Term Life Insurance Vs. Whole Life Insurance

Fortunately, term life insurance is typically the easiest to understand and it can be the most affordable coverage option. To sum it up, you apply and, if approved, pay an insurance company a set amount of money each month for an agreed upon amount of time—also known as a “term.” If you pass away during that term, the person you choose to receive the benefit—dubbed your “beneficiary”—can receive a payout. And that payout is determined by the value of the policy you purchased. If you buy a 20-year $1 million dollar policy, for example, and then you pass away during that 20 year term, your beneficiary can get $1 million.

Whole life insurance is a bit trickier. Unlike term life insurance, if approved, it covers you for life as long as you pay the premium, which is often forever. Some policies include the potential to build up cash value, which is tax deferred, you can borrow from it, or you can even surrender your policy for the cash value. This can make whole life policies harder to understand and, also, more expensive.

With term life insurance being the most popular choice—and the option most commonly recommended by financial experts like Suze Orman and Clark Howard—Bestow is focused on making the application and approval process as simple as possible, skipping the confusion of whole life policies. The company offers plans in 10, 15, 20, 25, or 30 year terms, with coverage amounts ranging from $50K to $1.5 million.

Term Life Insurance Quotes and Rates, No Medical Exam

No matter where you apply for term life insurance, your rate is based on your age, health, gender, and hobbies, as well as the term and policy size you choose. Because monthly premiums generally go up as you age, it makes sense to lock in a low rate while you’re younger and healthier. That said, it’s never too late to get a quote and find the right fit.

With Bestow, applicants accurately answer questions about their lifestyle and health through a simple online form, which is instantly processed by an in-house underwriting platform. This enables the company to fully assess the risk of each applicant without a medical exam and to get an underwriting decision instantly. Approved applicants receive real rates—not just quotes—and at affordable monthly prices. Coverage offered by Bestow starts at just $10/month, and you could be eligible for $50k-$1.5M in coverage.

Apply for Free for Bestow Term Life Insurance

According to the pros at Bestow, if you are between 18 and 60 years old, have never had a felony, and are generally in good health, then you should apply for term life insurance! Get a FREE quote by entering your gender, birthday, height, weight, and state of residence here. If you’re happy with your instant estimate, you can continue on to apply for a policy.

If you have additional questions, take a look at Bestow’s FAQs. But if you’re ready to jump right in, go ahead and apply now!