Covr Financial Technologies is working with a life insurer and a reinsurer to sell decreasing benefit term life policies that provide just enough coverage to fit consumers' loans.
The Hartford, Connecticut-based company, together with Americo Financial Life and Annuity Insurance Company and Scor S.E., is bringing the LoanMatch Protector life insurance policy to market.
Americo and other life insurers have been selling decreasing term life insurance for borrowers for years. Covr, Americo and Scor say the new product is different, because of the way the decrease in the benefit amount fits with a borrower's loan amortization schedule.
Americo is based in Kansas City, Missouri, and its life unit has its official state of domicile in Texas. Scor is a Paris-based reinsurer.
Covr develops systems and programs that help financial organizations sell life insurance, health insurance, disability insurance and related products and services. Covr's list of backers includes Allianz Life Ventures and Aflac Ventures.
Covr plans to market the new product through banks, credit unions, direct lenders and other types of lenders. Covr has relationships with about 25,000 financial professionals and 10 million customers at about 30 financial institutions.
The typical application process takes less than 15 minutes, and applicants can get up to $1 million in coverage, without a medical exam, about 88% of the time, according to Covr.
A New Lincoln Financial Group Product
In other life insurance moves news, Lincoln Financial Group, Radnor, Pennsylvania, has introduced the Lincoln VULOne and Lincoln Survivorship VULOne variable universal life (VUL) insurance products.
The new Lincoln VULOne products come with a choice of two guaranteed minimum death benefit options. One of the death benefit options will provide 100% of the initial guaranteed minimum death benefit as long as the insured lives.
The other, cheaper option provides 100% of the original guaranteed death benefit up to age 90, but only 50% of the original guaranteed death benefit if the insured dies at age 90 or later.Purchasers can also buy a bonus rider that can increase a policy's cash value, and they can add a long-term care benefits rider. The variable investment option menu offers a choice of 75 different options.
Lincoln is writing the policies through The Lincoln National Life Insurance Company, which has its official state of domicile in Indiana.
