Life insurance is an amazing tool that can provide your family financial security should the worst happen and you pass away.
The proceeds from life insurance can help your family pay for immediate financial obligations and help replace any income you brought in over the short or long term.
Unfortunately, the process of buying life insurance can be frustrating. You might have to answer a ton of questions and, in some cases, submit to a medical exam or blood draw.
Thankfully, there’s a life insurance agency out there called Bestow that’s trying to make purchasing life insurance faster and less painful both figuratively and literally.
What Is Bestow?
Bestow is a life insurance company that wants to make getting life insurance easy. They focus on using big data rather than medical exams and needles to underwrite the life insurance policies they offer.
Its goal as a company is to make life insurance simpler and more human. They do this by offering an easy-to-understand application that you can complete quickly online. Bestow aims to provide life insurance in minutes, not weeks.
The policies Bestow offers are provided by North American Company for Life and Health Insurance. This company is rated A+ (Superior) by A.M. Best, which is the second-highest rating available out of the 15 categories A.M. Best rates.
What Types of Insurance Can You Purchase Using Bestow?
Rather than sell both whole and term life insurance, Bestow only offers term life insurance which is a great option for most people. Selling one type of life insurance makes the process simpler, which is one of Bestow’s goals.
In particular, Bestow currently offers quotes for 10-, 15-, 20-, 25-, and 30-year term life insurance policies. You can apply for these policies in as little as five minutes.
The coverage available on the life insurance policies ranges from as little as $50,000 to as much as $1,500,000.
Bestow is available in every state in the US except for New York.
Term Life Insurance With No Medical Exam
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Related: Is Life Insurance Worth It and When Do You Need It?
My Experience Getting a Quote Through Bestow
Getting a quote through Bestow is easy and super fast. Here’s my experience getting a quote.
Step One: Getting Started
When you visit Bestow’s website, it’s easy to find where to go to start the quote process.
Click on “Get Quote” in the top right or “Let’s Get Started” on the left side of the page.
Step Two: Basic Info
Getting started with a quote is easy. Enter your gender, birth date, height, weight, and the state you live in to get started. Then, click “Get a quote!”
Step Three: Quote Estimate
Bestow gives you an estimated quote based on the term and coverage amount you select. Click “Start Application” to get a more detailed quote for your specific situation.
Step Four: Start the Application
To start an application, you have to create an account with an email address. Then, you have to create a password. Then, click “Start” to get started.
Step Five: Personal Info
Next, Bestow asks for more detailed information about you including your full name, phone number, address, gender, date of birth, height, and weight.
Fill in the requested information then click “Complete Section” at the bottom of the page.
Step Six: Health Info
Bestow continues to ask seven main questions about health including weight loss, tobacco use, HIV, disability, medical history, and more.
Bestow may also ask follow-up questions based on your responses. Complete this section then click “Complete Section”.
Step Seven: Lifestyle Info
Bestow then asks 13 main lifestyle questions including where you were born, residency, travel plans, employment, income, future hobby plans and more. Click “Complete Section” when done answering the questions.
Once all three major sections are completed, click “Submit Your Application”.
Step Eight: Data Authorization
Next, you’ll be asked to authorize Bestow to collect medical data about you. They’ll also ask for your Social Security Number.
Once completed, click “Sign and Continue”.
Term Life Insurance With No Medical Exam
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How Much Does Bestow Cost?
The cost of a term life insurance policy will vary depending on a wide range of circumstances. While there are obviously more factors than the ones listed below, some of the biggest factors that influence life insurance rates include:
- Gender
- Age
- Height
- Weight
- Health history
- Term length selected
- Coverage amount selected
Using Bestow’s initial life insurance pricing based on age, gender, height, weight, location, term, and coverage amount, here are a few example prices Bestow shows for healthy individuals (as of August 3oth, 2022):
- 20-year term, $500,000 policy, female, 25 years old – $17.25/month
- 20-year term, $500,000 policy, male, 25 years old – $27.25/month
- 20-year term, $1,000,000 policy, male, 25 years old – $48.50/month
- 20-year term, $1,000,000 policy, male, 35 years old – $63.50/month
- 30-year term, $250,000 policy, female, 25 years old – $16.21/month
- 30-year term, $250,000 policy, female, 35 years old – $21.00/month
- 30-year term, $250,000 policy, female, 45 years old – $34.54/month
- 30-year term, $100,000 policy, female, 30 years old – $12.00/month
- 30 year term, $1,000,000 policy, female, 30 years old – $51.83/month
Related: How To Get the Best Price on Term Life Insurance
