Envestnet, Covr Financial Launch New Insurance Tools

Advisors can now make projections and see recommendations on MoneyGuide, and then complete the application process online through Covr's digital platform, the companies said.

"Life insurance protection is a vital part of any comprehensive financial plan," Todd Ruplinger, founder and chief innovation officer at Covr, said in a statement. "Our mission is to make sure as many families are protected as possible, and this is a big step toward that goal," he said.

The "continuing partnership and integration with Covr enhances this capability even more by allowing advisors to easily complete recommended life insurance applications online," explained Tony Leal, president of Envestnet MoneyGuide.

Covr partners with financial institutions to offer life insurance solutions to their customers in an efficient, simple way that streamlines the process of selling and buying policies, it said.

It now serves 24,000 financial advisors and 10 million customers across 30 financial institutions. Investors in Covr include venture capital firms Nyca Partners, Commerce Ventures, Connectivity Capital Partners and Contour Venture Partners.

Envestnet MoneyGuide expanded and enhanced its MyBlocks financial wellness ecosystem in July. The firm said at the time that each block of MyBlocks had been grouped by topic, including Protect Your Family that includes life insurance and long-term care.