November 20, 2019 / 8:40 PM / 21 days ago

Insurer MetLife to buy estate planning service provider Bequest

FILE PHOTO: A MetLife Inc building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake

(Reuters) - U.S. insurer MetLife Inc (MET.N) said on Wednesday it would buy Bequest Inc, which helps customers draw up legally valid wills and estate planning documents online, for an undisclosed amount.

The deal is the latest example of how group life insurers are stepping up efforts to compete in a marketplace that offers “financial wellness” products and services to employees of their customers to help them manage their investments and savings.

Bequest, which does business as Willing, will continue to offer its services to consumers online after the deal, and the companies plan to extend the services to MetLife’s customers.

The deal is expected to close this year, pending regulatory approvals.

Reporting by Abhishek Manikandan in Bengaluru and Suzanne Barlyn in New York; Editing by Amy Caren Daniel

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