Finding cheap term life insurance doesn’t have to be time-consuming. Most life insurance carriers require a medical exam and an agent interview. However, it only takes five minutes to see if you qualify for a similar life insurance policy by Bestow.
Bestow provides term life insurance without a medical exam. Instant coverage of up to $1 million is available. You won’t need to wait for weeks to see if you qualify for some of the best term life insurance rates.
I tested the Bestow application process to see how easy it is to get a quote. This life insurance review will help you decide if Bestow is your best option to buy life insurance.
Review of Life Insurance by Bestow
You can get term life insurance from a local agent or by applying online.
It may be faster and cheaper to buy term life insurance online than with a local agent. With agents, you may not receive a final policy quote until the underwriters evaluate your medical exam.
Bestow is different.
What is Bestow?
Bestow has been offering term life insurance without a medical exam since 2016. Not having to get a medical exam simplifies the application process. And, you still get a legit term life insurance policy.
Don’t let Bestow’s young age scare you. Policies by Bestow are issued by North American Company for Life and Health Insurance®.
North American has been providing insurance since 1886 and has an A+ (Superior) rating from A.M. Best. This is the second-highest of fifteen possible ratings from A.M. Best.
Bestow is unique in that they don’t require a medical exam to offer coverage. Instead, you answer 28 questions and their data algorithms provide an instant decision.
You can pay with a credit card, debit card, Apple Pay, and Google Pay. If approved, coverage starts right away.
The entire process took me about five minutes. It’s about as fast as getting car insurance. When I applied for life insurance from a local agent in 2015, it took two weeks to get coverage.
How Bestow Works
Bestow tries to make acquiring life insurance as easy as possible.
They only offer level term life insurance to U.S. adults between ages 21 and 54. You pay the same premium each month for your entire policy term. For example, I found a $25 a month rate for a 20-year term with a $500,000 coverage amount.
If you’re still comparing quotes from the best life insurance companies, I suggest level term life insurance. Unlike Bestow, the typical life insurance application process can be more complex.
Below is the application process that could happen with for traditional life insurance carriers:
- Receive a free online quote.
- Meet a local agent and/or have a phone interview to submit an application.
- Schedule an at-home or in-office medical exam.
- Wait for the underwriting department to process exam results questions.
- Receive an official quote to begin coverage.
If you’re healthy and “low-risk,” this process can take days. But it can be an extra month if you need to submit follow-up information.
Bestow condenses the underwriting process into one online session. You answer 28 questions about your health, daily habits, and personal history.
Here are some of the questions Bestow will ask you:
- Do you have any pre-existing medical conditions?
- How often do you use tobacco?
- What current life insurance policies do you have?
- Do you participate in extreme sports like scuba diving below a depth of 100 feet?
Then, Bestow checks your driving record, credit report, criminal background, and recent prescriptions. This background check can take up to two minutes.
After Bestow crunches your data, you receive a personal quote. Once you find a policy that fits your budget and life insurance needs, you can enjoy instant coverage, if approved.
If you’re not ready to purchase coverage today, your quote is valid for 60 days. There is also a 30-day money back guarantee if you experience “buyer’s remorse.”
Does Bestow Require a Medical Exam to Get Life Insurance?
Bestow never requires a medical exam. Other insurance companies may require an exam to get a higher coverage limit.
For instance, because my wife wants to avoid a medical exam, she only has a $50,000 policy from our local agent.
She doesn’t like needles. No medical exam is good news if you don’t like needles. It’s also good when you’re in excellent health and qualify for the best term life insurance rates.
Getting life insurance without a medical exam may not be your best option if you have a pre-existing condition. Your costs can be higher than if you get an exam.
Depending on your personal data, you may not qualify for coverage.
Bestow is currently unlikely to offer coverage if you have any of these conditions:
- Heart disease
- Cancer (except basal and squamous cell skin cancer)
- Organ transplant
- Diabetes before age 40 (except gestational diabetes)
- Alcohol or drug abuse
- Kidney disease requiring dialysis
One way Bestow makes applying easy is by only offering level term life insurance. I found this is the most affordable life insurance with the highest coverage limits.
Bestow only requires you to make three decisions to obtain coverage:
- Coverage amount: Between $50,000 and $1 million
- Policy term: 2, 10, or 20 years
- Beneficiaries: Those who can claim your policy death benefits
You will make the same monthly payment for the entire policy term. If you outlive your policy, you don’t get a refund. But, hey, you’re still alive and with your loved ones.
If you need help choosing a policy, Bestow has live chat and phone. Each support team member is a licensed life insurance agent. They don’t work on commission so you don’t have to worry about pushy sales tactics.
Once your existing life insurance policy ends, you will need to reapply for a new policy. Your updated age and personal data will influence your new premium cost.
Depending on your age, you may have to choose a shorter coverage period. Bestow currently only offers insurance until you turn 65 years old.
No Policy Riders
Bestow won’t try to “upsell” you any optional policy riders. If you’re trying to save money each month, I would avoid these riders.
It’s common for online insurance carriers and agents to offer optional policy riders. One example is insuring your children or spouse.
Another can be early access to your death benefits if you get a terminal illness. These riders may provide additional benefit, but they also might increase your monthly premium.
Bestow requires each adult between ages 21 and 54 to apply for their own individual policy. Any person outside this age window can’t obtain a policy from Bestow. However, you can add any of your loved ones as a beneficiary.
Low-cost term life insurance doesn’t mean you sacrifice coverage. Term life insurance benefits from Bestow are identical to those from another provider. I find that Bestow offers the most coverage at the lowest cost.
The two-year coverage option by Bestow is available to all applicants between ages 21 and 54. Coverage limits are between $50,000 and $500,000.
This may be a good choice if you:
- Need small business collateral assignment
- Can’t afford the policy cost for a 10-year or 20-year term
- Are near retirement but not yet “self-insured”
These two-year terms are the cheapest Bestow plans. For instance, you may only need to pay $3 per month for $50,000 in coverage. My estimated monthly quote for a $50,000 policy is $4.08, but $31.25 for a $500,000 policy.
Typically, new life insurance quotes get more expensive as you grow older. For a higher coverage amount, your monthly costs could be lower with a 10- or 20-year term.
A 10-year plan is available to all applicants between ages 21 and 54. This is a better option than a two-year plan if the following meets your needs:
- Higher coverage amounts are cheaper than two-year coverage
- Offers long-term financial protection
- Excellent for a young family
- Positive option when you don’t qualify for 20-year coverage
Your monthly costs can be more expensive than a two-year plan for smaller coverage amounts. My quote is $10 monthly for a $50,000 policy and $24.16 for $500,000.
Bestow only offers its 20-year plan for applicants between ages 21 and 45. After you turn 45, you can only choose two-year or ten-year coverage from Bestow. This option can have the highest monthly cost but have the lowest long-term cost.
Here are the benefits of a 20-year coverage term:
- The longest coverage period from Bestow
- May have the lowest long-term premium costs
- You pay the same monthly premium for 20 years
You should consider a 20-year term if you want the longest coverage period available. If you develop a pre-existing condition during this time, you can keep your coverage.
My monthly sample quote for $50,000 in coverage is $10.67 and $27.08 for $500,000. This is slightly more expensive than my 10-year quote. But, it’s most likely cheaper than applying for a second 10-year quote in a decade.
Pros and Cons
- Get approval in five minutes. Bestow provides a final quote and completes the underwriting process in minutes. Most life insurance companies still require extensive review to provide a final quote.
- No medical exam. Purchase instant coverage without getting a medical exam. Bestow is one of the easiest ways to buy life insurance online.
- Level term life insurance. You pay the same monthly cost for your coverage period.
- It can be harder to qualify for. Life insurance without a medical exam can be harder to qualify for if you have certain pre-existing medical conditions.
- Must be between ages 21 and 54 to apply. Bestow is only open to U.S. residents between ages 21 and 54 years old. You can only obtain coverage through age 65.
- There can be cheaper options. Some insurance carriers may offer lower rates if you take a medical exam.
Who Should Apply For Life Insurance Online With Bestow?
Bestow is best if you have good health and don’t want a medical exam. Being able to apply and purchase coverage in five minutes is also a unique feature. Very few insurance carriers can make a similar claim.
If you have pre-existing medical conditions or enjoy high-risk hobbies, you may not qualify for a Bestow policy.
Bestow makes the application process easy to navigate. Few companies offer up to $1 million of term life insurance without a medical exam.
If you need life insurance fast, a hassle-free quote from Bestow is good place to start.
Do you already have life insurance? Can a life insurance policy offered by Bestow help you plan for the future?