Two Online Life Distributors Expand

The managers are aiming at middle-market consumers

(Image: Thinkstock) (Image: Thinkstock)

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.

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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.

--- Read ACA Revamp Odds Slip as Senate Gets New Expiration Date on ThinkAdvisor.


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