US start-up Bestow has raised $US120 million ($187 million) in a funding round led by Goldman Sachs and Smith Point Capital.

The Dallas-based business aims to become the category-leading platform for the life insurance industry. It was founded in 2017 by Melbourne O'Banion and Jonathan Abelmann.

The funds will help enhance the platform, with indexed universal life cover to be launched this year and annuities next year.

Bestow customers include Nationwide, Transamerica and USAA.  

“By expanding our teams and capacity, we are moving faster towards launching additional permanent products,” the insurtech says.  

“We’re making life insurance more accessible to millions of families at a faster rate than ever before.” 

Bestow’s technology streamlines processes from origination and underwriting through to administration.