Bestow Inc., an online life insurance distribution startup, is celebrating Life Insurance Awareness Month by making a life product supplier deal.
The Dallas-based company says it will be getting products for its new life distribution system from a partnership with Munich American Reassurance Company, the U.S. life and disability reinsurance division of Munich Re, and with North American Company for Life and Health Insurance. North American is a unit of Sammons Financial Group.
Melbourne O'Banion, the Bestow chief executive officer, and other Bestow founders are trying to get the company's online store open for shopping, at http://www.hellobestow.com, later this fall.
Organizers hope to make simple life products available through an accelerated underwriting process.
Bestow recently raised $2.5 million from a group of investors led by New Enterprise Associates. Steve Palmitier, president of North American, said his company hopes to reach consumers who need life insurance and are not using a traditional agent to buy coverage.
Another online life insurance distributor, Haven Life, said it has expanded its existing online life insurance distribution system, at http://www.havenlife.com, into California.
The move means that Haven Life is now selling term life insurance to consumers through an accelerated underwriting process throughout the United States.
Haven Life is a life insurance agency arm of Springfield, Massachusetts-based Massachusetts Mutual Life Insurance Company.
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