Term Life Insurance for Utahns
by Bestow Team | May 10, 2018
Bestow is now live in Utah!
Utah is more than just a backdrop in John Ford’s westerns. It’s home to seven national monuments, six national forests, and some of the best powder skiing in the country. Even Bestow has ties back to Utah. Co-founders Melbourne and Jonathan are BYU alumni, as are some other members of the Bestow Team.
But here’s the big news: Utah is the second state in Bestow’s national launch to bring life insurance to more people than ever before. We’re excited to bring our first-of-its-kind framework to the Beehive State.
The Coverage Gap: Young Utahns Don’t Have Life Insurance
Utah has the highest marriage rate in the country yet the lowest ratio of life insurance policies-to-population at 38.5%, according to a Bankrate study.
When you take into account that Utahns tend to get married younger than the national average (age 24 for women and 26 for men), it’s actually not as surprising. More than half of all life insurance policyholders in the U.S. are age 45 or older. In fact, 75% of millennial parents don’t have a life insurance policy at all.
There are many reasons to why young families in Utah do not have life insurance coverage. Our own national Coverage Gap Survey found that affordability and a not-so-easy buying process are the two most cited reasons, along with a sense of optimism. Most people — particularly those under age 45 — think they don’t need it.
But buying a term life policy in your 20s and 30s typically will give you the best and lowest rate, and you can lock it in for the next decade or more. And fortunately, Bestow has made it so you can buy a term life policy without a medical exam in as little as 5 minutes, if approved.
Why Term Life Coverage
Life insurance has a wide variety of product offerings, but one of the simplest and most affordable is term life insurance. Here’s how Bestow’s term life policies work:
- Choose your term length (10, 15, 20, 25, and 30-year terms)
- Choose your coverage amount ($50,000 – $1.5 Million)
- Make the same low monthly payment through the end of your term.
Plus, with Bestow, there’s no medical exam or lab tests. You can apply for coverage and get an instant underwriting decision in just a few minutes. Meaning if you’re approved, you can literally fill out the application and buy a policy in 4 to 10 minutes.
Additional Life Insurance Resources
These articles have more information about how life insurance — specifically term life insurance — works.
What is no-medical-exam life insurance?
What is life insurance underwriting?
How much life insurance do moms need?
Can you buy life insurance while pregnant?
How much life insurance do you need?
How does Bestow work?
Bestow Is Now Live in Utah!
With Bestow, applying for term life insurance coverage is a breeze. Just fill out a simple online questionnaire about your lifestyle and health, and if approved, you can buy up to $1.5 Million in coverage with no medical exam at all. Get affordable coverage in minutes, not weeks.