Bestow Life Insurance Reviews 2021: Pros and Cons | Legit and Scam | How it Works

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Do you want to have peace of mind knowing that you’ve set a system in place to protect the financial future of your family? 

Are you looking for an insurance option that’ll ensure your family and loved ones maintain quality education, home and live a comfortable life even after you’re far gone?

If any of these looks like you then Bestow Life Insurance might be a good fit for you. Someone once said: “You don’t buy life insurance because you’re going to die, but because those you love are going to live” “It’s not about what you need, it’s about what your family needs if you’re not there” and that is the major essence of gaining coverage.

How will you feel if as a rich dad you left the earth without creating a system and backup plan that’ll ensure your family keeps benefiting from you? 

Our Bestow Life Insurance Reviews have been carefully crafted so you can understand how it works to enable you to make better insurance decisions. 

Before we delve in, it’s important to know what Bestow Life Insurance is all about?

What is Bestow Life Insurance? 

Bestow Life Insurance is an online organization that provides Term life insurance plans for up to 10 to 30 years to protect the insured, bestow uses big data from artificial intelligence rather than medical exams to make its underwriting decisions’ for the insurance policy that it sells. They work with the North American Company for Life and Health to provide insured individuals with flexible and Term Life Insurance plans.

Bestow Life Insurance upholds the goal of helping individuals cover and protect their families and loved ones after they are far gone by providing its customers with affordable plans.

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Why Use Bestow Life Insurance?

With Bestow life insurance, the beneficiary or the insured receives a large sum of money after the death of the insured person. Here are a few reasons why you should use Bestow Life insurance.

Fast and reliable

Bestow Life Insurance focuses on making insurance super fast and easily such that with your smartphone or computer you can sit at the comfort of your home or your office,  get a quote in seconds, apply, pick a plan and gain coverage online without having to feel a form or bring a medical report.  Hence, Bestow uses artificial intelligence to analyze and know your personality type based on your online activities, and once your online status meets their policy requirement be rest assured that you’ll be approved as you apply.

Read Also: Your Step-by-Step Guide To Choosing A Health Insurance Plan

Less complaints from users

According to the complaint ratio score provided by the National Association of Insurance Commissioners (NAIC) for Insurance Companies, Bestow Life Insurance score 0.31 on the scale, companies with a score higher than 1 receive a large number of complaints which means they’ve been performing well over the years. The fewer complaints were for things like billing errors, slow payouts of benefits, and difficulty in contacting customer service.

It is affordable

Bestow aims at making term life insurance affordable and easy and its rate ranges from as low as 10 dollars per month and coverage from $50,000 – $1.5 million.

Customer friendly policies

If you feel their policy is not a perfect fit for you within 30 days that you bought a plan and you decide to cancel, you have nothing to lose because Bestow offers 30 days money-back guarantee with no refunding charges.

The policy usually offered by Bestow Life Insurance company is provided by North American Company for Life and Health Insurance and this company is rated A+ (Superior) by A.M Best which is the second-highest rating available out of fifteen that A.M Best rated.

How Does Bestow Life Insurance Work?

Getting Life Insurance via Bestow is super fast and easy. Anyone within the age of 18 to 60 can easily navigate their website, sign up for a free quote, and get started. You can visit their website to sign up and get started.

Now, Bestow Life Insurance comes in terms of options that can last up to 10, 15, 20, 25, and 30 years and all their processes are automated on their website. They’ll only make their decision as to whether they’ll underwrite you based on information provided by you as well as your data from third-party agencies such as your life history, driving record, health record, criminal records, and other data. In essence, visit their website, get a quote, sign up, apply, and if you qualify you’ll gain coverage in less than 10 minutes.

What Types of Insurance Can I Purchase Using Bestow?

Rather than selling varieties of Life Insurance out there, Bestow aims at making the insurance process easier, and selling one type of life insurance makes the purchase option simpler. Therefore, Bestow only offers Term Life Insurance.

Pros and Cons of Bestow Life Insurance Company

PROS

1. Ease  of application

Unlike other Term Life Insurance Companies out there, to be insured in Bestow comes with ease such that you don’t have to leave your home and go to any office to register, you can be at the comfort of your home or in your office and all you need to do is just to pick up your smartphone or your computer, open their website, get a quote, sign up and apply and if you’re are approved you can be covered in few minutes. That means everything about Bestow is done digitally.

2. Does not require medical exam

Bestow do not require you to perform any medical exam or bring your blood sample like other traditional life insurance companies, all that’ll be required of you is to enter your status in their online form and the rest of the information will be extracted from third-party websites that you’ve interacted with over the years.

3. They’re backed up by an insurer with an A+ (Excellent) A.M Best rating:

A.M Best is an insurance consumer rating organization that examines companies’ financial strength to predict how it’ll be to meet its financial obligations to policyholders.

4. Flexible cancelation policy

With Bestow, if after you gain the coverage you still have up to 30 days to think through your purchasing decisions, and if after you think that Bestow term life insurance is not a good fit for you, you can immediately terminate your contract and you’ll receive a full refund without a cancellation fee. What this means is that it buys you more time to consider your policy. 

5. Lots of policy options that you can choose from

Bestow Life Insurance comes with a different plan that you can choose from and you can decide to pay monthly your budget.

6. Get approved in less than 10 minutes

With machine learning, Bestow Life Insurance can offer fast approval in less than 10 minutes.

7. Cost less

Because the coverage lasts for a stipulated time, Bestow term life insurance doesn’t cost much to be compared with other life insurance companies’ plans, Bestow rates start at just $10 per month.

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CONS

1. Offer only term insurance

Unlike other insurance companies that offer both Term Insurance and Permanent Life Insurance, Bestow only offers Term Insurance policy, and so it doesn’t come with insurance options to choose from.

2. No life insurance Riders available

No insurance riders available: With most life insurance policies, you can add riders to your policy to customize your coverage. However, Bestow does not offer any riders. If you live in New York, you’ll have to work with another insurance company to get life insurance.

3. Must be between 18 and 60 years to apply

If you’re more than 60 years or less than 18 years and you still want to get insured then you’ll need to check other insurance companies that accommodate such conditions.

4. Limited coverage amount

Bestow only offers a maximum term life coverage amount of $1.5 million making it difficult for people who would want to purchase beyond that amount.

5. Only available online

For those who still believe and enjoy the traditional way of being insured, Bestow may not be a good option for you as it’s only available online.

6. Policies are not issued to New York residents

As of when this article was written Bestow Life Insurance offers coverage to all states in the U.S except for New York. We hope that in the nearest future it may probably change.

Is Bestow Life Insurance Legit or scam?

Bestow was founded in 2016, by Melbourne O’Banion and Jonathan Abelmann, which is not long and within that short frame of time till now it has been able to secure a partnership with one of the best insurance companies in the United State, which have been in business since 1886. Interestingly, this company has been rated A+ (Excellent) by A.M. Best.

Bestow Life Insurance Company has been licensed for business in all-state in the United State of America except for New York. In addition, its 30 days money-back guarantee is also a pointer to the fact that Bestow is not a scam.

You can still do your research for better clarity to know the term life insurance policy that suits your preference. Now, since you’ve been clear from the Bestow Insurance Reviews so far that it’s not a scam it’s also important that you know the cost of purchasing Bestow Term Life Insurance.

How Much Does Bestow Life Insurance Cost?

Before the price, you must note that the cost of Bestow Life insurance depends on several factors such as Health history, Gender, Age, Weight, Height, Time frame selected and coverage amount as well as smoking status, etc the coverage amount ranges between $50,000 to $1.5 million.

For instance, assuming you’re 68 inches tall, 160 pounds, your premium monthly rate for 500,000 dollars in coverage for males of 30 years with a term of 20 years will be $22.25 while the female is $16.83. Also, a male of 50 years purchasing a 10 years term will pay $84.75 while the female will pay $58.50. 

Bottom Line

If you’re looking for a legit Term Life Insurance Company that comes with amount coverage equal to 10 years replacement or a 20-year time frame that’ll ease the pressure on your mind until your kid become able to fend for themselves as well as a term life insurance company that comes with ease of getting a quote, application and is covered so you can secure the financial future of your family, you can consider Bestow Life Insurance.

Ensure you make your findings, weigh your options before making your insurance decision, cheers to securing your family’s financial future.

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