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Life Health > Life Insurance

Munich Re-Backed Web Startup Moves Into More States

By Allison Bell

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Bestow Inc. — an online life insurance distribution startup — says it’s now operating in 32 states, up from two states in May.

In May, the company was selling coverage in Texas and Utah. The list of states in the company’s footprint now includes Arizona, Colorado, North Carolina and Washington state.

(Related: Bestow Raises $15 Million From Investors)

The Dallas-based company has also developed an ”application program interface,” or tool that other organizations can use to make Bestow-powered life insurance shopping available on their own websites, and inside their own apps.

The company says it plans to offer plans in “nearly every state in the United States” in the coming months.

Munich Re and North American Company for Life and Health Insurance are backing Bestow, and North American is writing the life insurance products now available through the Bestow website.

Bestow announced in May that it had received $15 million financing from a group of investors that included Valar Ventures.

The company gives this description, on its site, of how it handles underwriting, “Our application asks about your lifestyle and health to avoid requiring a medical exam. We don’t prick anyone. You’re still reading this? Good for you!”

— Read Two Online Life Distributors Expand, on ThinkAdvisor.

— Connect with ThinkAdvisor Life/Health on LinkedIn and Twitter.

Allison Bell

Think_Allison

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NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.