Millennials and life insurance, two things that you don't usually hear about in the same sentence. According to a recent survey, only 10% of Millennials have enough life insurance to cover needs if they die, putting their family at risk.
As a Millennial myself, I always thought about life insurance as a confusing and costly process. But that is no longer the case with modern technology companies like Bestow.
Bestow was created to give simple, affordable, and easy access to term life insurance. With premiums starting at only $10 per month, no medical exams and quick online application, getting life insurance may be one of the smartest things a Millennial can do in their 20s and 30s.
Best Life Insurance Companies
|
✔ MOST POPULAR
|
|
|
4.6
|
4.5
|
|
Ladder Life Insurance offers flexible, online term life policies with adjustable coverage, making it ideal for millennials seeking affordable and adaptable protection as their financial needs evolve.
|
Everyday Life Insurance provides personalized, adaptable life insurance plans that automatically adjust to your changing needs over time, ensuring continuous and appropriate coverage.
|
|
|
- No-exam term life insurance for coverage up to $3M
- Customizable your coverage to save money on premiums
- No policy fees and you can cancel anytime
- No-exam term life insurance for most clients with coverage up to $5M
- Same-day coverage
- Ethos term life insurance is renewable up to age 80
What is Bestow Life Insurance?
Bestow is an online-only life insurance provider that simplifies the process of getting term life insurance. Unlike traditional insurers, Bestow eliminates the need for medical exams, focusing instead on an application process that uses algorithms to determine eligibility based on factors like your age, health, and lifestyle.
Key Features of Bestow
- No Medical Exams: Bestow’s policies don’t require a physical, bloodwork, or long questionnaires. You answer a few health-related questions online, and the system does the rest.
- Affordable Rates: Bestow offers coverage starting as low as $10 per month, making it a budget-friendly option for younger adults.
- Flexible Coverage: Policies range from $50,000 to $1.5 million with terms of 10, 15, 20, 25, or 30 years.
- Quick Online Process: The application takes about 10 minutes, and you can be covered the same day if approved.
- Trusted Insurer: Policies are underwritten by North American Company for Life and Health Insurance, a reputable company with over 130 years in the industry.
Pros and Cons of Bestow
Pros:
- Convenience: The entire process is 100% online—no agents, no meetings, and no paperwork.
- Speed: Get approved quickly compared to traditional life insurance processes.
- Cost-Effective: Competitive rates for term life insurance policies.
Cons:
- No Permanent Policies: Bestow only offers term life insurance, so if you’re looking for whole life or universal life insurance, you’ll need to go elsewhere.
- Not Ideal for Older Applicants: Bestow caters to individuals aged 18-60, with stricter eligibility as you approach the upper age limit.
Who is Bestow Life Insurance Best For?
Bestow is ideal for:
- Young Professionals: If you’re just starting your career or family and need affordable coverage.
- Busy Millennials: The easy online process is perfect for those who value convenience.
- Health-Conscious Individuals: Bestow rewards a healthy lifestyle with lower premiums.
How to Get Started with Bestow
Applying for life insurance with Bestow is straightforward. Simply visit their website, answer questions about your health and lifestyle, and choose the coverage that fits your needs. In minutes, you’ll know if you’re approved, and you can purchase a policy immediately.
Is Bestow Life Insurance Worth It?
Bestow is an excellent option for millennials looking for affordable, no-hassle term life insurance. Its digital-first approach aligns perfectly with the lifestyle of tech-savvy young adults who prioritize convenience and transparency. While it’s not the right fit for those seeking permanent coverage or more complex policies, its simplicity and speed make it a standout choice for term life insurance.
Alternatives to Bestow Life Insurance
While Bestow is an excellent option for many, it’s always a good idea to compare alternatives to ensure you’re getting the best coverage for your needs. Here are two strong contenders: Ladder and Everyday Life Insurance.
1. Ladder Life Insurance
What It Offers: Ladder provides term life insurance with a unique “laddering” feature that allows you to increase or decrease your coverage as your needs change. This makes it a great fit for those who expect their financial responsibilities to evolve over time, such as paying off a mortgage or saving for their kids’ education.
Key Features:
- No Medical Exam: Like Bestow, Ladder skips the medical exam for qualified applicants.
- Flexible Coverage: Policies range from $100,000 to $8 million in coverage.
- Adjustable Coverage: Easily reduce or apply for more coverage as your financial situation changes.
- Fast Application: Apply online in minutes and get instant decisions for most applicants.
Pros:
- High coverage limits compared to other providers.
- Flexibility to adjust your coverage over time.
- Transparent pricing with no hidden fees.
Cons:
- Coverage starts at $100,000, so it may not be ideal for those needing smaller policies.
- Only available for individuals aged 20-60.
Best For: Ladder is a great choice for those who want high coverage limits and the ability to adapt their life insurance policy to changing financial needs.
🛡️ Guarantee Financial Stability for Your Loved Ones: Offer them the serenity of knowing they are financially secure, no matter what life throws their way.
🌟 Safeguard Their Well-being Beyond Your Lifetime: Rest easy with the assurance that your family will continue to thrive, even in your absence.
👉 Click here for a NO-COST consultation and unlock cost-effective solutions specifically crafted for your needs.
Don’t wait for the unexpected - act now and embrace peace of mind today!
2. Everyday Life Insurance
What It Offers: Everyday Life Insurance specializes in helping people find tailored policies that fit their unique circumstances. They focus on making life insurance accessible for all, particularly those with tight budgets or complex health profiles.
Key Features:
- Custom-Tailored Policies: Their platform analyzes your situation and recommends the best policy for you.
- No Medical Exam Options: Offers policies with simplified underwriting, meaning no exams for most applicants.
- Affordability Focus: Matches you with policies that fit your budget.
- Broad Eligibility: Caters to a wide range of applicants, including those with pre-existing conditions.
Pros:
- Personalized policy recommendations based on your needs and budget.
- Suitable for those with less-than-perfect health.
- Affordable options for a variety of term lengths.
Cons:
- Everyday Life acts as a broker, so you’ll need to work with the underwriting insurance company directly once matched.
- Limited control over which insurance provider you’re paired with.
Best For: Everyday Life Insurance is ideal for people who want a budget-friendly, personalized approach and are open to working with different insurance providers.
Everyday Life provides you with term life at a reasonable price. With little information, you may get a quote and decide whether or not to go forward. Even after you've obtained a policy, Everyday Life aims to make things simple by offering personalized customer service anytime you need it.
Bottom Line:
Bestow takes the stress out of buying life insurance, offering a streamlined process with affordable rates. If you’re a millennial who wants to protect your loved ones without jumping through hoops, Bestow is worth considering.
