insurance policies like whole life insurance or guaranteed life insurance.
Pros and cons of Bestow life insurance
Pros
Quick coverage approval
No medical exam required
Simplified term coverage
Cons
Not available in New York
No permanent coverage offered
Not rated by J.D. Power or the NAIC
Bestow life insurance riders
Many insurance providers offer additional coverage. However, Bestow does not offer any life insurance endorsements (otherwise known as riders) at this time.
Bestow customer satisfaction
Bestow life insurance is not rated by J.D. Power. However, it does tout an A+ with the Better Business Bureau and an “Excellent” star rating with Trustpilot.
Bestow insurance customer complaints
Bestow’s data is not included in the National Association of Insurance Commissioners (NAIC) Complaint Index Report. However, because some of Bestow’s life insurance policies are underwritten by the North American Company for Life and Health Insurance, looking into Bestow’s underwriting company’s reviews could be informative.
Like Bestow, the North American Company for Life and Health Insurance is not rated by J.D. Power. However, it does have a lower-than-baseline number of customer complaints for individual life on the NAIC Complaint Index Report, with a 2023 index score of 0.33. This data shows that, on average, the company receives fewer customer complaints with the NAIC compared to other companies of its size.
Compare life insurance providers quickly and easily
Answer a few questions to check availability with Bestow
Please select age
The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses.
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Whole life insurance combines life insurance with an investment component.
Coverage for life
Tax-deferred savings benefit if premiums are paid
3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
Fixed premium over term
No savings benefits
Outliving policy or policy cancellation results in no money back
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This Bestow life insurance review is comprehensive, but you may still have questions about whether or not this company is for you. In that case, you may also want to request life insurance quotes from some of the carriers below.
Bestow vs. Ethos
Ethos is another tech-enabled option for life insurance that offers an online application and no medical exam. In addition to term life, Ethos offers guaranteed issue whole life insurance, which may make it attractive for those looking for different types of life insurance policies.
In addition to car and homeowners insurance, State Farm offers a wide array of life insurance and financial investment products for every need. The company also earned a 2024 Bankrate Award for Best Term Life Insurance.
Mutual of Omaha is a highly rated life insurance company that, among other products, offers whole life insurance for people over 50 years old. Universal life insurance is also available. If you’re looking for additional coverage types, Mutual of Omaha also has accidental death insurance available.
Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth Bestow insurance review.
46
years of industry expertise
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
Is Bestow a good insurance company?
Bankrate’s insurance editorial team includes experienced licensed insurance agents. We understand that life insurance can be intimidating, but we’re here to make it easy by giving you the information you need to find the company and policy that makes the most sense for your financial protection goals.
With that in mind, Bestow could be the life insurance company for you, but it depends on how much life insurance you need and what type of policy you’re looking for. If you’re a tech-savvy shopper in the market for a no-frills term life insurance policy without a medical exam, then Bestow could be a solid choice. However, if you need permanent or guaranteed issue life insurance, you’ll have to weigh other options as these policies are unavailable with this company. Ultimately, the easiest way to proceed with determining if Bestow is a good company may be to request a quote online.
What are real-life customers saying about Bestow?
To grasp Bestow customers' experiences, we looked into Trustpilot reviews, offering insights into their journey from application to policy management. It's notable, however, that life insurance reviews, particularly regarding claims and payouts, are less common since many policyholders don't experience this process firsthand. This contributes to fewer in-depth testimonials in this sector, but the feedback on Trustpilot provides a valuable snapshot of what to expect from Bestow in terms of user experience and customer service.
Trustpilot
Bestow reviews on Trustpilot reveal a mixed bag of experiences. Customers appreciate the affordable premiums, efficient online process without medical exams and the ability to obtain coverage for conditions that other insurers might reject. However, some express dissatisfaction with rate increases after initial quotes and concerns over privacy practices, highlighting the importance of thorough research and consideration when choosing life insurance.
Trustpilot user 1
Jun 9, 2023
Affordable + Efficient = Happy Customer
Rating: 5 stars out of 5
“The premiums were affordable, and the entire process was quick and efficient. I appreciate that it was all done online, without the need for an invasive medical exam, and without aggressive salespeople calling. Glad to now have my family covered by Bestow!”
Single mom, CEO, Epileptic that's always denied except once...
Rating: 5 stars out of 5
“I am a single mother who also happens to be a business owner with lots of people dependent on me. No one would insure me because I have epilepsy, even though it's well-controlled and I haven't had a seizure in over a decade. Bestow allowed me to have the life insurance I really needed for my children to continue our family business after I am gone. My policy is a bit on the pricey side but I think it's fair overall. At least I'm finally covered and that's priceless.”
“I was denied for bipolar disorder and recent surgery. I've had bipolar disorder and under control for 19 years no issues. My Achilles tendon tore and had surgery for that and another surgery they didn't even ask what it was. I've never been denied life insurance. This company isn't good in my opinion. Then afterward in the denial I read they may share my information with marketing firms. They best not do that. Shady practices in my opinion. Glad I was denied after seeing this.”
“STAY AWAY unless you are ready to pay 3-4 times the initial quote. Even if you have a glamouring application and you have all the good answers, if there is a tiny issue within the last 10 years, they won't ask you if it was treated and resolved and went and tripled the price. I am very healthy, fit and active and all my numbers are perfect and ZERO meds and quoted more than 3 times the initial quote after they got all my personal info. BE AWARE!!!!”
Bestow life insurance is available in all states except for New York.
Bestow tools and benefits
Although Bestow does not sell any products other than term life insurance, it does offer some perks that may help it stand apart from other term life companies, including:
Bereavement support: Your beneficiary could receive 24/7 grief support through Empathy. This benefit is also available for up to nine more of your loved ones.
Referral program: You could earn by referring friends and family to Bestow. Since the company states that it will give you a “small token of gratitude,” you will need to reach out to a Bestow representative for specifics.
Frequently asked questions about Bestow
In 2020, Bestow announced the creation of the Bestow Foundation, a nonprofit organization aimed to help families who have lost an income earner after a disaster. Prior to the launch, the company fundraised $50 million to kickstart its philanthropic efforts. So far, the company has donated to the CDC Foundation to help combat COVID-19, but no further information is available at this time.
Filing a life insurance claim with Bestow is straightforward. You will need to provide basic information, such as the policyholder's name and date of birth, along with the date and cause of death. Once you have this information available, you can file a claim with Bestow by calling 1-833-300-0603 or submitting an online claims form. Then, Bestow will send you a packet with instructions for the next steps. If you have any questions, you may want to call the number above for further assistance.
Yes, you are able to cancel your Bestow policy subject to the terms and conditions of your contract. To cancel your policy, call Bestow’s Customer Care Center at 1-833-3000-0603. If you cancel within 30 days of buying the policy, you’ll get a refund of your first month’s premium.
Bestow does not currently disclose on its website who underwrites its policies. Until 2022, policies were underwritten by North American Company for Life and Health Insurance. Although Bestow still services policies written by North American, as of mid-2024, Sammons Financial Group was in the process of acquiring Bestow. To find out more about their underwriting processes, you will need to talk to a Bestow customer service representative.
Yes, Bestow will pay out on legitimate claims for active policies if the policyholder dies. Keep in mind that Bestow sells term life insurance, which has an ending date. If the policyholder dies after that ending date, there will be no death benefit paid out to beneficiaries. So, for example, if you have a ten-year term policy, and you pass away 12 years after the policy was written, your heirs will not receive a death benefit.
Assigning a Bankrate Score to Bestow is complex due to its personalized life insurance services and reliance on multiple third-party underwriters. This collaborative approach ensures tailored coverage but also introduces variability in policy quality and options, complicating a standardized evaluation. Life insurance's inherently personal nature, influenced by a myriad of individual factors, further challenges the process of assigning a Bankrate Score.
Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.
