SEATTLE, April 2, 2020 /PRNewswire/ -- JennyLife, a no-health-exam-required life insurance provider for women and moms seeking to protect their family's financial stability, today announced it has secured $3.5 million in Series A funding for a total raise of $5 million, from CMFG Ventures (venture arm of CUNA Mutual Group) and undisclosed luminaries from within the insurance industry. JennyLife will use the funds to accelerate its ability to protect the 28.5 million families who have no mortality protection by focusing on technology development and growing its marketing to best attract and serve this audience.
Brian Kaas, President CMFG Ventures and JennyLife board member, commented, "JennyLife has made tremendous progress since its launch and is poised to become the most trusted source for helping families maintain financial stability should they endure life's darkest moments. We are impressed with JennyLife's talented team of industry veterans and their category-leading technology that makes them well positioned to take advantage of the considerable market opportunity in the insuretech space."
JennyLife is co-founded by veteran insurance executives, Chirag Pancholi and Lief Larson - two kick-ass husbands — who said "no more!" to the old ways of getting life insurance. They witnessed firsthand the deep frustrations experienced by their wives as they followed the tedious steps of the traditional life insurance buying process. Health exams. Blood tests. Urine samples. Lengthy phone and paper applications that took weeks. So much time and energy, and still the risk of getting denied? This system was broken and it was time for a serious upgrade. The entrepreneurs gave this industry the makeover it needed and made it their mission to change how women enroll in life insurance. They developed a new life insurance technology and created the JennyLife native apps, Web app, and text (SMS) capabilities to modernize this process.
"JennyLife is transforming the way people think about life insurance," said Chirag Pancholi, co-founder and chief executive officer of JennyLife. "In the face of these tough economic times, this additional financing allows us to continue to grow JennyLife and advance our product and business around the nation." He continued, "In this business climate, people are hungrier than ever for information about their financial security. We're improving the breadth, depth, and quality of our offerings to support the growing interest we're seeing from families."
Women have typically had less access to tools that promote financial stability. Only one in three women own individual life insurance policies, according to LIMRA's 'Life Insurance Ownership in Focus, U.S. Personal Trends: 2016.' Women are also 80 percent more likely to be impoverished in retirement (National Institute on Retirement Security 2016). Companies like JennyLife are building financial products that help women and families gain equal access to tools promoting financial stability. For more facts and free resources visit www.jennylife.com and download the app iOS and Google Play.
JennyLife is a life insurance innovation company that uses new technology to upgrade the way you buy life insurance. Within minutes (we know you are time-starved) you can easily apply for life insurance from your smartphone or laptop using our native apps, web app, text messaging (SMS) or by calling 855-88-JENNY. No health exams. No blood draws. Just fast and easy life insurance from an A-rated insurance carrier. Plans start at $7/month. We help you find the option that fits your goals, family and budget. To keep up with the latest visit http://www.jennylife.com.