Bestow Life Insurance Review: Is It Your Best Option?

Student loan borrowers have a lot to juggle. From paying back student loan debt, dealing with a loss of income, leaving a legacy or simply paying for burial costs, life insurance can help. It’s paid upon the death of the policyholder, and a sum is paid out to beneficiaries. It can help your loved ones adjust to a new financial reality.

You may not think you need life insurance, but it can be an underrated financial tool for nearly everyone — especially student loan borrowers. One company to check out for life insurance options is Bestow. Read on for our full Bestow life insurance review.

What is Bestow life insurance?

Bestow life insurance was launched in 2017 by co-founders Melbourne O’Banion and Jonathan Abelmann. The company has offices in Austin and Dallas, Texas, as well as Des Moines, Iowa. However, the company has a staff that spans 33 states.

The company offers term life insurance. Its approach is unique in that it’s all tech-based and requires no medical exam as part of the process.

Since its inception, the company has underwritten billions of dollars in policies by creating an easy and accessible way for people to get term life insurance. The application process is super simple and only takes a few minutes.

Bestow acts as the agent and underwriter. It partners with the North American Company for Life and Health Insurance® to issue the policies and any associated payouts.

Through term life insurance, you’re covered for a specific term or timeframe. Your family or noted beneficiaries could get a payout or death benefit if you pass away while the policy is active.

Upon your death, your beneficiaries file a claim. Once approved, North American Co. will issue the death benefit. North American has an A+ rating from A.M. Best (which means “superior”), a company that reviews the creditworthiness of insurance agencies.

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Bestow life insurance coverage details and guidelines

As part of the Bestow life insurance review, let’s dive a bit deeper into the details. Bestow specializes in term life insurance, making getting approved for a policy easier than ever.

Term life insurance is different from other types of insurance. Rather than covering the policyholder for their entire life, term insurance covers a specific number of years. Here’s what the company offers:

• Term lengths from 10 to 30 years (available in 5-year increments).
• Coverage starts at $50,000 and goes up to $1.5 million.
• Available to applicants between the ages of 18 and 60 years of age.
• Available in most states, but currently not in New York.

The good news is that term life insurance is relatively affordable life insurance, compared to other policy options (such as permanent life insurance/whole life insurance). In fact, Bestow has life insurance quotes beginning at just $10 per month.

Bestow policies available

Bestow offers no medical exam term life policies. Rather than going to the doctor’s office, taking blood tests and getting poked and prodded to see if you qualify, you may be able to be approved by simply providing your medical history.

Of course, honesty is crucial here. Your health history and lifestyle choices (such as being a smoker) can impact your approval odds as well as your rates.

“Term life insurance is a smart purchase for anyone who has debt that could impact your family's financial situation if something happens to you. Term life insurance is an affordable and easy-to-understand type of life insurance that covers your beneficiaries for a predetermined number of years (called the term length),” explains Brittany Parisi, licensed life insurance agent and customer care advisor at Bestow.

Life insurance is a personal choice that should fit your circumstances and financial goals. When selecting your coverage, think about the loss of income, childcare needs, mortgage payments, credit card balances, student loan debt amount and final expenses and burial costs.  Life insurance can help cover those costs.

“As for how much coverage you might need, the usual advice is to purchase a life insurance policy that's 5 to 10 times your annual salary with a term length that lasts through personal and financial milestones,” explains Parisi.

Bestow customer service

If you read this Bestow life insurance review and have a question before getting a policy or have questions as a current customer, you can reach someone on their customer service team pretty easily.

As a tech-first company, they have a live chat function available on their website. You can choose the options “I want to chat with an agent” or “I have a quick question.”

You can also call by phone at 833-300-0603. To reach out via email, you can use team@bestow.com.

How much does term life insurance with Bestow cost?

How much term life insurance costs with Bestow can vary based on your age, medical history and risk factors. As noted above, rates can start as low as $10 per month.

The higher-end will vary based on your personal risk factors. Some recent estimates for healthy non-smoking females getting a $500k policy range from $21.83 (age 25) to $60.17 (age 45).

You can find out how much you might pay by getting a free quote. Start by providing your gender, birth date, height, weight, zip code and nicotine use. Once you fill out the form, you may be asked additional questions to get an appropriate quote for your circumstances and needs.

Term insurance monthly premiums may be more expensive as you age and develop additional risk factors. Getting a term life insurance policy when you’re young and in good health can be a smart move.

Bestow pros and cons

When looking at term life insurance, you want to look at Bestow life insurance reviews and others as well before making a decision. Consider the pros and cons, term lengths and coverage available for your needs. For Bestow, here are some pros and cons to consider:

Pros:

• No medical exam is needed as part of the online application.
• Many different coverage terms in 5-year intervals.
• Attractive minimum and maximum coverage amounts ($50,000 to $1.5 million).

Cons:

• Age limit of 60.
• Term life insurance expires at the end of the term.

Who should consider a policy from Bestow

If you’re young and relatively healthy, getting an affordable rate with Bestow could be a smart move to protect your financial life, for you and your family. It’s best for:

• Busy professionals who don’t have time to get a medical exam. Bestow can fill a need and get your term life insurance ASAP.
• Student loan borrowers or borrowers with other forms of debt. A policy can ensure your family can still cover costs without your income. This is especially important if you rely on that income for private loans or a mortgage so you can stay put in your house.
• Parents. Life insurance is a must to make sure their costs are covered without your income.

Dealing with death is no fun for anyone, but the financial stress on top of the grief can be enormous. Having a life insurance policy that is affordable with great coverage can help cover expenses and relieve one aspect of stress, while you mourn. Consider getting a term that covers you until your loans and other types of debt are paid off or until your children are grown and out of the house..

Essentially, if someone relies on your income and would have difficulty covering expenses on their own, it’s a wise idea to get coverage.

Get a quote for life insurance from Bestow

Getting term life insurance is an easy process these days and won’t take up much of your time or money. As a student loan borrower, being protected can add a level of safety to your and your family.

You can get a life insurance quote from Bestow in a few minutes and get some much-needed protection. Apply and get a quote today!