Bestow Inc. has expanded its democratized life insurance platform to 32 states just three months after receiving $15 million in Series A funding.
The Dallas-based startup just launched in Texas in November so the company’s growth has been fast. The company also launched an “Application Programming Interface” that gives customers a clear, transparent evaluation of their life insurance options. The whole process can be done in five minutes without a medical exam. The risk assessment is done by a proprietary algorithm developed by Bestow to provide immediate feedback.
“Life insurance is complementary to numerous financial and consumer products that people interact with everyday.”
The result is a seamless process similar to the banking or investing apps that people already use.
“Life insurance is complementary to numerous financial and consumer products that people interact with everyday,” said Jonathan Abelmann, co-founder and president of Bestow. “Now in 32 states, we are accelerating our national expansion plans to provide access to millions of families.”
Abelmann co-founded the company with entrepreneur Melbourne O’Banion.
States Bestow has expanded to include Massachusetts, Colorado, Washington, Oklahoma, North Carolina, Arizona, and Utah.
MAKING INSURANCE ACCESSIBLE TO EVERYONE
The goal is to make life insurance accessible to everyone without any of the friction and pain points that are usually involved.
Plans start at $3 a month for a two-year subscription and $9 a month for a 20-year subscription, with coverage up to $500,000. Plans are on-demand so they can be changed at any time without penalty.
The expansion is happening much faster than Bestow originally anticipated.
Over the next few months, Bestow will expand to every state in the country.
Leading the Series A funding was Valar Ventures based in New York City. Other participants included New Enterprise Associates, Core Innovation Capital, 8VC and Morpheus Ventures.
Before that, the company raised $2.5 million in seed funding.