A Series of Firsts
Recently we stepped out of stealth mode and launched in Texas and Utah. Our initial response has been incredible, and I’m excited to share more as we continue our national rollout.
We’ve spent the past year building a solution to a troubling problem. Today, less than 44% of households have individual life insurance, yet 85% of consumers recognize the need for it. So why the disconnect?
As we researched founding a startup in this space, many told us life insurance isn’t as relevant anymore as life expectancy has increased and consumers view themselves as more “invincible.”
However, this didn’t align with our own research and intuition, which demonstrated millions of people view life insurance as a relevant and needed financial product, yet aren’t interested in dealing with the hassle involved in the traditional process. Seriously, when was the last time you had anyone tell you buying life insurance was enjoyable? Or didn’t visibly cringe when talking about their life insurance agent?!
Well, today is a new day, and we’re thrilled to officially announce some big things for Bestow.
First, we’ve begun rolling out modern life insurance products across the U.S. In both Texas and Utah, we’ve already received an amazing response:
“Wow, that was the most incredible life insurance experience I’ve ever had. My husband and I have several life insurance policies and it usually takes at least a month to see if you’re qualified due to various tests etc… I CANNOT believe that literally just took me less than five minutes. I will be telling everyone I know. Thank you thank you SOOOOO much!!”
“I’ve been meaning to for years since my husband and I got married (and especially since we’ve had our son), so the quick and efficient application I couldn’t resist.”
“Bestow was extremely easy to use. This is my first time buying life insurance and it guided me through everything. It feels really good to know my family would be taken care of if something were to happen to me.”
Second, we’ve secured $15 million in Series A funding led by Valar Ventures, with participation from existing investors New Enterprise Associates (NEA), Core Innovation Capital, 8VC, and Morpheus Ventures. We’re thrilled to have amazing investors aligned with our vision of helping people prepare for a better financial future.
We are the first life insurance startup to develop our own underwriting software, allowing us to use our proprietary algorithmic underwriting and predictive analytics to get our customers the best price and coverage — faster than anyone else in the industry. This means that customers can apply for coverage, receive an instant decision, and if approved, buy a policy, all in under five minutes. Our application is optimized for both desktop and mobile, so customers can apply for coverage from anywhere.
By taking a first principles approach, we have redesigned life insurance from the ground up.
We are also the only life insurance startup to design entirely new term life products. We offer the first 2-year term life policy for those who want to zip through the application as fast as possible and may not be ready to make a long term decision, and 10 and 20-year term products for those who are.
We are dedicated to empowering people to embark on life’s journey with confidence.
Our offerings are budget focused, meaning we meet you where you are. No pushy agents, no pressured upsells. And we’re taking the pricks out of life insurance, literally.
By developing exponentially better products and utilizing advanced technology in all areas of our business, we are modernizing the traditional cost structure to be able to scale and democratize life insurance protection in a way that’s never been done before.
Stay tuned for more,