New Life Policy Fits Consumer Loans Like Spandex: Life Moves
March 2, 2021 by Allison Bell
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.
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