Digital life insurer Bestow acquires Centurion Life Insurance

Bestow, a digital life insurance platform, has agreed to acquire Centurion Life Insurance, an Iowa-based insurer, for an undisclosed price.

Centurion Life Insurance is licensed in 47 states and the District of Columbia.

Bestow said that by becoming a nationally licensed carrier, it can bring in further innovation in product design, pricing, underwriting, and also distribution for its partners and customers.

Melbourne O’Banion – Co-founder and CEO of Bestow said: “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.

“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.”

Founded three years ago, Bestow developed a digital platform for securing affordable term life insurance coverage. Applying for a policy through its platform can take within five minutes and does not need a medical exam.

The acquisition of Centurion follows Bestow’s recent launch of Protect API and a more than 450% year over year jump in its policy sales.