Have you researched Bestow Life Insurance Company? The latest Bestow life insurance reviews it is a good choice of online life insurance without a medical exam. Even, it does not provide permanent coverage and riders. Alongside that, Bestow offers a term life policy but the coverage cannot be changed or renewed.
The loss of permanent life and rider makes the company is considered to fail in some areas. Even, the low coverage limits include one of the disadvantages of Bestow insurers besides the ones mentioned below. What happens to this life insurance?
- 1 Advantages of Bestow Life Insurance
- 2 Disadvantages of Bestow Life Insurance Company
- 3 Bestow Term Life Insurance
- 4 Bestow Life Insurance Cost
- 5 Superior Rating of Bestow Life Insurance
- 6 Complaint Index
- 7 How Do You Buy Term Life Insurance In Bostow?
- 8 Applicants Cannot Borrow Bestow Life Insurance Policy
- 9 Bestow Does Not Pay Death Benefits As Suicide, Drug Over, And Cancer
- 10 Applicants qualify For Bestow Term Life Insurance
- 11 How Long Does Bestow Paid Death Benefit?
- 12 How to Evaluate Bestow Life Insurance
- 13 Bestow Accessibility
- 14 Final Words
Advantages of Bestow Life Insurance
Bestow insurance is an online life insurance company established in 2016 and underwritten by the North American Company For Life and Health Insurance. The headquartered is in Dallas, Texas but you can but the term life policy in Washington DC and all states unless New York. Now, Bestow exclusively sells term life no other.
Although it sounds incomplete and not recommended, you should know some advantages of Bestow life insurance below:
Do Not Need Medical Exam
Bestow insurer provides term life insurance coverage up to $1.5 million by using accelerated underwriting. This case makes the company not need its applicant’s medical exam even if the applicants have preexisting circumstances.
Easy to Purchase
As online life insurance, Bestow provides quote online to ease applicants applying and purchasing the term life plan. Bestow life insurance Review states the completely digital system makes the applicants do not need to work with an agent.
Get a quote, enroll, and purchase coverage online! So the company will approve your term life insurance plan instantly. You do not need a longer time to wait such as other traditional life insurance companies. Bestow gives a 30-day trial period for the applicants.
Offers Live Chat
Different from most life insurers, Bestow supports its 100% online buying experience. It does this by providing online chat available not an online chat tool.
Disadvantages of Bestow Life Insurance Company
It has been explained before some advantages of Bestow Company but it needs to repeat with more explanation. It includes:
Just Provide One Policy
It is deeply regretted when Bestow just offers one policy with short-term premium payment. People do not get more options to choose from because there is no whole life or universal life insurance plan here. Therefore, this online insurer is more suitable for people with low premium rates desire.
Term life is an affordable policy with a low premium rate and match for people with low income. Meanwhile, Bestow is not recommended for you with the desire for permanent life insurance. You should look for other insurers with complete life insurance plans.
No Rider Available
Bestow does not provide built-in riders or any optional riders like accelerated death benefits. Surely, it becomes the best pick when people look for term life insurance with rider available.
Low Coverage Limits
Bestow life Insurance has a low coverage limit with the maximum amount of coverage available being $1.5 million. It is lower than some other insurers and the coverage amount cannot be increased.
Does Not Available For Older Adults
Bestow life insurance reviews the new policy are not available for people the ages 60+. The meaning is the term life insurance policy is offered for people at least age 60 when they want to enroll in this company.
Bestow Term Life Insurance
The term life policy in Bestow offers $50,000 to $1.5 million of coverage amounts. Applicants can enroll or purchase this plan at the ages of 18 to 60 and they can choose the payment installment from 10 to 30 years. Besides that, the applicants can get the coverage amount of $1,000,000 if they apply for Bestow in the ages of 50 to 60.
Due to the policy cannot being renewed; the applicant may apply for a new policy near the end of the term. The applicants should apply for new coverage before the end of their current policy. It is useful to avoid gap insurance.
Bestow Life Insurance Cost
Equal to other life insurers, term life insurance costs in Bestow are affordable or even more affordable. It determines the cost based on a few factors such as age, health, gender, medical history, address, hobbies, and family health history.
The applicants may be required to add some factors like engagement and lifestyle. Further, it is considered risky behavior, the term and coverage amount you pick. How much does term life insurance cost for seniors and smokers?
Bestow Cost For Senior
Seniors are considered for people in the age of 60 when they apply for a term life plan. Usually, seniors will get more expensive cost of life insurance than they are in the ages of 18 to 60 when enrolling in the plan.
Bestow Cost For Smokers
Next, Bestow does not differentiate between smokers and non-smokers when they purchase a policy. Although smoking is considered a risky lifestyle choice, Bestow keeps providing the same policy cost as non-smokers.
Superior Rating of Bestow Life Insurance
Bestow life insurer has (A+) or superior ratting from the third-party ratting agent of AM Best. It got a superior rating for financial strength and indicates it can meet policyholder obligations and pay claims.
According to NAIC (National Association of Insurance Commissioners), Bestow life insurance reviews a few complaints. The company receives complaints such as misrepresentation, mention delayed claims, policy cancellations, and unfair claim settlements.
Bestow has fewer than expected complaints as the average complaint index for three years is 0.72. Meanwhile, NAIC state the company’s expected number of complaint about its size is 1.00 or less. In addition, Bestow just received a complaint index of 0.68 in 2020 about its life insurance policies.
How Do You Buy Term Life Insurance In Bostow?
Remember that Bestow serves the customers online from the initial quote to final approval. Nonetheless, you can contact one of Bestow’s licensed agents via the live chat feature, phone, and email. You are still allowed to search for the answer through a chatbot if it is after-hour.
The online quote will be got by answering a few basic questions about you. It is such as your citizenship, medical history, lifestyle, hobbies, beneficiaries, term length, and the coverage amount that you want.
Afterward, you will receive an official quote on your desired policy. But, most people want to know their Social Security number and know basic information before applying. It includes height, weight, health history, and the details of your family medical history.
Applicants Cannot Borrow Bestow Life Insurance Policy
Can applicants borrow a life insurance policy from Bestow insurer? The answer is no because it is only for whole or other permanent life insurance plans. Meanwhile, Bestow life insurance reviews claim it does not available any permanent life policies.
Bestow Does Not Pay Death Benefits As Suicide, Drug Over, And Cancer
Term life insurance death benefit in Bestow cannot be used to cover the insurer’s death because of specific cases. Bestow will not pay the death benefit if the insured dies due to suicide and he or she is within the first two years of purchasing a policy. This case is considered untruthful on their application and it becomes the only other primary exclusion to receiving a payout from Bestow.
Equal to suicide, the death because of a drug overdose will not receive the death benefit. Even, the applicants with policies of more than two years remain cannot receive it. But, it depends on the policy state and type and it implies the applicants must reach out to the company directly for more information.
Once more, Bestow will not cover medical expenses for some illnesses. The company cannot cover healthcare expenses due to cancer, stroke, heart disease, organ transplant, diabetes, HIV, alcohol, and kidney.
However, Bestow life insurance still covers medical expenses for basal and squamous cell skin cancer and gestational diabetes. It is also willing to cover the medical expense for kidneys without dialysis.
Applicants qualify For Bestow Term Life Insurance
Bestow life insurance reviews note some people or parties are qualified to purchase a term life policy. It includes U.S. citizens and residents and green card holders but it is not available for those in New York.
Next, it is offered for generally healthy, full-time stay-at-home parents, students, and employed. Alongside that, it is applied to them in the ages of 21 to 45 for a 20-year term life.
How Long Does Bestow Paid Death Benefit?
It is essential to get certain about how long beneficiaries can claim their insurance benefits. Bestow does not have a hard time frame for filing a claim but it keeps suggesting to submit the claim immediately.
The beneficiaries can contact Bestow directly for more information as unclaimed proceeds are turned over to the state after a certain number of years. Usually, the company will not keep unclaimed life insurance policies indefinitely. Therefore, report the insured death as soon as possible to get the claim.
Bestow provides coverage costs from $50K to $1.5 million with monthly coverage of $10. The beneficiaries can use it to cover some expenses of relocation, between jobs, and leaving a job. Additionally, they may use it to start a business and kid aging out of the house.
How to Evaluate Bestow Life Insurance
Most people need to evaluate a life insurance company before applying for one of the coverage plans. Bestow life insurance reviews evaluate the term life policy through some essential points. It includes riders, available plans and terms, cost, underwriting process, and policy exclusion.
There are also financial stability, customer service, customer reviews, and third-party rating. Those points will ease people to decision whether to purchase Bestow life insurance or not.
Bestow belongs to a relatively young company but its reputation within the insurance industry is quite strong. The customers give positive reviews so it gets excellent scores from consumer rating sites and industry support organizations.
Bestow gets reviews with an excellent rating from the customers due to the user-friendly platform, quick application process, and responsive customer service. How to access Bestow?
Applicants quite access the company online through the official website at www.bestow.com. They can also access via chat, email ([email protected]), or phone (833-300-0603). Do not worry the customer service is ready to serve from Monday to Friday from 8 a.m. to 6 p.m.
Bestow is a unique life insurance company with only a term life insurance policy offered to the customers. It becomes the modern insurer with an online service to offer a quote, apply, and approve. What do you get from the review of the day?
All information of Bestow insurer is revealed in detail including advantages, disadvantages, available plans, cost, how to purchase, ratting, and so on. Bestow life insurance reviews the company through several factors like customer satisfaction, rating, complaint index, and prior mentioned points. Use this change and the detailed information to determine whether you fit with term life or need more to save your loved ones.