Of the companies out there that provide life insurance without the need for a medical exam, Bestow is the best. What we like most about this relatively new company is that they are backed by the North American Company for Life and Health Science, which is a company that was formed in 1886. Bestow also holds the core values of being affordable for everyone, convenient to use, and smart so that they provide their customers with the best insurance products. Taking out life insurance with them is a straight forward process and can be done online at Simply Insurance.
Why We Like This Company
Life insurance with Bestow is available for individuals aged between 21 and 55, and provides coverage amounts ranging between $50,000 and $1,000,000. At present they do not offer coverage to those individuals in the states of Georgia and New York. For prices up to $100,000 no physical medical examination is required. They even offer rates to both smokers and non-smokers, although these rates will obviously differ greatly. During the quick and simple online application process with Bestow, all that you are required to input is an e signature. Also, because the company uses an accelerated underwriting system it means that there is no waiting period come submission of your application. Should you need a shorter term of coverage, they offer a two-year option, which is much shorter than the traditional 10 year and 30-year policies.
A two-year life insurance policy may be useful to those individuals who suddenly find themselves working in a more dangerous job or for those undertaking a dangerous adventure or expedition, such as travelling around the world or climbing Mount Everest. The longer terms are suited to a wide range of individuals, including owners of recreational vehicles (RVs), freelancers, single parents with children, and single young adults.
RV Owners Don’t Get Left Out
With RVs now costing around $100,000, owners need to make sure that the family that they leave behind have enough funds to keep paying the monthly down payments on the vehicle. This is especially important if it is lived in full time and used as their primary place of residence. Because someone that works as a freelancer is responsible for all personal costs and is not covered by an employer, it means that should they pass away and their income stop, those family members who are left behind would have no or little income depending on if that person was the main income earner in the family.
Those single parents who have young children need a good life insurance policy in place so that their dependents are fully covered should they ever unexpectedly pass away. If someone else begins looking after these children, then $100,000 should be enough to cover the cost of doing so. But, just because someone does not have any dependents does not mean that they do not have to cover themselves for when they eventually pass away.
After all someone will have to pay for the funeral and cover any debts that the individual may have. With $100,000, family members should be left with enough to at least cover the cost of burying the individual, which now costs an average of $10,000 here in the United States.
There are a range of other things that have not already been mentioned for which $100,000 can be used to pay for or pay off. These include things like personal debt, mortgage payments, automobile payments, credit card bills, insurance policies, daycare, college books, and grief counselling.
The amount that an individual can expect to pay for this level of life insurance coverage varies from person to person and is based on a number of factors. However, the main two are the person’s age and their sex. For instance, life insurance for women is much cheaper than what it is for men, as they tend to live longer than the opposite sex. Similarly, it is also cheaper for younger people than older people for obvious reasons. These factors are reflected in the average cost of life insurance coverage with Bestow; a 20-year-old female will pay just $8 per month, whereas a male of the same age pays $10 a month. For the same level of coverage, a 44-year-old female would pay $15 a month, whereas a 44-year-old male would pay $17 per month.
Quick and Fast Process
The main reason why you can get life insurance with Bestow so quickly is, of course, because they can give it to you without the need for a medical examination. However, there are several other things that the company does in order to speed up the whole process. This includes generating just a couple of reports as part of the approval process. The first one of these is a motor vehicle report and it checks to see if you have any DUI’s or DWI’s against your name or if you have ever had your driver’s license revoked. Bestow will not insure you if you currently have a suspended license.
By getting your life insurance through a company that does not need to perform a physical medical exam on you, you are removing the need to wait weeks or even months to get it. In fact with most insurance providers, you are able to get your application approved very quickly. With some you can go from quote, to application, to approval, and pay for the policy within the space of just 5 minutes. In addition to there being no physical exam, the whole process is also sped up due to the fact that there are only three reports required to be pulled on you.
The next of these reports is a prescription drug report. This checks to see that all of the personal information that you provide in your application relating to medication that you currently take is accurate and up to date. The report pulls up the last seven years of your prescription records. Should you claim that you take no prescribed medication, but the report shows that you do, then this puts a red flag against your name and may damage your chances of being insured with Bestow.