Bestow Life Insurance Review

Simplified term life insurance policies

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Bestow

 Bestow

overall rating
3.3

Our Take

Founded in 2016, Bestow is a relatively new startup that aims to make life insurance simpler and easier. Offering only term life policies, Bestow allows you to get quotes and apply for insurance online. If approved, your coverage can start within minutes. However, it has limited coverage amounts and no insurance riders at all. For individuals looking for more comprehensive insurance options, you may need to find another company.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • 30-day money-back guarantee

  • No medical exams required

  • Get quotes and apply for coverage online

Cons
  • Limited coverage amounts

  • Only term life insurance available

  • No insurance riders available

  • Policies not issued to residents of New York

Key Takeaways
  • The company was founded in 2016 and is based in Dallas, Texas
  • The insurer only offers term life insurance
  • Customers can get coverage without a medical exam
  • Policies are underwritten by the North American Company for Life and Health Insurance
  • Bestow does not issue policies to residents of New York
Company Overview

Based in Dallas, Texas, Bestow is a life insurance company that allows individuals to get coverage without a medical exam. It only offers term life insurance with five term options, so it is best for those looking for basic insurance protection. 

Bestow’s life insurance policies are issued by the North American Company for Life and Health Insurance, a major insurance company. Bestow’s policies are sold in all states except for New York. 

  • Year Founded 2016
  • Kinds of Plans Term life insurance
  • Number of Plans 1
  • Payment Plan Options Annually, monthly
  • Customer Service Online
  • Phone 833-300-0603
  • Official Website www.bestow.com

Bestow is not one of our top-rated companies that offer life insurance. You can review our list of the best life insurance companies for what we think are better options.

Pros Explained

  • 30-day money-back guarantee: Many companies offer 10-day free look periods where you can review and cancel your policy and get a full refund. Bestow takes it a step further with a 30-day guarantee. If you cancel your policy within 30 days of issuance, you’ll get a full refund. 
  • No medical exams required: When you apply for life insurance, you typically have to undergo a medical exam. However, Bestow eliminates that requirement with simplified underwriting. 
  • Get quotes and apply for coverage online: Instead of having to call or meet with an insurance agent, you can get rate quotes and apply for term insurance entirely through Bestow’s website. 

Cons Explained

  • Limited coverage amounts: Bestow offers a lower coverage range than other companies. Through Bestow, you can only get $50,000 to $1.5 million in coverage. 
  • Only term life insurance available: While others sell whole and universal life policies in addition to term life policies, Bestow only offers term life insurance. 
  • No insurance riders available: With most life insurance policies, you can add riders to your policy to customize your coverage. However, Bestow does not offer any riders. 
  • Policies not issued to residents of New York: Bestow is available nationwide, except to residents of New York. If you live in New York, you’ll have to work with another insurance company to get life insurance. 

Available Policies

Bestow’s focus is on simplified term life insurance. It allows you to get quotes for policies online and apply for coverage through its website, and Bestow does not require medical exams. It has only one type of life insurance policy. 

Term Life

As a generally affordable form of life insurance, term life insurance is a popular option. When you purchase a term life policy, you get coverage for a predetermined period. If you die within the policy’s term, your beneficiaries receive a death benefit. However, if you die after the covered term ends, your beneficiaries will receive nothing. 

Through Bestow, you can get a term life policy with a benefit between $50,000 and $1.5 million, and you can choose a term length of 10, 15, 20, 25, and 30-years. 

You can apply for coverage online and, if approved, your coverage can begin within minutes. 

Available Riders

Many insurance companies have insurance riders, or endorsements, you can add to your policy to personalize your coverage. For example, many companies have accelerated benefit riders that allow you to access a portion of your benefits while you’re still living if you are diagnosed with a chronic or terminal illness. 

However, Bestow does not offer any riders, so you don’t have access to those benefits. If you’re looking for an accelerated benefit, waiver of premium, or children’s term rider, you’ll have to apply for coverage from another company. 

Customer Service

If you need assistance applying for coverage or managing your policy after approval, Bestow has multiple customer service options. 

You can call 833-300-0603 to speak to a representative, or you can use its live chat feature to get immediate help. You can also email team@bestow.com

Bestow has a member portal where you can view policy documents, make payments, and change your beneficiary. Claims can also be submitted online. 

Complaint Index

Every year, the National Association of Insurance Commissioners releases company complaint ratios. The ratio reflects the number of complaints companies receive relative to their share of the insurance market. A company with a ratio above 1.0 received more complaints than is typical, while a company with a ratio under 1.0 received fewer complaints. 

As of 2019, North American’s complaint ratio for its individual life insurance segment was 0.68, better than the national complaint index. 

Third-Party Ratings

Bestow has a strong reputation and is backed by a major insurance company. 

North American, the company that issues life insurance policies to Bestow customers, has an A+ (Superior) rating from AM Best. A high Financial Strength Rating from AM Best indicates that the company is financially sound and is able to meet its policy and contractual obligations, meaning it will be able to pay out claims. 

Neither Bestow nor North American Company for Life and Health Insurance is included in the J.D. Power 2020 U.S. Individual Life Insurance Study. 

Cancellation Policy

With many insurance companies, you have a 10-day free look period after the policy has been issued. During the free look period, you can cancel your policy without penalty and get a full refund. 

With Bestow, you have a 30-day guarantee. If you cancel your policy within 30 days of its issue, you’ll get a full refund. 

After the 30-day period, you can cancel at any time without paying cancellation fees. However, you won’t receive a refund of premiums you paid. 

Policies cannot be canceled online. To cancel your policy, call customer service at 833-300-0603. 

Price

In terms of pricing, Bestow’s policies are slightly above average. Because Bestow doesn’t require medical exams, its policies tend to be more expensive than medically underwritten policies. 

We received quotes for $250,000 policies for 35-year-old men and women in excellent health to help you compare Bestow with other term life insurance policies.

  35-Year-Old Woman 35-Year-Old Man
10-Year Term $15.17 $24.33
15-Year Term $18.08 $24.75
20-Year Term $21.42 $28.92
25-Year Term $29.33 $40.17
30-Year Term $37.67 $54.75

Like all companies, Bestow requires you to select either “male” or “female” when completing an application for coverage. While being nonbinary doesn’t disqualify you from getting life insurance, you should know that many companies haven’t updated their underwriting processes to reflect a current awareness of gender issues. 

Competition: Bestow vs. Prudential

Because Bestow, through North American Company for Life and Health Insurance®, has limited coverage options and no riders, we compared it to Prudential, our pick for the best overall life insurance company. 

Unlike Bestow, Prudential offers term, whole, and universal life policies. Prudential has higher coverage amounts, allowing you to get up to $10 million in life insurance coverage. 

Prudential also has a wide range of insurance riders you can use to enhance and customize your coverage. You can add accelerated benefits, estate protection, and waiver of monthly deductions online. 

Another aspect that gives Prudential the edge over Bestow is its customer service. With Prudential, you can consult with a financial professional to discuss your insurance needs, helping you make an informed decision based on your financial goals.

  Bestow Prudential
Market Share Not applicable Third-largest in the U.S., 7.8%
Number of Plans 1 11
Dividends for 2020 Not applicable $1.15 per share (as of May 25, 2021)
Wellness Program Discounts/Quit Smoking Incentives Not applicable Not applicable
Service Method Online Financial professional, online
AM Best Rating A+ (Superior) A+ (Superior)
Verdict

If you’re looking for basic term life insurance coverage and don’t want to undergo a medical exam, Bestow offers a quick and convenient solution. You can get rate quotes and apply for uncomplicated coverage online. 

However, those who are looking for more robust or customizable options will need to look elsewhere. If you want higher coverage amounts, permanent life insurance, or insurance riders, you’ll have to work with another insurance company.

How We Review Life Insurance Companies

Our reviews of life insurance companies are based on a quantitative approach that analyzes each insurer on its stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with those of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation. 

Learn more: Read our full Life Insurance Methodology.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. NAIC. "Complaint Index - North American Company Life & Health Insurance." Accessed August 6, 2021.

  2. AM Best. "AM Best Affirms Credit Ratings of Sammons Financial Group, Inc. and Its Subsidiaries." Accessed August 6, 2021.

  3. J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed August 6, 2021.