When thinking about life insurance, it's important to choose a plan that fits your needs. Bestow Life Insurance is one option that might be right for you. This type of insurance is simple to apply for and doesn't require a medical exam, making it hassle-free for many people. It offers different coverage options, so you can pick what works best for your situation. In this review, we'll look at the benefits and limitations of Bestow Life Insurance to help you decide if it's the best choice for you.

History and mission of Bestow Life Insurance

Bestow Life Insurance was launched in 2016 as a solution that aimed at revolutionizing the lives insurance space. They had been much focused on their goal of providing a clear, inexpensive, and easily available solution to the needs of people with regard to the life insurance policies. Bestow does not want to confuse its users with complicated application processes that involve medical checks and lengthy waits. What they want is to bring life insurance more close to the people and be no longer scary when people or families think about it.

Coverage options offered by Bestow Life Insurance

Bestow Life Insurance offers two types of coverage: term life insurance and permanent life insurance.

Term life insurance

This type of coverage provides a specific payout amount if the policyholder passes away during the term of their policy. The coverage options range from 2 to 30 years, with coverage amounts up to $1 million.

Permanent life insurance

Permanent life insurance offers lifetime coverage and includes a savings component that can accumulate cash value over time. Bestow Life Insurance offers two types of permanent life insurance: whole life insurance and universal life insurance.

• Whole life insurance: This option offers a fixed premium and guaranteed death benefit for the entire lifetime of the policyholder.
• Universal life insurance: With this option, policyholders have more flexibility in adjusting their premium payments and death benefits throughout the course of their policy.

Pros and cons of Bestow Life Insurance

Before making a decision on whether to choose Bestow Life Insurance, it's important to consider both the pros and cons of this coverage option.

Pros:

• Simple application process: With Bestow, you can apply for life insurance online in just a few minutes without the need for a medical exam or long wait times.
• Affordable premiums: Bestow offers competitive rates, making it an affordable option for many people.
• Flexible coverage options: You can choose between term life insurance and permanent life insurance, as well as adjust your premium payments and death benefits with universal life insurance.
• No hidden fees: Bestow is transparent about their fees and charges, so you won't have any surprises down the line.

Cons:

• Limited coverage options: Bestow's maximum coverage amount is $1 million, which may not be enough for some individuals or families.
• Not available in all states: Bestow Life Insurance is currently only available in 47 states, so it may not be an option for everyone.
• No flexibility with term length: Unlike some other life insurance providers, Bestow only offers specific term lengths and does not allow for customized terms.

Application Process

Getting Bestow Life Insurance is quick and simple, with the entire process done online. Here's what you need to know:

1. Get a quote: First, you'll need to get a personalized quote by providing basic information such as your age, gender, and state of residence.
2. Choose your coverage: Based on the quote provided, you can select the coverage option that works best for you.
3. Provide personal information: You'll then need to provide more detailed personal information such as your address, income, and medical history.
4. Answer health questions: As part of the application process, you'll be asked to answer some health-related questions.
5. Submit payment: Once your application is complete, you'll need to submit your first premium payment.
6. Wait for approval: Bestow will review your application and provide a decision within minutes. If approved, your coverage will begin immediately.

Customer Service and Support

Bestow offers customer service and support through their website, email, and phone. They also have a helpful FAQ section on their website that covers common questions about the application process, coverage options, and more.

Competitors of Bestow Life Insurance

Bestow is not the only life insurance company on the market. It's important to compare different options before making a decision. Some competitors of Bestow include:

1. Ethos Life Insurance

Ethos Life Insurance, like Bestow, offers a streamlined, online application process with no required medical exams. Ethos emphasizes affordability and convenience, providing term life insurance with flexible term lengths and coverage amounts up to $1.5 million. They also focus on transparency and customer service, aiming to make the insurance process less intimidating for potential policyholders.

2. Ladder Life Insurance

Ladder Life Insurance offers a unique approach with their "laddering" system, which allows policyholders to adjust their coverage and premiums as their needs change over time. With coverage amounts ranging from $100,000 to $8 million, Ladder provides higher maximum coverage than Bestow. The application process is simple and can be completed online without a medical exam for qualified applicants.

3. Haven Life Insurance

Haven Life Insurance, a subsidiary of MassMutual, offers term life insurance with coverage amounts up to $3 million. They also offer additional options such as disability and critical illness riders. Haven's application process involves an online health questionnaire and may require a medical exam for certain individuals. They also offer support and guidance through their customer service team.

Conclusion

Bestow Life Insurance offers a simple and affordable option for those looking for life insurance coverage. With their streamlined online application process and flexible coverage options, Bestow is worth considering when comparing different life insurance providers. However, it's important to explore all options and compare quotes before making a final decision on the coverage that best fits your needs and budget. So, it's essential to research and consider factors such as coverage amounts, premiums, and customer service when choosing the right life insurance plan for you.