Dallas-based insurance startup Bestow Inc. announced Wednesday that it has launched its comprehensive full-stack platform in Texas, giving residents the ability to quickly learn about their insurance options, apply for, and buy coverage without a medical exam.
The Texas launch gives consumers access to term life insurance plans, including a two-year term that makes life insurance more accessible and affordable, the company said.
“Texas is our home state and we wanted to give our local community first access to life insurance solutions that best suit their lifestyle.”
“Texas is our home state and we wanted to give our local community first access to life insurance solutions that best suit their lifestyle,” Jonathan Abelmann, co-founder and president of Bestow, said in a release.
The company will open enrollment nationally in January.
The plans start at less than $3 a month for a two-year subscription and under $9 a month for a 20-year subscription with coverage up to $500,000, according to Bestow. Customers can cancel or change their plan at any time without penalty.
“Up until now, the legacy life insurance model was a time consuming and often, confusing process,” Melbourne O’Banion, co-founder and CEO of Bestow, said in the release. “We’ve developed a method that combines machine learning, data, and technology to easily and instantly determine the best and most affordable coverage.”
Bestow announced earlier this year that it had raised $2.5 million in seed funding, led by New Enterprise Associates in addition to a partnership with Munich American Reassurance Co., and Sammons Financial Group.
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