E*TRADE joins forces with Covr to offer life insurance in as little as 15 minutes and many times without a medical exam
While nearly one in three consumers say the pandemic has made them more likely to purchase life insurance, actual policy ownership hit 10-year low
E*TRADE Financial Holdings, LLC and Covr Financial Technologies, Inc. announced that E*TRADE customers will have access to life insurance products through etrade.com and Covr’s digital insurance solution.
The pandemic has underlined gaps in investors’ financial lives. In fact, 31% of consumers say COVID-19 has made them more likely to purchase life insurance in the next year¹. Yet only 52% own some form of coverage—the lowest rate recorded in the history of the study¹. Considering that 42% of Americans noted they would face financial hardship within six months if the primary earner in their family unexpectedly passed, this new offering provides easier access to a variety of life insurance choices that may help protect loved ones should life take an unforeseen turn¹. Customers can:
- Find educational content on the basics of life insurance and additional resources to help build and protect wealth.
- Access a wide choice of carriers, along with a simple online application process.
- Secure up to $3 million in life insurance coverage without a medical examination, as well as higher coverage amounts for more complex needs from leading insurance carriers².
- Easily access key policy information, like the underwriter and term length, all within their E*TRADE accounts so customers can keep track of their policy.
“Technology advancements have made it possible for customers to purchase life insurance on a simplified and more affordable basis,” said Michael Kalen, CEO of Covr. “E*TRADE customers will now have the ability to compare coverage options from some of the most well-regarded insurance carriers in one easy-to-use process, and build an insurance plan that matches their financial needs.”
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Consumers are increasingly seeking financial services firms that can help them with their entire financial lives³. Pairing Covr’s digital insurance experience with E*TRADE’s award-winning investing platform4 meets the demands of today’s consumers who want an integrated financial services experience from a brand they know5.
“Many investors focus on the effect of market swings on their portfolios, but in reality there is likely no bigger risk to a family’s financial future than having the primary contributor pass away,” said Deniz Ozgenc, Executive Director of Financial Product Management at E*TRADE Financial. “Helping customers prepare for the unknown while they manage their investments on the E*TRADE platform is a natural fit. The ability to purchase and track life insurance policies alongside investments gives our customers a more holistic view of their financial picture.”
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