With most Insurance Companies, the process of getting life insurance can often feel lengthy, tedious, and even invasive. Most companies require lots and lots of information. And the process might dissuade some from pursuing life insurance at all.
Some of you might be looking for an easy way to find a life insurance policy that will work for you without wasting your time and energy. This is where Bestow comes in. Bestow uses big data analysis in order to make the entire quote, application, and approval process as painless as it can possibly be.
Bestow is an online insurance agency (headquartered in Texas) designed to make life insurance easy and affordable with a consumer-first focus.
With Bestow, you can apply online and answer their questions in ten minutes instead of requiring medical exams or phone calls. They use an algorithm that scans data vendors. They use prescription history databases, motor vehicle reports, criminal history, and credit scores to verify your identity and assess risk in a much more efficient way without you having to visit their offices.
They offer one two different life insurance plans, with different minimum and maximum coverage.
The two life insurance coverage options plans, which include:
10 or 20 Year Coverage
The single or double-decade coverage plans involve a minimum coverage of $50,000 and maximum coverage of $1 million.
Their starting premium price is $8.13 per month.
The Bestow Application Process
Your very first step is to get a quote here. You’ll have to provide very simple information like state, height, age, gender, and weight. After this step, you’ll get an estimated premium amount that will adjust based on coverage term and amount. If you’re comfortable with the estimate, you can start an application where you’ll provide more details and get a final price upon approval.
Upon approval, you can expect other four simple steps in-order to complete your application.
- Basic identity information
Here, you’ll provide details such as your name, address, Social Security Number, phone number, email address, etc.
2. Details about your life and health
In this section, you’ll basically fill details about your life & health. After you’re done, you’ll need to sign an authorization for the release of your health information. After this step, you’ll be approved or denied within minutes.
3. Policy choice & beneficiaries
If you’re approved, you get to finalize your policy choices. Bestow can approve you for a coverage amount between $50,000 and $1 million.
Once you make your first payment, you officially have life insurance! Bestow only offers payment via credit card, Apple Pay, or Google Pay, which will be charged every scheduled payment day. You’re also eligible for a full refund if you cancel within 30 days. After 30 days, you can still cancel anytime without extra fees. You will remain covered for any period you’ve already paid for.
Restrictions on Policies Offered by Bestow
Bestow has quite a few life insurance policy restrictions based around age.
For instance, only those 45 years old or younger can purchase 20-year term life policies.
Additionally, both those under 21 and over 54.5 years old may not purchase any of the policies they offer.
While Bestow is available in 49 states, it is not available for those living in New York.
3. Personal Information
As with any life insurance policy, various other factors may lead to ineligibility such as a person’s build (weight, height, body mass index), amount of existing coverage, and other factors.
Of course, young and healthy applicants can get good rates from a lot of companies, so you might decide it’s worth shopping around. That means Bestow’s main edge comes down to the convenience