If you have good health and you are looking for fast, no-frills term life insurance, bestow life insurance is worth considering. This insurance company offers no medical exam and an online-based application process. While it’s a good option, its no-exam term life insurance rates are much higher than other life insurance companies.
Bestow Life Insurance Company sells only term life insurance. Instead of a medical exam, you must answer a few questions to purchase a term life insurance policy through its online platform. However, if you have poor health or a medical condition, Bestow may not accept your application or term life insurance.
What Type of Life Insurance Does Bestow Sell?
As previously stated, Bestow only offers term life insurance. Term life insurance only lasts for a limited period, usually 10 to 30 years, with coverage amounts ranging from $50,000 to $1.5 million. Term life insurance offers level premiums for a certain period, like 10 years or more. Bestow life insurance cannot be renewed at the end of the policy term, unlike other insurance companies that allow policyholders to renew their policy after the term period ends.
Most term life insurance policies include the power to convert to permanent life insurance from a term life insurance policy, but Bestow policies do not include this option. However, this insurance company offers a 30-day free look period where you can cancel your policy for a full refund.
Advantages of Bestow Life Coverage
Before opting for Bestow Life Insurance Company, it is important to be aware of the benefits of purchasing from them. This helps you determine if they are a good idea for you or not. Some of the advantages of this life insurance company include:
- Immediate approval for most customers.
- Policyholders are allowed to use the policy as collateral for small business loans.
- Lofty’s eligibility age is 60 for a maximum coverage amount of $1.5 million.
- No required medical exams.
This life insurance company clarifies the way to protect your family. With easy application and policies tailored for affordability, it makes sure that life insurance is accessible without difficulty.
Disadvantages
While there are several benefits of this life insurance company, it is important to look into the following disadvantages:
- Rates for no-exam term life insurance are more costly than most competitors.
- No increased death benefit, which offers you access to your death benefit if you fall seriously ill.
- Inability to renew the policy after the policy term ends.
- Insurance policies are limited to persons between the ages of 18 to 60.
- No additional riders are available for the policy.
Using these disadvantages, you can determine whether or not this insurance is best for your special needs.
How Much Does It Cost?
Just like other life insurance companies, Bestow Life Insurance considers several factors when determining premiums. These factors include your age, type of coverage, health, and policy term. Generally, term life does not accumulate cash value; because of this, it offers lower premiums than permanent or whole-life insurance policies.
Through this insurance online platform, you can check out quotes online from your comfort zone. Just by providing some information concerning your health, budget, habits, why you want a policy, and how quickly you want coverage.
Does Bestow Life Insurance Offer Riders?
Bestow offers no riders for its term life coverage policies. Riders are additional benefits that are added to a standard insurance policy for additional coverage. These additional coverages allow policyholders to customize their coverage to meet certain needs and offer additional shields.
However, Bestow does not offer riders because it simplifies the application process. This helps their customers get the right coverage without the need for fees and additional options.
How to Purchase Life Insurance from Bestow?
The overall insurance application and approval are all online-based. You can get a quote online easily by answering a few simple questions about yourself, your medical record, and your general lifestyle.
Also, online, you get to select the policy term length, your preferred coverage amount, and your beneficiaries. If you have any issues or questions to ask, from the online platform, you can contact one of Bestow’s licensed agents through a live chat feature, phone, or email.
Is Bestow Life Coverage Worth It?
Yes, Bestow Life Insurance may be worth it for people who require a simple and affordable term life insurance policy. But if you require customizable coverage with riders or you want permanent life insurance, Bestow is not the best option for you.