Bestow Lowers Pricing and Enhances Term Life Insurance Product Design to Serve More Customers
DALLAS, Feb. 24, 2021 -- Bestow, the first full-stack life insurance platform, today announced product enhancements to reach and better serve the modern life insurance customer. The improvements include lower premium rates, larger coverage amounts, additional term length options, and expanded age eligibility.
Some Bestow applicants will receive premium rates reduced by as much as 40%, with pricing improved by at least 5% for most new customers. Additionally, policies offered through Bestow are now available in 10, 15, 20, 25 and 30-year term lengths, and the maximum coverage amount is now $1.5 million. The eligibility age has also been expanded to serve individuals ages 18 to 60.
"By developing the first entirely digital life insurance platform, we have scaled efficiencies while improving underwriting accuracy, which enables us to improve our already exceptional offerings," said Melbourne O'Banion, Co-Founder and CEO of Bestow. "With these latest enhancements, we can help more families secure affordable life insurance protection that fits their specific needs."
With Bestow, customers can apply online for life insurance in as little as 5 minutes and, if approved, start coverage immediately. A medical exam is never required. According to The Policygenius Life insurance Price Index, the average monthly price for a 20-year, $1 million term life insurance policy for a non-smoking, 35-year-old woman with a preferred health classification is $44.32 per month. With the latest premium improvement, that same policy purchased through Bestow would cost only $33.50 per month — providing industry-leading rates paired with a seamless, entirely digital buying experience.
To learn more about Bestow or to offer term life insurance to your customers, visit Bestow.com.
Bestow is the first full-stack life insurance platform, using technology to make coverage accessible to millions of underserved families. With Bestow, buying life insurance is 100% digital — No doctors. No needles. Just coverage. As an omnichannel life insurance platform, Bestow powers best-in-class products and experiences for leading consumer brands. To learn more or to offer Bestow to your customers, visit Bestow.com.
SOURCE Bestow Inc.