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Everything You Need To Know About Life Insurance

When I was younger, I used to be the shirtless headbanger at rock concerts – so I was not the type of person who'd ever thought about getting life insurance.

Things change, people age and put on shirts, and I got to a point where I had a wife and a family, and it was something I really needed to think about.

The whole process of buying life insurance was overwhelming at first, but I dove into research and found an excellent experience with Bestow.

Bestow provided life insurance for me in under 5 minutes and started at $5 a month.

I looked at sooo many companies first, though. If you know at the back of your mind that life insurance is something you need, keep reading.

Here are the 5 things you need to learn about life insurance before choosing a plan.

1. Term Vs. Whole

The first thing I kept seeing pop up was the decision between term or whole life insurance.

Term Life Insurance provides death benefits. It's purchased for a set time period, such as 5, 10, or 20 years.

If you pass while the policy is in effect, your beneficiary will receive the full amount you have set aside. It needs to be renewed once it expires, or it no longer applies. Bestow offers term life insurance for 2 year, 10 year, or 20 year terms.

Whole Life Insurance provides death benefits as well as a cash percentage that accumulates during the lifetime of the policy. It covers you for life and typically has higher monthly premiums.

2. What You'll Be Asked

Both types of policies typically require a health exam. However, it is possible to get a policy without one (very helpful if you don't like taking unnecessary blood tests!). Bestow's term plans don't require a blood test – you'll be required to submit your medical records and answer questions about your lifestyle, like your tobacco use.

3. Who Can't Get Life Insurance

If you're a rock climber or scuba diver, you're probably going to have some trouble. You'll also encounter difficulty or high premiums if you smoke or have certain chronic illnesses, like HIV.

4. The Cost

In general, whole life is more expensive. Bestow's premium was the least expensive starting point I'd ever seen – at $5 a month. Typically, a healthy younger person may see premiums of around $25 a month.

Also, big tip: if you're younger, it makes sense to get a policy now because your premiums will be lower. When you reach a certain age, it can become too expensive or even impossible to get life insurance.

5. Online Vs. Over the Phone

I was expecting the sign-up process to be super detailed and include many phone transfers between different people. Seriously, I was shocked when, after submitting my online application with Bestow, there was only a short wait followed by an approval! I didn't need to speak with a human being unless I wanted to (Gen X, here). Many companies will require phone calls and overwhelming paperwork, but only a few like Bestow are completely online and have the option to use the chat feature.

After all my research, I was confident Bestow was a good choice for me at this time in my life. Now that I'm signed up, I never have to think about it. This has been a huge weight off my shoulders that I didn't even know was there, and I'm so grateful.

Learn more about Bestow today and protect your loved ones no matter what happens.

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I Never Thought I Could Afford Life Insurance Until I Discovered Bestow

It was a Tuesday. I was crossing the street in the middle of the block, stepping out from behind a beat-up old delivery van, when a truck came barreling towards me. It whipped by with centimeters to spare, causing my life to flash before my eyes.

I had to sit down on the curb, I was that rattled. I didn't know where my head was at. Actually, I do know. Recently, I'd been downsized at work, so now I'm a self-employed CPA with a wife, a mortgage, twin boys under five, a border collie, and no life insurance. My wife, Julie, is a contract employee so we'd been so busy scrambling to nail down adequate health insurance, we'd forgotten about our lives.

When I got home, I jumped on my computer to see if there was any life insurance coverage for an affordable price. Honestly, I didn't think I'd find anything until I stumbled on Bestow, a life insurance company that's 100% online. If approved, I'd have a life insurance policy in 5 minutes. With premiums starting as low as $5 per month, what did I have to lose?

Bestow offers term life insurance for a specific length of time at a level premium, meaning their monthly payments are locked-in over the life of the policy. Their terms are 2 years, 10 years, or 20 years. Coverage amounts range from $50K - $1 million. I'm 34 years old, so I chose a 20 year term.

After answering some questions about my weight and general health, I took on their formal application. I provided my credit score, medical history, my Body Mass Index. Then I waited for an "instant decision" from their underwriters. They weren't lying about that instant decision, I was approved! Was that it? No blood tests, no physical? When I hit the checkout screen, I was ready to select my beneficiary - Julie.

Purchasing life insurance on your own is confusing, perhaps that's why I put it off. I never thought about it before because I always took the default plan with whatever company I was working for. Bestow's website is simple to understand. It's convenient and affordable. Even better, there's no pressure, and no sales calls. What a relief.

I had no idea how much stress I'd been carrying lately about our financial future. When I was completely finished, I shouted with joy. Julie came into my office, gave me a kiss, sat down at the desk, and took out the exact same policy for herself.

Bestow's super-fast application process helped us make an informed decision about the life insurance that's right for us, and vital to our family's happiness. Now, I'm gonna grab Julie, the twins, go to the park, and play catch with our dog.

Follow this link to check out Bestow so you can keep enjoying your life with the ones you love.


This post was made in paid partnership with Bestow. Neither Bestow nor North American Company for Life and Health Insurance were involved in the preparation of the information in this article. The opinions and ideas expressed in the article are those of the author(s) and are not promoted or endorsed by Bestow or North American. You should always seek professional advice before making a financial decision.

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