Bestow to Acquire Centurion Life Insurance Company

DALLAS, Dec. 1, 2020 /PRNewswire/ -- Bestow®, the first entirely digital life insurance platform, today announces it has entered into a definitive agreement to acquire, pending regulatory approval, Centurion Life Insurance Company (Centurion), an Iowa-based insurer with licensing in 47 states and the District of Columbia. By becoming a nationally licensed carrier, Bestow 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," said Melbourne O'Banion, Co-founder and CEO of 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 Centurion acquisition builds on a banner year for Bestow, with the recent launch of Protect API™ and policy sales up more than 450% year over year. During a time when peace of mind is difficult to come by, Bestow's completely touchless buying experience is a refreshingly convenient solution for those seeking financial protection.

Bestow Life Insurance Company is currently a licensed carrier in its home state of Texas. The innovator will also remain a digital agency selling term life insurance policies issued by North American Company for Life and Health Insurance®, which will enable Bestow to reach and serve as many customers as possible.

To learn more about Bestow®, visit bestow.com.

About Bestow
Bestow® is the first entirely digital life insurance platform, using technology to make coverage accessible to millions. With Bestow, buying term life insurance is 100% online — No doctors. No needles. Just coverage. Bestow's innovative approach means that today's busy families can now seek affordable coverage in minutes instead of months. To learn more or to offer Bestow to your customers, visit Bestow.com.

SOURCE Bestow Inc.