Life5 is a digital life‑insurance platform that offers three purpose‑built products—Family, Mortgage, and Senior—priced on a transparent monthly basis. The platform provides an online coverage calculator, automated underwriting with electronic ID verification, and e‑signature policy issuance, enabling instant quotes and digital policy swaps. A mediator dashboard supplies real‑time quoting, policy administration, and commission tracking for advisors.
Funding
$10.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Consumers often face opaque pricing, lengthy underwriting, and limited flexibility when purchasing life insurance, making it difficult to obtain affordable coverage that matches specific life stages or financial obligations. Traditional distribution channels also add friction for intermediaries who need streamlined tools to quote and manage policies.
Solution
Life5 delivers a digital life‑insurance platform that offers three purpose‑built products—Family, Mortgage, and Senior—each priced transparently on a low monthly basis. Prospective policyholders can use an online coverage calculator to receive instant quotes and complete underwriting through automated risk assessment algorithms, eliminating paper forms and manual reviews. Existing policyholders can migrate their current mortgage protection into a lower‑cost Life5 plan via a seamless policy swap workflow. All policies are issued electronically, with secure storage of documents and integration hooks for third‑party portals. A dedicated mediator portal provides real‑time quoting, policy management, and commission tracking, enabling advisors to serve clients efficiently. The platform complies with local insurance regulations and employs end‑to‑end encryption for personal data and payment transactions.
Target Audience
The primary customers are individual consumers seeking affordable, purpose‑specific life insurance—particularly families, homeowners, and seniors—while insurance mediators and independent advisors use the platform to streamline quoting and policy management.
Features
- Real‑time coverage calculator powered by actuarial APIs that generates personalized monthly premiums in seconds
- Automated underwriting engine using rule‑based risk models and electronic ID verification to approve most applicants instantly
- Modular product suite (Family, Mortgage, Senior) with age‑capped coverage up to 74 years and flexible sum‑insured options
- Digital policy issuance and e‑signature workflow, delivering PDF contracts via secure cloud storage
- Policy swap feature that imports existing mortgage life policies, re‑quotes, and transitions coverage with minimal client effort
- Mediator dashboard with bulk quoting, policy administration, commission reporting, and API access for integration with CRM systems
- PCI‑DSS compliant payment gateway supporting recurring monthly billing and one‑time premium payments