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Find everything you need to know about this up-and-coming term life insurance option and how it can help you.
You may be asking yourself, “how much life insurance do I need?” Perhaps you have a decent idea of how much you need but no real plan on how to go about obtaining life insurance. Understanding how to buy life insurance is an important step in getting the financial protection you need in case something happens to you.
There are some people for whom Bestow is a better fit:
- People in transition from one job to another: Not having life insurance between jobs can be risky. If you have a family and children, having ample protection in case something happens to you is a must.
- People who are moderately healthy: Bestow doesn’t require you to go through a medical examination or have blood tests to get approved for coverage.
- People who need insurance quickly: If you want 10- or 20-year term insurance with up to $1 million of coverage, the online approval process is faster than trying to get term insurance the traditional way.
- People who are between 21–40: This age bracket wants simple coverage at an affordable rate. Parents, young couples and individuals this age want the simplicity of an online approval platform, and Bestow offers that.
- 10-Year Term insurance: Term life insurance for a 10-year span of time; includes up to $1 million worth of coverage.
- 20-Year Term insurance: Term life insurance for a 20-year timeframe; includes up to $1 million worth of coverage.
Bestow offers numerous term life options. Through its online approval process, you simply choose the amount of coverage you want and answer a few simple health questions. In just minutes, Bestow pulls information about you from available databases on the web with your permission and uses its intelligent algorithms to determine whether you qualify for coverage.
Bestow prides itself on offering a digitally-based alternative to the process of buying life insurance the old-fashioned way. It does this by pulling freely available information about you from a variety of databases. This can only be done with your permission using the information you entered on the application.
The process is surprisingly fast, owing to Bestow’s intelligent algorithms and thorough search capabilities. The system is smart enough to know how to make a fairly accurate decision about your approval based on a variety of factors, and a great deal of thought and attentiveness has contributed to making the process user-friendly.
The price you pay for life insurance depends on your age, general health, gender and whether or not you’re a smoker. For example, a 25-year-old female nonsmoker who wants 10 years and $50,000 worth of coverage would pay only $8 per month according to Bestow.
A healthy 27-year-old female nonsmoker can get a 20-year term for $34 per month, while a healthy 35-year-old man who doesn’t smoke can get covered for a decade for just $26 per month. Everyone’s insurance needs are different, which is why it’s a good idea to try out the online quote and approval process with Bestow. (This information is accurate as of 11/6/2019).
Overall, we’ve found Bestow to be a great value for the money if you’re in good health, a non-smoker and between the ages of 21–45.
Get a customized quote from Bestow here.
Filing a claim with Bestow is simple and straightforward. Bestow aims to process most claims within 10 days. Filing a claim with Bestow can be done in 3 simple steps:
- Fill out the online form
- Bestow then works with their insurance carrier to expedite claim processing
- As long as there are no disputes, the insurance partner contacts the beneficiary to get the relevant information in order to pay the claim
Bestow fills a specific need in the life insurance market: insurance for people within a specific age bracket who need term life insurance and are moderately healthy. The online application process has streamlined inefficiencies that can be found within the traditional life insurance buying process, planting Bestow neatly into a category of startups that shake up the status quo by adding greater efficiency and understanding.
With a simple application process and approval that can be completed in 5 minutes online, Bestow is a solid option for life insurance shoppers who are looking for a 10-year or 20-year short-term insurance plan without a lot of hassle or paperwork.
Bestow vs Competitors
Bestow offers 2 kinds of life insurance policies: 20-year level term policy or a 10-year level term policy.
Through its policies, you may qualify for up to $1 million in term life insurance. That may seem like a sizeable sum, but if you have a spouse and children, you have to consider the cost of things beyond your mortgage, such as daycare and eventually college, as well as the loss of wages over time.
Bestow uses its proprietary technology to underwrite your insurance policy, so the application process is much faster than with traditional life insurance companies. They’re also backed by Munich Re and North American Company for Life and Health Insurance, 2 A+ rated insurance companies.
Best For
- People who are looking for short-term life insurance
- Individuals who don’t want to go through the hassle of having a medical exam or blood work done to get coverage
- Plans start at just $8/month
- Decent coverage options if you need insurance quickly and without hassle
- Offers 2 types of plans; does not offer whole or universal life insurance policies
- The 10- and 20-year plans not available to users under 21 or older than 55
Ladder offers policies with no hidden fees, on-the-spot underwriting and a streamlined website. Coverage ranges from $100,000 to $8 million and you can adjust your coverage over time as needs change.
You can choose a 10, 15, 20, 25, or 30-year term. Ladder also offers up to $3 million in coverage without a medical exam — just answer a few health questions and complete the application to get an instant decision.
Ladder doesn’t impose policy, cancellation or processing fees and you can cancel at any time. Take three steps to get Ladder insurance:
- You can apply for life insurance coverage with Ladder right now via the online application.
- Find out whether you’re instantly approved.
- Accept your offer — including affordable prices and no hidden fees.
Its price lock guarantee ensures your premium won’t increase as your health changes and you age. Policies in New York are issued by Allianz Life Insurance Company of New York and in the other states and DC by Allianz Life Insurance Company of North America. You can receive a refund within the 1st 30 days if you’re unhappy with your coverage and you can cancel at any time.
Best For
- Term life insurance
- Online application
- Policyholders between 20 to 60 years of age
- Up to $8 million in coverage
- Price lock guarantee
- No policy fees
- 30-day money-back guarantee
- Adjustable coverage
- No policy riders
- Term life insurance only
Wyshbox is an online term life insurance provider offering flexible policy options available without a medical exam, just a few health questions. The company specializes in helping new policyholders choose a personalized policy fit. Wyshbox’s customer service team also helps policyholders’ beneficiaries communicate with creditors if their loved one dies.
Simple, straightforward and budget-friendly, Wyshbox is a strong option for entry-level life insurance applicants. Most users will also be able to apply in less than 10 minutes, making it a great choice for anyone in need of fast coverage.
Best For
- Term life insurance shoppers
- Anyone who doesn’t know what death benefits to choose
- Younger life insurance applicants
- Flexible term policies with death benefits up to $2.5 million
- No medical exam necessary to apply
- Enhanced customers service to help loved ones manage policy if policyholder dies
- Customer service team available through multiple channels
- Policies not available to those over age 50
Haven Life is an innovative life insurance agency that offers a simple way to obtain term life insurance for those between the ages of 18 and 64. You can choose a term length of 10, 15, 20 or 30-years. What’s unique about this term life insurance is the way you can complete an application online and, if approved, digitally purchase coverage.
Haven Life is backed and wholly owned by Massachusetts Mutual Life Insurance Company, a trusted A++ business. You’ll get a user-friendly experience from Haven Life and enjoy MassMutual’s financial strength. Haven Life focuses on personable customer service (it has a rating of 4.8 out of 5 stars) and convenient modern technology.
Best For
- Those looking for a digital buying experience
- Relatively healthy individuals with no preexisting conditions
- Individuals under the age of 64
- Those looking for affordable premiums with robust coverage and additional benefits
- Simple application process
- Instant decision on coverage. If approved, it can start immediately
- May not need a medical exam
- Competitive rates, more affordable than industry averages
- Excellent customer support
- No permanent life plans offered
- Higher rates for preexisting conditions
- No coverage if you’re over 65
Frequently Asked Questions
Is Bestow Life Insurance legit?
Bestow Life Insurance is a legitimate company. The company is BBB-accredited with an A+ rating.
Does Bestow Life Insurance Have a Waiting Period?
Bestow Life Insurance gives you instant approval and has a quick online process. There is not a long waiting period.
The post Bestow Life Insurance Review by Eric Huffman appeared first on Benzinga. Visit Benzinga to get more great content like this.
