The best time to buy life insurance is probably the time in your life when you’re thinking the least about buying life insurance: while you’re young and healthy and can require low costs.
We realize buying life insurance chimes B-O-R-I-N-G. It might even seem difficult if this is your first time. And, regrettably, this is one more workplace benefit that’s disappeared as companies change money in our pockets with espresso bars and hope we don’t notice.
But online life insurance companies have swept in, curved their mystical technology sprigs, and induced buying life insurance as easy and immediate as a quiz to be informed about which Olsen twin is your spiritual doppelganger( curveball: It’s their little sister, Elizabeth ).
Bestow is one of the top online life insurance companies, and it furnishes straightforward and cheap life insurance for those of us who’d very not “ve been thinking about” it.
Here’s our outage of what you get with Bestow and how to decide whether it’s right for you.
What Is Bestow Life Insurance?
Bestow is an online life insurance company that helps clients find, buy and oversee call life insurance policies through a fast, online application and portal. It expends data and neural networks to make faster decisions on applications, eliminate the need for medical exams and simplify the process of finding and buying life insurance policies.
Our Bestow Review: At a Glance
Policy Term Coverage $50,000 up to $1.5 million
Calls 10 or 20 times
Premiums Starting at $16/ month
Eligibility Age 21 through 55 -1/ 2; no crimes; no cancer diagnosis or medicine within 10 times
Bestow life insurance products are straightforward and simple to set up if you qualify. Here’s what you get when you sign up.
Term Life Insurance
Bestow furnishes term life insurance policies. Policies with a 10 -year term are available for customers of any age, and 20 -year plans are available for anyone under 45 years old.
Bestow’s policies cover most situations, though all policies eliminate fatality from suicide within the first two years of coverage, which is typical of life insurance policies.
Exercise and Sign up Online
You don’t have to talk to anyone or stay an office to get Bestow life insurance. You were applicable and sign up online in minutes.
The process starts with a quote tool, where you’ll enter your gender, birthdate, summit, value, and regime of residence to get an estimated monthly proportion for the word and coverage you want.
Like it? Continue to officially apply. Don’t like it? No commitments; you can move on.
The actual employment includes questions about your health and life-style — for example, whether you smoke or experience activities like skydiving. If you’re approved, you’ll investigate a recommendation for coverage amount and monthly rate.
The process doesn’t include the dreaded physical exam. Instead, Bestow relies on data dealers that use the information you enter to verify your identity and conducted an investigation into things like drug biography, motor vehicle reports and financial data to determine your grade of hazard — and, hence, your monthly rate.
Your message is totally secure and confidential. Bestow’s marketers complies with regulations on health and financial results, and Bestow abuses manufacture standard defence to encrypt and protect your information. You’ll likewise be motivated throughout the application process to consent to data retrieval, so you’ll know anytime the company is sounding into your data.
You can offset your policy within the first 30 eras after buying it and get a full rebate of that first month’s premium. Your coverage will likewise purpose immediately.
You can nullify your programme anytime after the 30 eras without a indemnity, as well. In that case, your coverage will be pursued through a 60 -day grace period from your last payment date.
Bestow constructs the cancelation process painless, so don’t be afraid to try it out. In its FAQs, the company countries, “We won’t guilt trip you to stay … you do you! ”
Backed by A+ Rated Carriers
As a technology companionship, Bestow doesn’t technically topic life insurance policies itself. Its programs are issued by North American Company for Life and Health Insurance( NAC ), and reinsured( i.e. backed up) by Munich Re.
Both NAC and Munich Re are A.M. Best A+ -rated carriers, an industry-standard rating that mean they never welch on paying their claims.
If you already have a policy with another insurance company but you’re liking what Bestow has to offer, you can purchase a substitution programme — which is just what it sounds like.
Replacement programs come with some complications and concerns for “the consumers “, including hitting restart on the two-year exclusion of coverage for extinction from suicide.
Bestow’s process moves you through questions to decide whether it’s the liberty move for you. And, because you’re not dealing with a live insurance agent , no one will push you into a policy that’s not right for you just for the commission.
Replacement programs aren’t available in Florida, Georgia, Indiana, Kansas, Michigan, Nevada, Oklahoma or Wyoming.( Bestow’s regular period live policies are available everywhere in the U.S. except in New York state .)
Premium Grace Period
If life happens and you miss support payments, you’ll get a reminder and you can make it up within 60 epoches past the due date before your policy is cancelled. If you can’t establish the pay within 60 days, your plan will be cancelled, but you can always purchase a brand-new one in the future to start your coverage again.
Online Member Portal
When you apply, you’ll enter your email address and designated a password. That generates your account for Bestow’s Member Portal, where you can see and modernize your recipient message, money, and contact information.
How Much Does It Cost?
Bestow volunteers 10 – or 20 -year term lifetime programs with coverage between $50,000 and $1.5 million. Fees start at $16 per month and are dependent on your risk factors.
Bestow’s biggest have committed themselves to customers is simplicity.
That comes with a lot of benefits that eliminate the botherings of life insurance companies of yesteryear, but it also comes with impediments that could be a dealbreaker depending on your financial positions and assurance needs.
Pros No sales representative. No pique to anyone who works in auctions, but, customer alerting !, their chore is to get you to buy something. Bestow’s online application is designed to help you experience the privilege coverage for your loved ones, and there’s no one staring you down and pushing the upsell while you’re trying to acquire your decision. Wink coverage. Paraphrases take exactly a few seconds, and working takes about five minutes. Your coverage begins as soon as you build your first monthly payment, which you can do as soon you’re approved and you sign on. All online, from anywhere.
Fixed premiums. Your monthly remittance will never vary. You’ll agree to the amount when you purchase your policy, and that’ll be your fee through the part period of their own policies. No medical exam. Bestow checks the info you equip on your employment against health and fiscal databases and influences your risk with “predictive models”( statistical tech wizardry ), so you don’t have to get a medical exam.
No equestrians. A life insurance rider adds coverage or special words to your life insurance policy, and they usually add to the cost of your fee. Bestow doesn’t offering riders, so you can’t customize or expand your coverage like you might be able to with another provider.
No return on premiums. Some life insurance companies give a “return on premium, ” usually as a rider, that lets you recoup some or all of the costs of your program at the end of your call if no one made a claim( i.e. you didn’t die ). Bestow doesn’t give this option, so your plan simply expires at the end of the term, and your fees are a sunk cost.
Plans are non-renewable. At the end of your policy’s term, your coverage dissolves. If you want to continue coverage, you’ll have to re-apply and prepare to purchase a brand-new programme. Depending on your senility or health events at the time, this could mean you no longer qualify for coverage through Bestow. While renewable call life insurance isn’t common in the industry, some providers offer the alternative( typically with an added cost ).
No whole or universal soul programs. Bestow simply sells term animation programmes of ten or 20 times. If you’re looking for any kind of permanent life insurance policy, this isn’t the provider for you.
Bestow Customer Service
Users report excellent customer service from Bestow — if you have to actually get on the phone with person. Before contacting customer care, you can probably find answers to most of your questions in the company’s extensive, easy-to-understand and even friendly FAQs.
If you need to speak with a human at any time with any matter concerning your work, guarantee needs or plan, you can reach a Bestow customer care rep at 833 -3 00 -0 603.
FROM THE INSURANCE FORUM
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10/19/ 20@ 1:29 PM
Is Bestow Life Insurance For Me?
A general rule for life insurance eligibility is that you need to be relatively young, relatively health; and absolutely not a racecar operator, skydiving supporter or a smoker.
Your application and Bestow’s tech wizardry will determine whether you qualify and how much you’ll pay, but the company listings these eligibility requirements up front 😛 TAGEND
You’re between 21 and 55 1/2 year olds. You’ve never been convicted of a crime. You haven’t been medically diagnosed or discussed for cancer in the past 10 years.
Even if you gratify these requirements, your work could still be denied based on other state points, diagnoses, medical conditions or existing life insurance coverage.
If you’re asking, “Do I even need life insurance? ”, here are some circumstances that should be used shape you consider going covered 😛 TAGEND
Anyone depends on your income for their basic needs, including a marriage, marriage, parent education adolescents. Most parties first buy life insurance when they get married or have kids. You have co-signed credits, a mortgage or private student loans, all pays that could fall on someone else after you die.
You expect to have a pricy funeral, which could be a monetary headache to your loved ones.
You own a business with employees. If your business would disappoint or falter without you, you could name employees as beneficiaries to keep them afloat in case you die.
Life insurance could also help cover estate taxes for your heirs. But if you’re dealing with an possession large enough to trigger the tax, your life insurance needs may be more complicated and higher-dollar than Bestow coverings, so this company probably isn’t the right fit.
Dana Sitar (@ danasitar) has been writing and editing since 2011, extending personal finance, business and digital media.
This was originally published on The Penny Hoarder, which improves millions of books worldwide give and save money by sharing unique job opportunities, personal fibs, freebies and more. The Inc. 5000 graded The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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