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February 4, 2021 11:22 AM Amy Danise - Forbes Advisor
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February 6, 2021 6:41 AM
We’ve gotten used to many fast purchases, like same-day grocery delivery and next-day Amazon delivery. But how fast can you get life insurance? Possibly in about 10 minutes.
A traditional life insurance policy application can take a good month or more to wind its way through the application process. This often involves an extensive application questionnaire, a life insurance medical exam, and work by the life insurance company to get your medical records and verify other information about you.
But many companies are finding ways to reduce their decision time and wave goodbye to life insurance medical exams. The choices you’ll have will depend on your age and health.
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Bestow
Bestow is an insurance technology company that builds products and software. Founded by Jonathan Abelmann and Melbourne O’Banion in 2016, Bestow is backed by investors that include Core Innovation Capital, Morpheus Ventures, New Enterprise Associates (NEA), Sammons Financial, and Valar Ventures and is headquartered in Dallas.
FOUNDED:2016
FOUNDERS:Jonathan Abelmann, Melbourne O Banion
Backers included Breyer Capital, Valar Ventures, New Enterprise Associates, Core Innovation Ventures, Morpheus Ventures and Sammons Financial.
The company intends to use the funds to launch innovative products, scale platform services, and accelerate growth into new distribution channels and partnerships.
Led by Melbourne O’Banion, Co-founder and CEO, and Jonathan Abelmann, Co-Founder and President, Bestow provides a digital life insurance platform to make coverage accessible to people in minutes instead of months. Its full-stack platform will accelerate growth into new insurtech, carrier and partner channels in 2021. In addition to sales rising more than 450% year-over-year, the company has recently invested in key growth initiatives, including acquiring a nationally-licensed carrier, launching Protect API™, expanding into fintech and independent agent channels, and hiring over 70 new team members this year. Hires include Chief Distribution Officer Steve Robinson, Chief Fi
Growing Dallas life insurance startup Bestow gets a $70 million boost from investors
The capital infusion comes only a few weeks after Bestow bought a life insurance carrier licensed in 47 states.
Jonathan Abelmann (left) and Melbourne O Banion are co-founders of Dallas-based life insurance startup Bestow.(JOE SHIPMAN)
The new investment brings the company’s total backing to $145 million.
Bestow intends to use the money to launch new products, expand its platform and seek new distribution channels and partnerships. The capital comes from new and existing investors, including Breyer Capital, Valar Ventures, New Enterprise Associates, Core Innovation Ventures, Morpheus Ventures and Sammons Financial.
Bestow Announces $70 Million in Series C Funding
The life insurance innovator readies for product, partner and platform expansion, with $145 million in total funding to date.
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DALLAS, Dec. 16, 2020 /PRNewswire/
Bestow, the first full-stack life insurance company, announced today a $70 million Series C funding round to help expand access to life insurance. With $145 million in total funding secured to date, Bestow will launch innovative products, scale platform services, and accelerate growth into new distribution channels and partnerships. This funding round came from new and existing investors, including Breyer Capital, Valar Ventures, New Enterprise Associates, Core Innovation Ventures, Morpheus Ventures and Sammons Financial.