(Image source: Bestow homepage.)
Bestow Inc. (Dallas), a startup digital life insurance carrier and distributor, has announced that it has entered into a definitive agreement to acquire Centurion Life Insurance Company (Centurion), a Des Moines, Iowa-based insurer with licensing in 47 states and the District of Columbia. By becoming a nationally licensed carrier, Bestow says it can drive further innovation in product design, pricing, underwriting, and distribution for its customers and partners.
“We have a bold mission at Bestow to make life insurance accessible to everyone, and the Centurion acquisition underscores our commitment to bringing that vision to life,” comments
Melbourne O’Banion, Co-founder and CEO, Bestow. “With Bestow’s focus on expanding eligibility and access, we’ve known since the start that becoming a carrier would be a necessary part of our growth strategy. We’re thrilled to build on our momentum with this acquisition to enable more customers to get the life insurance they need.”
Bestow launched three years ago, introducing an entirely digital platform for securing affordable term life insurance coverage. Applying for a policy through Bestow can take as little as 5 minutes and never requires a medical exam, the company says. The Centurion acquisition caps a successful year for Bestow, which included its recent launch of Protect API™ and policy sales up more than 450 year over year.
Bestow Life Insurance Company is currently a licensed carrier in its home state of Texas. The company says it will also remain a digital agency selling term life insurance policies issued by North American Company for Life and Health Insurance, which Bestow says will enable the company to reach and serve as many customers as possible.