Legal & General America (LGA), a top ten U.S. life insurer, will expand its partnership with Covr Financial Technologies, a digital life insurance platform, to offer financial advisors and their customers additional term life insurance options, via a stacking approach, as part of the broader financial planning process.
“Given the importance of financial planning, especially when it comes to saving for retirement, it’s crucial that financial advisors consider each customer’s full financial picture,” said Steve Robinson, vice president of Partnerships for LGA. “A financial plan isn’t complete without life insurance, which is more affordable and easier to obtain than people might expect. Together with Covr, we’re making it easier for families to obtain the right amount of coverage based on their financial lifecycle without overspending.”
Through Covr’s platform, powered by Envestnet MoneyGuide, advisors have direct access to LGA’s OPTerm series and term riders. Adding 10, 15 or 20 years of term coverage on top of a base policy can offer significant savings making it an efficient way for consumers to purchase term life insurance. This additional coverage, or term riders, provide additional security to help protect families from an outstanding mortgage or student loan payments. Advisors will be able to review the estimated costs of term policies with term riders compared to other life insurance products and make recommendations to best fit customer needs.
“Covr is thrilled to collaborate with LGA and Envestnet MoneyGuide to help make it easier for financial advisors to integrate life insurance into a financial plan that considers clients’ needs over time,” said Todd Ruplinger, founder and chief innovation officer of Covr. “This new solution isn’t only easier for the customer, it’s also cost-effective when compared to single policy purchasing and provides the critical coverage many families need.”
With the goal of simplifying the customer experience and delivering affordable options for life insurance coverage, the incorporation of LGA’s term laddering strategy into Covr’s digital offering reaffirms LGA’s commitment to customizing financial journeys based on individual needs.
Legal & General America (LGA) is part of the worldwide Legal & General Group. For over 70 years, the Legal & General America companies have been in the business of providing financial protection through life insurance for American families. The Legal & General America companies are Banner Life Insurance Company and William Penn Life Insurance Company of New York. With more than $58 billion in new coverage issued in 2018, LGA is ranked in the top ten of U.S. life insurers and ended 2018 with in excess of $734 billion of coverage in force with 1.3 million U.S. customers. LGA shares Legal & General's independent financial strength ratings: A+ Superior from A. M. Best and AA- Very Strong from Standard and Poor's and Fitch.
Covr is a digital life insurance platform that simplifies, grows, and manages the life insurance business. Covr partners with financial institutions to provide life insurance solutions to their customers in an efficient way that streamlines the process of selling and buying policies. Covr offers a choice of trusted life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes. Through its white label solutions, Covr helps financial institutions deliver a great experience under an existing brand their customers already trust. Covr is the only digitally enabled brokerage general agency (BGA) that can provide a full, turn key solution for life, long-term care and disability insurance for financial institutions, their advisors and their customers.
Covr’s investors include four leading venture capital firms: Nyca Partners, Commerce Ventures, Connectivity Capital Partners and Contour Venture Partners. The Covr Advisory Board includes several well-recognized leaders in financial services and insurance, including Chairman Brian Finn, former president of Credit Suisse First Boston; Sallie Krawcheck, CEO and co-founder of Ellevest as well as senior executive roles at Bank of America, Citigroup and Smith Barney; Hans Morris, managing partner, Nyca Partners, chairman of Lending Club, formerly president of Visa; and Brady Dougan, former CEO of Credit Suisse. Covr has offices in Boise, ID and Hartford, CT. For more information, please visit www.covrtech.com.