Bestow 2021 review | The bank rate
Bestow’s online policy eligibility and application process introduces a new way to qualify for term life insurance. Founded in 2016, the company offers term life insurance in all states except New York for as little as $ 16 per month. All policies offered by Bestow are issued by North American Life and Health Insurance Company®, an insurer rated A + (Superior). While quick approval and online shopping make Bestow a great option for many life insurance buyers, it’s not the best choice for everyone.
Grant presents a new way to apply for term life insurance. Typically, life insurance policies require an online or in-person application and a medical examination followed by a few weeks of waiting for confirmation. Grant 100% online process does not require a medical examination and determines eligibility in about five minutes, using an algorithm instead of a human underwriter to assess eligibility and speed up the underwriting process.
Its online application collects personal data such as social security number and contact details, which it uses to access publicly available data on the candidate. The company also collects health data such as prescription drug consumption through sources such as MIB Group, a not-for-profit corporation that provides underwriting services in the United States and Canada. Applicants also provide information on citizenship, lifestyle, medical history, and hobbies.
If the system approves the request, the requester reviews coverage levels and rates, and then purchases a policy with a credit card. Coverage begins immediately.
Types of coverage
Currently, Bestow offers two term life insurance policies:
- 10 year term life insurance, with coverage levels ranging from $ 50,000 to $ 1 million.
- 20 year term life insurance, with coverage levels ranging from $ 50,000 to $ 1 million.
These policies are only available to people who have a job and young and healthy. Qualified applicants between the ages of 21 and 45 can enter into 10-year or 20-year futures contracts.
Bestow is unable to offer coverage to people with a history of health problems, such as:
- Alcohol and drug abuse
- Cancer (except basal and squamous skin cancer)
- Diabetes before 40 (except gestational diabetes)
- Heart disease
- Kidney disease requiring dialysis
Reasons why free is a great option
Free is a great choice for young, healthy people who need coverage quickly. The 100% online application, eligibility and purchase process enables qualification and purchase in minutes instead of weeks. No medical examination is required and its policies have a fixed monthly premium.
The term life insurance offered by Bestow is not a good choice for people who want lots of policy options or for people in their late 40s or early 50s who have a history of health issues. or who need a 20 year term policy to cover them until retirement.
Additional policies offered by Bestow
Currently, Bestow only offers 10 and 20 year term life insurance coverage ranging from $ 50,000 to $ 1 million.
Frequently Asked Questions
What is the best life insurance company?
Choosing a life insurance company is subjective and often depends on eligibility, type of life insurance and coverage needed. These life insurance companies rate positively with consumers and are worth a look.
Can I benefit from a policy offered by Bestow if I have a pre-existing condition?
It depends. Unqualified donation may extend coverage to a candidate with certain treatable conditions such as squamous cell cancer of the skin, but people with more serious conditions will likely not be eligible.
Do the life insurance policies offered by Bestow automatically renew at the end of the term?
No, but applicants can still request a new policy.
Am I covered as soon as I purchase a policy offered by Bestow?
Yes. But keep in mind that life insurance policies generally have a two-year contestable period, during which the insurer may decide to investigate the cause of death. If the insurer determines that the insured provided false or inaccurate information when requesting coverage, the claim may be denied.