I got a $500,000 life insurance policy online in minutes, and it only costs me $22.50 a month
- I put off getting life insurance for years, but after watching my husband go through the process, I finally decided to take the plunge.
- I didn't want to endure what he did, though - a medical exam, faxing paperwork, and more - so I looked for an easier option online and landed on Bestow.
- Bestow provides term life insurance online in minutes using an algorithm, no in-home exam required. Now, I pay $22.50 a month for a half-million dollar policy.
- Get your own Bestow life insurance policy today starting at $5 a month »
Earlier this year, my husband took out a life insurance policy for himself, but the process was long and cumbersome, involving scanning and faxing paperwork plus an in-home medical exam.
To avoid going through the same hassle, I did some research and discovered Bestow, an online term life insurance company that advertises affordable life insurance in about five minutes.
I'd been dragging my feet on getting life insurance, but as a financial contributor to my household, I needed to take the plunge. Plus, I realized the younger and healthier I am when applying for coverage, the better offer I'd receive.
Here's what happened at each step of the process.
What Bestow's application process looks like
After you sign up for an account with Bestow, you can complete the application process, which really does take just a few minutes.
It's broken into three sections: personal info, health info, and lifestyle info.
First, I answered basic questions about my height, weight, and medical history. Since I don't have any pre-existing conditions, this part was pretty straightforward. If you've experienced recent medical issues, your results will likely vary.
Here's an example of some of the conditions Bestow asks about:
After I completed the personal and health info sections, I moved onto lifestyle questions. These were simple as well, asking where I was born and if I had any travel plans outside of North America in the next 12 months.
If you're an adventurer, you might get hung up in this section. For example, Bestow also asks about your plans to:
- Pilot an airplane
- Deep-sea scuba dive
- Mountain climb outdoors without specific gear
Presumably, mortality rates go up in these scenarios, which can jeopardize your approval for a life insurance policy.
The lifestyle section also asks for income information and any previous conviction history.
The income section asks how you're paid (i.e. annually, monthly, or hourly) and then asks how much you earn in that amount of time. The application rounds out with inputting your driver's license information.
What happened when I submitted my application
When I finished filling out my Bestow application, I was surprised that the underwriting process actually took just a few minutes.
Bestow uses algorithmic underwriting, which assesses your application information along with external data to provide you with your personalized life insurance policy offer.
Most traditional life insurance companies use a person to underwrite policies, which slows down the process.
Bestow's algorithm accesses a variety of resources to verify your application, including:
- Identity verification
- Prescription history databases
- Motor vehicle reports
- Financial data (don't worry - your credit score isn't impacted)
After a few minutes of waiting, I received a life insurance policy offer from Bestow.
This initial offer is exactly what I was looking for: a $500,000 policy for 20 years. I was also happy with the monthly payment amount, so I accepted the policy and entered my payment information to be billed monthly.
If you want a different coverage amount or term length, you can make adjustments before accepting. In addition to longer 10- and 20-year plans, Bestow also offers short-term plans for just two years, ideal for anyone going through a life transition like a new job search.
Managing my policy and beneficiaries is easy and convenient
Immediately after confirming my policy, Bestow led me to a personalized dashboard where I can access all of my policy documents in one place. I can also download and print them out to have on hand in case something happens to me.
Bestow also makes it simple to add a beneficiary to the life insurance policy. I added all of my husband's contact information to make it easier for him to navigate if I'm not around.
After dragging my feet on getting life insurance for the last several years, it's now one less thing nagging at the back of my mind. Obviously, I hope my policy never has to come into use, but I'm happy to know my husband and I are both covered to protect each other and our kids in the event something happens to either one of us.
Bestow offers affordable term life insurance online. Get a policy in minutes today »
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