Bestow life insurance: who issues it and how it works

Overview

Bestow was one of the best-known online term life brands of the late 2010s and early 2020s, selling no-exam term life insurance through a short online application. It no longer sells life insurance to consumers.

Bestow's FAQ explains the change: it "used to sell term life insurance directly to the consumer under the name Bestow Life Insurance Company," but sold that carrier to Sammons Financial Group in 2024, which renamed it Lantern Insurance Company. Trade publication Coverager reported that the sale closed on July 1, 2024, for about $20.6 million, with the carrier bought by North American Company for Life and Health Insurance, a Sammons company. Bestow Inc., based in Dallas, now sells software and third-party administration services to life insurers: digital applications, underwriting tools, customer portals and policy servicing.

Lantern itself briefly marketed term life online after a February 2025 launch, but Coverager reported in August 2025 that Lantern no longer appeared to be offering quotes directly to consumers. Lantern's website (checked October 2026) is now built around servicing existing policies and says policies "were issued" by Lantern.

Who issues the policy

If you bought through Bestow, your policy was issued by one of two companies, and your policy schedule names which:

• Bestow Life Insurance Company, now Lantern Insurance Company (West Des Moines, Iowa), a member company of Sammons Financial Group. This covers most policies sold after Bestow began issuing its own policies. The company was renamed; your contract terms did not change because of the sale. Lantern's site shows the same policy form series, BLI-ITPOL, under both names.
• North American Company for Life and Health Insurance, also a Sammons company. Bestow's own materials from its earlier years said North American was "the insurance carrier and pays the claim" for policies purchased through Bestow.

Either way, the insurer, not Bestow, owes the death benefit. North American is rated A+ (Superior) by AM Best, according to our Sammons Financial profile. We could not find a published AM Best rating for Lantern Insurance Company itself; its strength rests on being owned by a Sammons insurer, but a parent's rating is not a guarantee. State guaranty associations back policies up to state limits if an insurer fails.

How buying works

New applications are not available from Bestow. If you need new coverage, compare current online and broker options; see buying life insurance online: how instant decisions work and online life insurance companies and agencies explained.

For an existing policy, nothing about how you pay changes because of the sale unless the insurer tells you in writing. Keep paying premiums on schedule, keep your beneficiary designation up to date, and watch for notices from Lantern or North American.

Products and limits

Bestow sold level term life only, with no medical exam. It did not sell whole or universal life. Its policies were not available in New York. Because it no longer sells, current coverage limits and issue ages do not apply; your policy's face amount and term are fixed in your contract. If your policy has a conversion privilege, the insurer's rules for converting to permanent coverage still apply; check your contract for the conversion deadline.

Reputation

We found no published regulatory enforcement action against Bestow in sources searched in October 2026. The 2024 sale was a corporate decision to leave the carrier business, not a regulatory action or insolvency. Lantern's financial results are reported within the Sammons group.

Who it suits

This page is mainly for existing Bestow policyholders. Your coverage remains in force as long as premiums are paid. Bestow's FAQ says, "Your policy remains in force."

• Strengths for existing customers: the carrier is now part of Sammons Financial, a large employee-owned group; policy terms did not change; an online portal handles payments and beneficiary changes.
• Weaknesses: no new policies; brand and company names have changed, which can confuse beneficiaries searching for the insurer; Lantern itself has no separately published AM Best rating that we could find.

Tell your beneficiaries that the insurer may appear as Lantern Insurance Company rather than Bestow, and keep a copy of the policy where they can find it. If they cannot locate the policy, the NAIC's free policy locator can help; see our claims guide.

How to contact Bestow

Lantern Insurance Company services former Bestow Life policies: 800-835-8803, [email protected], 2700 Commerce St., Suite 1000, Dallas, TX 75226. Bestow's own contact page also tells policyholders to log in to the customer portal or call 833-300-0603. If your policy names North American Company for Life and Health Insurance, contact North American directly.