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Two Online Life Distributors Expand

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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, 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, 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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