From climbing Mount Everest to diving the Great Barrier Reef, adventurous people can now get a short-term life insurance policy from Austin-based Life by Spot.
“For the first time in the US, customers can quickly and easily obtain a short term life insurance policy to give them peace of mind as they live out a life of adventure, whatever adventure means to them,” Matt Randall, CEO and Co-Founder, said in a news release.
Randall founded Life by Spot with Maria Miller, a former New York Life executive. They saw a need in the marketplace to offer on the spot coverage with instant approval for life insurance through its online platform.
The Austin-based company announced Friday that it has closed on $5.85 million in funding led by Silverton Partners. It plans to use the funds for product development and marketing.
Policies, issued by Fidelity Life Association and reinsured by Hannover Life Reassurance Company of America, range from one day to 30-day terms and start at $7.
“Life by Spot encourages people to live life to the fullest,” Randall said.
“Obtaining life insurance is a complicated and time-consuming process, and Spot aims to change that,” Miller, COO and Co-Founder of Life by Spot, said in a news release. “We’re not only expanding the market but also creating an entirely new distribution channel for life coverage; we’re reaching a target demographic that traditionally has been untouchable by traditional life insurers, and we’re just scratching the surface of what is possible.”
“Life by Spot is redefining the traditional insurance market with a truly innovative suite of products,” Kip McClanahan, general partner at Silverton, said in a news release. “We believe the time is right for a new take on insurance and Matt and Maria’s vision for Spot is incredibly exciting.”
