Discovering low cost time period life insurance coverage doesn’t need to be time-consuming. Most life insurance coverage carriers require a medical examination and an agent interview. Nevertheless, it solely takes 5 minutes to see in case you qualify for the same life insurance coverage coverage by Bestow.
Bestow gives time period life insurance coverage and not using a medical examination. Immediate protection of as much as $1 million is out there. You gained’t want to attend for weeks to see in case you qualify for a few of the finest time period life insurance coverage charges.
I examined the Bestow software course of to see how simple it’s to get a quote. This life insurance coverage evaluate will show you how to determine if Bestow is your only option to purchase life insurance coverage.
Evaluation of Life Insurance coverage by Bestow
You will get time period life insurance coverage from an area agent or by making use of on-line.
It might be sooner and cheaper to purchase time period life insurance coverage on-line than with an area agent. With brokers, it’s possible you’ll not obtain a remaining coverage quote till the underwriters consider your medical examination.
Bestow is totally different.
Bestow has been providing time period life insurance coverage and not using a medical examination since 2016. Not having to get a medical examination simplifies the applying course of. And, you continue to get a legit time period life insurance coverage coverage.
Don’t let Bestow’s younger age scare you. Insurance policies by Bestow are issued by North American Firm for Life and Well being Insurance coverage®.
North American has been offering insurance coverage since 1886 and has an A+ (Superior) ranking from A.M. Finest. That is the second-highest of fifteen doable scores from A.M. Finest.
Bestow is exclusive in that they don’t require a medical examination to supply protection. As an alternative, you reply 28 questions and their knowledge algorithms present an immediate choice.
You may pay with a bank card, debit card, Apple Pay, and Google Pay. If accepted, protection begins straight away.
All the course of took me about 5 minutes. It’s about as quick as getting automobile insurance coverage. After I utilized for all times insurance coverage from an area agent in 2015, it took two weeks to get protection.
How Bestow Works
Bestow tries to make buying life insurance coverage as simple as doable.
They solely provide stage time period life insurance coverage to U.S. adults between ages 21 and 54. You pay the identical premium every month on your total coverage time period. For instance, I discovered a $25 a month charge for a 20-year time period with a $500,000 protection quantity.
If you happen to’re nonetheless evaluating quotes from the finest life insurance coverage firms, I counsel stage time period life insurance coverage. Not like Bestow, the standard life insurance coverage software course of might be extra complicated.
Beneath is the applying course of that would occur with for conventional life insurance coverage carriers:
- Obtain a free on-line quote.
- Meet an area agent and/or have a cellphone interview to submit an software.
- Schedule an at-home or in-office medical examination.
- Look forward to the underwriting division to course of examination outcomes questions.
- Obtain an official quote to start protection.
If you happen to’re wholesome and “low-risk,” this course of can take days. However it may be an additional month if it’s essential to submit follow-up info.
Bestow condenses the underwriting course of into one on-line session. You reply 28 questions on your well being, every day habits, and private historical past.
Listed here are a few of the questions Bestow will ask you:
- Do you’ve gotten any pre-existing medical circumstances?
- How usually do you employ tobacco?
- What present life insurance coverage insurance policies do you’ve gotten?
- Do you take part in excessive sports activities like scuba diving beneath a depth of 100 toes?
Then, Bestow checks your driving document, credit score report, legal background, and up to date prescriptions. This background verify can take as much as two minutes.
After Bestow crunches your knowledge, you obtain a private quote. When you discover a coverage that suits your funds and life insurance coverage wants, you possibly can take pleasure in immediate protection, if accepted.
If you happen to’re not able to buy protection immediately, your quote is legitimate for 60 days. There may be additionally a 30-day a reimbursement assure in case you expertise “purchaser’s regret.”
Does Bestow Require a Medical Examination to Get Life Insurance coverage?
Bestow by no means requires a medical examination. Different insurance coverage firms might require an examination to get the next protection restrict.
As an example, as a result of my spouse needs to keep away from a medical examination, she solely has a $50,000 coverage from our native agent.
She doesn’t like needles. No medical examination is sweet information in case you don’t like needles. It’s additionally good once you’re in wonderful well being and qualify for the very best time period life insurance coverage charges.
Getting life insurance coverage and not using a medical examination is probably not your only option you probably have a pre-existing situation. Your prices might be greater than in case you get an examination.
Relying in your private knowledge, it’s possible you’ll not qualify for protection.
Bestow is at present unlikely to supply protection you probably have any of those circumstances:
- Coronary heart illness
- Most cancers (besides basal and squamous cell pores and skin most cancers)
- Organ transplant
- Diabetes earlier than age 40 (besides gestational diabetes)
- Alcohol or drug abuse
- Kidney illness requiring dialysis
A method Bestow makes making use of simple is by solely providing stage time period life insurance coverage. I discovered that is essentially the most inexpensive life insurance coverage with the very best protection limits.
Bestow solely requires you to make three choices to acquire protection:
- Protection quantity: Between $50,000 and $1 million
- Coverage time period: 2, 10, or 20 years
- Beneficiaries: Those that can declare your coverage dying advantages
You’ll make the identical month-to-month fee for the whole coverage time period. If you happen to outlive your coverage, you don’t get a refund. However, hey, you’re nonetheless alive and together with your family members.
If you happen to need assistance selecting a coverage, Bestow has reside chat and cellphone. Every assist staff member is a licensed life insurance coverage agent. They don’t work on fee so that you don’t have to fret about pushy gross sales ways.
As soon as your current life insurance coverage coverage ends, you’ll need to reapply for a brand new coverage. Your up to date age and private knowledge will affect your new premium value.
Relying in your age, you’ll have to decide on a shorter protection interval. Bestow at present solely gives insurance coverage till you flip 65 years outdated.
No Coverage Riders
Bestow gained’t attempt to “upsell” you any optionally available coverage riders. If you happen to’re attempting to increase your saving, it’s finest to keep away from these riders.
It’s widespread for on-line insurance coverage carriers and brokers to supply optionally available coverage riders. One instance is insuring your kids or partner.
One other might be early entry to your dying advantages in case you get a terminal sickness. These riders might present extra profit, however additionally they would possibly enhance your month-to-month premium.
Bestow requires every grownup between ages 21 and 54 to use for their very own particular person coverage. Any particular person exterior this age window can’t acquire a coverage from Bestow. Nevertheless, you possibly can add any of your family members as a beneficiary.
Low-cost time period life insurance coverage doesn’t imply you sacrifice protection. Time period life insurance coverage advantages from Bestow are an identical to these from one other supplier. I discover that Bestow gives essentially the most protection on the lowest value.
The 2-year protection choice by Bestow is out there to all candidates between ages 21 and 54. Protection limits are between $50,000 and $500,000.
This can be a good selection in case you:
- Want small enterprise collateral project
- Can’t afford the coverage value for a 10-year or 20-year time period
- Are close to retirement however not but “self-insured”
These two-year phrases are the most cost effective Bestow plans. As an example, it’s possible you’ll solely have to pay $3 per thirty days for $50,000 in protection. My estimated month-to-month quote for a $50,000 coverage is $4.08, however $31.25 for a $500,000 coverage.
Usually, new life insurance coverage quotes get costlier as you get older. For the next protection quantity, your month-to-month prices may very well be decrease with a 10- or 20-year time period.
A ten-year plan is out there to all candidates between ages 21 and 54. It is a higher choice than a two-year plan if the next meets your wants:
- Larger protection quantities are cheaper than two-year protection
- Provides long-term monetary safety
- Glorious for a younger household
- Optimistic choice once you don’t qualify for 20-year protection
Your month-to-month prices might be costlier than a two-year plan for smaller protection quantities. My quote is $10 month-to-month for a $50,000 coverage and $24.16 for $500,000.
Bestow solely gives its 20-year plan for candidates between ages 21 and 45. After you flip 45, you possibly can solely select two-year or ten-year protection from Bestow. This selection can have the very best month-to-month value however have the bottom long-term value.
Listed here are the advantages of a 20-year protection time period:
- The longest protection interval from Bestow
- Could have the bottom long-term premium prices
- You pay the identical month-to-month premium for 20 years
It’s best to take into account a 20-year time period if you’d like the longest protection interval accessible. If you happen to develop a pre-existing situation throughout this time, you possibly can maintain your protection.
My month-to-month pattern quote for $50,000 in protection is $10.67 and $27.08 for $500,000. That is barely costlier than my 10-year quote. However, it’s probably cheaper than making use of for a second 10-year quote in a decade.
Professionals and Cons
- Get approval in 5 minutes. Bestow gives a remaining quote and completes the underwriting course of in minutes. Most life insurance coverage firms nonetheless require intensive evaluate to supply a remaining quote.
- No medical examination. Buy immediate protection with out getting a medical examination. Bestow is among the best methods to purchase life insurance coverage on-line.
- Stage time period life insurance coverage. You pay the identical month-to-month value on your protection interval.
- It may be tougher to qualify for. Life insurance coverage and not using a medical examination might be tougher to qualify for you probably have sure pre-existing medical circumstances.
- Have to be between ages 21 and 54 to use. Bestow is just open to U.S. residents between ages 21 and 54 years outdated. You may solely acquire protection by age 65.
- There might be cheaper choices. Some insurance coverage carriers might provide decrease charges in case you take a medical examination.
Who Ought to Apply For Life Insurance coverage On-line With Bestow?
Bestow is finest you probably have good well being and don’t need a medical examination. Having the ability to apply and buy protection in 5 minutes can also be a novel function. Only a few insurance coverage carriers could make an identical declare.
When you have pre-existing medical circumstances or take pleasure in high-risk hobbies, it’s possible you’ll not qualify for a Bestow coverage.
Bestow makes the applying course of simple to navigate. Few firms provide as much as $1 million of time period life insurance coverage and not using a medical examination.
If you happen to want life insurance coverage quick, a hassle-free quote from Bestow is sweet place to begin.
Do you have already got life insurance coverage? Can a life insurance coverage coverage provided by Bestow show you how to plan for the longer term?