Bestow Life Insurance: What You Need to Know

Kim Wilhelm CEO of Final Expense Direct Life Insurance
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Written by Kim Wilhelm

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Last Updated 18 Aug 2022

Bestow is a 100% online life insurance agency headquartered in Dallas, Texas. Offering life insurance since 2016, Bestow provides consumers the ability to buy life insurance completely online in the comfort of their own home.

Here is our review of Bestow life insurance: what it offers, what to expect when applying, and if it's right for seniors.

Bestow Life Insurance Products

Bestow offers just one life insurance product, term life insurance. Adults between the ages of 18 and 60 can apply for Bestow term life insurance. Coverage starts at $50,000 and maxes out at $1.5 million. Bestow offers several term options, from 10 to 30 years in 5-year increments.

You can get a quote online in about a minute, with an estimated rate based on information you enter about your:

  • Age

  • Gender

  • Height

  • Weight

  • Residence state

Bestow has a digital application you fill out online. After answering health and lifestyle questions, Bestow will let you know instantly if you’re approved. There is no medical exam to complete, and around 90% of applications are approved.

Policies are available nationwide, except for New York. Bestow offers pure life insurance, which is term life with no riders or other benefits attached to the policy.

Bestow will not approve anyone if they have ever had a felony and applicants should be in general good health. If you don’t meet this criteria, you shouldn’t apply as you’ll be denied coverage through Bestow.

As a digital insurance agency, Bestow doesn’t issue its term life insurance policies. North American Company for Life and Health Insurance issues Bestow life insurance policies. 

Bestow Life Insurance For Seniors

Bestow offers life insurance for seniors up to age 60. At 50, you can apply for up to 15 years of term coverage, capped at $1 million. At age 59, you can only apply for up to 10 years of coverage with a $1 million death benefit cap. 

We tried to get a quote online for a 60-year-old male living in Texas, but Bestow wouldn’t offer a policy due to age. However, the system did offer to find us a plan with Gerber Life, which we declined. Read more here about why we declined a life insurance quote from Gerber Life.

Bestow Life Insurance Final Expense Insurance

As a term life insurance only agency, Bestow doesn’t offer final expense insurance. Final expense, also called burial insurance or funeral insurance, is a whole life policy with low coverage amounts to pay for end-of-life expenses, like your funeral.

If you have a choice between term and whole life insurance as a senior, we always recommend final expense whole life insurance. Many seniors will outlive their term policy, which means you’ll have paid all those premiums for nothing. Unlike whole life insurance, term life doesn’t have cash value, so you wouldn’t even get anything back at the end of the term if you’re still alive.

Final expense insurance is a great choice for seniors who only need a small amount of coverage to pay for end-of-life expenses. Premiums never increase, the coverage never decreases, and your beneficiary is guaranteed a payout when you die, as long as you keep paying your premiums. And, like Bestow, you don’t have to worry about a medical exam.

Bestow Life Insurance Burial Insurance

Bestow life insurance won’t take the place of a burial insurance final expense policy. But if you have a large need for temporary coverage, it could be a nice supplement to a burial insurance policy.

Since funeral costs are a permanent need, it makes sense to get a permanent whole life policy like final expense burial insurance. But if you have temporary needs, like paying for a mortgage or other debts, a term life policy could be a cheap way to cover those temporary needs. 

Once the debt is paid, you can continue the policy until the term ends, or keep it and let it expire. Just make sure you get a policy that’s at least as long as your debt. For instance, if you have 15 years left on your mortgage, you want to get at least a 15-year term policy to cover the rest of the mortgage.

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Bestow Life Insurance Funeral Insurance

While Bestow life insurance can pay for your funeral, it won’t do you much good if you outlive your policy term. With final expense funeral insurance, your beneficiary will receive a guaranteed death benefit no matter how long you live, as long as the policy payments stay current, whether you’re paying them or the cash value is.

Paying for a funeral is expensive. Add a few extras like flowers and a nice casket, and you’re well over the median cost of $8,800 for a funeral with viewing and burial. 

Why burden your loved ones with the cost of your funeral, when you can buy final expense insurance and have it taken care of?

Bestow Life Insurance Costs

Bestow life insurance costs vary by your age, gender, coverage amount, term length, and health status. Those who smoke will pay more than those who don’t. The closer you are to 60, the fewer options you have for coverage and term lengths.

Term life insurance is as much as 10x cheaper than final expense whole life insurance. But, you get lifetime coverage with final expense insurance, plus the option to add riders – some for free – and cash value you can use to pay premiums or borrow against.

Most final expense companies offer between $25,000 and $35,000 of final expense whole life insurance for seniors. Some companies, like The Baltimore Life Companies, offer up to $150,000 in final expense insurance. Other companies, like Liberty Bankers Life and Prosperity Life Group, provide coverage to adults as young as 18.

If you’re interested in permanent whole life insurance, contact Final Expense Direct. Our agents are ready to answer your questions, help you find coverage from a long list of top final expense insurance companies, and get you approved — usually before you hang up the phone.

Bestow Life Insurance Reviews and Ratings

Before you buy life insurance from Bestow or another company, it’s a good idea to check reviews and ratings online. Keep in mind, people are more likely to review a company when they’ve had a bad experience than a positive experience. However, you can usually gauge a company’s customer service, application and approval process, and claims process by other consumers' reviews and third-party ratings.

Bestow Life Insurance Reviews and Ratings: BBB

Bestow has been accredited by the Better Business Bureau since 2017 and has an A+ rating. Customers have filed 4 complaints in the last 3 years, with 1 complaint closed in the last year. 

After 6 customer reviews filed with the BBB, Bestow life insurance has 2.17 out of 5 stars. Customer reviews for Bestow life insurance major complaints are much higher rates after finalizing the application compared to the quoted rate and declining coverage after they provided all personal identifying information, even when in good health.

Bestow Life Insurance Reviews and Ratings: Trustpilot

Bestow life insurance reviews on Trustpilot are overwhelmingly positive. The agency has 4.6 out of 5 stars after 899 reviews. Bestow earned 89% excellent review ratings and less than 6% of poor or bad review ratings. The bad reviews are mainly from people who were declined, with one person noting that if you’re on any prescription meds, you’ll likely be declined for coverage.

Bestow AM Best Rating

Although Bestow doesn’t have an AM Best rating, North American Company for Life and Health Insurance, the issuing company, has an A+ AM Best Rating. North American Company also has an A+ financial strength rating with Fitch and Standard & Poor’s (S&P). 

These superior insurance ratings show North American has a healthy flow of assets (over $23 billion) to meet its financial obligations, including paying life insurance claims.

Bestow Life Insurance NAIC Complaint Index

The NAIC complaint index compares insurance companies performance in the market. The higher the complaint index, the more wary you should be about buying life insurance through the carrier.

Bestow has 0 complaints, which is the best rating you can get. North American has a complaint index of 0.15, which is also excellent, compared to the industry average of 1.00.

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Conclusion

Bestow term life insurance could be an affordable choice, but is not the best option for seniors. You can only apply up to age 60, and the most you can get approved for is 15 years of coverage. While term life insurance is much cheaper than whole life, seniors are better off with final expense whole life insurance, which locks in rates for life and won’t expire like term life insurance. Call Final Expense Direct today to get quotes from multiple top final expense companies, apply over the phone, and get approved before you hang up.

Frequently Asked Questions

Is Bestow a Legit Life Insurance Company?

Yes, Bestow is a legit life insurance company. Bestow began in 2016, with policies issued by North American Company for Life and Health Insurance. North American Company has an A+ AM Best rating, showing the company can handle financial obligations, such as paying life insurance claims, now and in the future.

Does Bestow Require a Medical Exam?

No, Bestow does not require a medical exam. Bestow uses digital underwriting practices to offer instant approvals once the application is complete. Part of the application includes health and lifestyle applications, which will determine your eligibility.

Does Bestow Pay Out?

As long as your policy is active and paid current when you die, Bestow does pay out. Keep in mind, Bestow only offers term life insurance, so if you are still alive when the policy expires, you no longer have life insurance coverage. You’ll have to reapply for a new policy if you still need life insurance.

Does Bestow Life Insurance Have a Waiting Period?

Bestow life insurance does not have a waiting period. However, all life insurance policies have a suicide clause. If the insured dies by suicide in the first two years, the beneficiary will not receive a death benefit payout. The first two years also have a contestability clause, which means the company can deny the claim if you were untruthful or misrepresented something on the initial application.

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