Life insurance is confusing. We get it. With so many options out there, it’s hard to figure out where to even start. Chances are, if you’re reading this you have questions, too.
Fortunately, you don’t have to do this alone. Every day I answer phone calls, chat messages, and emails from customers who want to buy life insurance coverage but don’t know the best way to go about it. There’s no shame in that. There’s a reason why insurance agents and brokers need to have a license to sell policies to customers — it’s a complicated topic!
Often times, we hear this: “I don’t know what questions to ask.”
If that’s you, you’ve also come to the right place! Here you’ll find the top questions people just like you are asking.
What Kind of Life Insurance Does Bestow Offer?
Bestow offers term life insurance. A term life policy is as easy as 1-2-3.
- Choose a term (2, 10, or 20 years),
- Select a coverage amount ($50,000-$1 Million), and
- Pay a set monthly premium throughout the duration of that term.
Policies offered by Bestow have level premiums, which means your monthly payments will never change as long as your policy is in force, no matter what your term length is. So lock in your rate today!
Does Bestow Offer Anything Longer than 10 or 20 Year Policies?
At this time we only offer 2 year, 10 year, and 20 year term policies. The 20 year term is available for those under 45 years old. We are working to add longer term options soon so stay tuned! In the meantime, you can always reapply for another great policy from Bestow at the end of your term.
How Do I Know I’m a Good Fit for a Bestow Offered by Policy?
If you’re in generally good health and between the ages of 21 and 55, a policy offered by Bestow might be a great fit for you. Our application provides an underwriting decision instantly, so you don’t have to wait weeks whether to find out whether you’re approved for coverage.
What is the Application Process like with Bestow?
Bestow’s 100% online application process has four simple parts:
- Your basic identifying information: email, address, and Social Security Number.
- Your life. This includes citizenship, medical history, lifestyle, and hobbies.
- Beneficiaries. This is whoever would receive the death benefit in the event of the insured’s death.
- Policy and payment details. If approved, choose the coverage amount and term length, then enter credit card info to purchase and bind the policy.
It’s as easy as that! Within 10 minutes, you could be the proud owner of a new life insurance policy.
Is a Medical Exam Required to Get a Policy Offered by Bestow?
Not with Bestow. A medical exam helps an insurance company double check how healthy you are. Instead, Bestows underwriting engine checks your health with big data and technology, which saves you time and money. We’ve partnered with third-party agencies to gather information in order to assess your risk and eligibility for a life insurance policy — instead of paperwork, medical exams, and lab tests. Here’s a detailed explanation of how Bestow works.
How Is Bestow Different Than Other Insurance Companies?
Bestow’s application process is entirely online. Seriously, 100%. Many companies offer an indicative quote online but then refer applicants to an agent in order to finish the application process. Other online life insurance companies may still require a medical exam for certain coverage amounts or applicants.
We’ve completely re-engineered the buying experience for term life insurance to be super simple and more affordable. Apply and get an instant decision in less than 10 minutes. Unlike other online life insurance providers, we underwrite the policies we offer in-house with our own technology — accelerated underwriting. Our data and technology allows us to help our customers with just about any request.
What is Accelerated Underwriting?
Think of this accelerated, algorithmic underwriting as our secret sauce. We use that big data and our proprietary technology mentioned above to determine your risk and eligibility instantly.
What Determines How Much I’ll Pay For Life Insurance?
Your level of risk is what determines your premium and monthly rate. Risk is the likelihood that an insured event (in this case, death) should occur during the policy term. The higher your risk, the more you will likely pay.
Life insurance risk factors include basic information about you (like your age, height, and weight) in addition to things like your medical history and lifestyle. But each insurance company has their own underwriting process — that’s the process by which an insurance company determines whether it can accept an application for life insurance, and if so, on what basis so that the proper premium is charged. Here’s more information on life insurance risk and underwriting.
What Is the 30-Day Money Back Guarantee?
It’s a 30-day free look period to examine your life insurance policy to see if it meets your needs. If you cancel your policy within the first 30 days, you’ll receive a refund.
How Can I Trust you? You’re a Startup.
Our policies are issued and backed by A+ rated (superior) industry giant North American Company for Life and Health Insurance®. They’ve been around for over 100 years. So, if anything were to happen to Bestow, your policy is well taken care of. But don’t worry, we aren’t going anywhere.
How Can I Trust My Beneficiary Will Get Paid?
North American Company for Life and Health Insurance® is the insurance carrier for Bestow policies and pays the claim. Bestow will be there to walk whoever is making the claim through the process and answer any questions.
What Happens If I Die During My Term?
Should you pass away, your beneficiary will contact Bestow to get started on the claims process. A Customer Care Advisor will walk them through the process and answer any questions while North American Company for Life and Health Insurance® processes and reviews the claim.
In most cases, life insurance policies will have a two-year contestable period where the insurance company may investigate the cause of death and review the information provided on the application (only if there’s a reason). If information is found to be false or inaccurate, the insurance company can deny the payment of the life insurance benefit.
What Happens If I Don’t Die?
Cheers to good health!
Term life insurance policies do not build cash value like a whole life policy does, so if you outlive your policy term, you won’t get anything back. It’s similar to auto and home/renters insurance policies in that way. However, the benefit of term life insurance is that it’s much more affordable.
Term life policies do not renew; at the end of your term, you can re-apply for a new policy.
What If I Still Have Questions?
No worries. We got your back. You can contact our Customer Care Team in three different ways:
- Give us a call at 1-833-300-0603
- Ask us a question via chat, that little box floating about the page.
- Send us an email at firstname.lastname@example.org, and a Customer Care Advisor will get back to you. Please do not include personal information, like your Social Security Number.
Or if you prefer a DIY approach, you can check out our Bestow FAQ.
There’s no such thing as a silly question, so don’t hesitate to reach out. I’m happy to help.
Bestow policies are provided by North American Company for Life and Health Insurance®, an insurance carrier rated A+ (Superior) by A.M. Best. Limitations or restrictions may apply.