Covr, Americo And SCOR Launch Life Insurance Product Aligned With The Home Loan Process – NMP Skip to main content

Covr, Americo And SCOR Launch Life Insurance Product Aligned With The Home Loan Process

Navi Persaud
Dec 23, 2020
COVR Financial Technologies Logo

Covr Financial Technologies, Americo Life, Inc. and SCOR launched the LoanMatch Protector product. This is a first-of-its-kind life insurance policy that is customized to a consumer's specific loan amortization schedule, according to a press release.

Loan originators and brokers are able to offer the product during or after the closing process of a loan. The product can be digitally integrated into any platform that an LO or broker uses, which also makes it easier for consumers to apply and receive approval. It can also serve as an additional profit center for a mortgage company or lender, with the ability to receive a commission on policies that are purchased.

The insurance amount closely matches the amount of the loan, saving customers 30% or more compared to level term life insurance solutions. The process can be completed by the client in less than 15 minutes and eliminates the need for a medical examination 88% of the time for coverage amounts up to $1 million.

“LoanMatch Protector is an example of market-leading innovation in the life insurance space. In a time of increased consumer demand for life insurance, Covr, Americo and SCOR have joined forces to develop a product that provides a highly desirable and personalized life insurance policy for consumers that is linked to their loan amount,” said Mike Kalen, Covr CEO.

According to Kalen, the purchase of a new home and starting a family are the two biggest instances where folks begin to think about purchasing life insurance. The product is also 100% RESPA compliant, noted Kalen in an interview with NMP. 

Dec 23, 2020
More from
Metaverse & Blockchain Are Hottest Emerging Trends In Real Estate

In 2021, over $31 billion was invested in real estate technology companies.

May 25, 2022
Openn Launches Pilot with bridgeMLS For Sales In California

Agents in Northern California, Bay Area will be able to list property and accept offers using the platform. 

May 24, 2022
All-Cash Offer Fintech Ribbon Expands Into Arkansas

Crye-Leike real estate agency to serve as first partner in the state.

Industry News
May 23, 2022
FirstClose Receives $35M Investment From Lateral

Fintech says it will use the investment to expand its growing financial services footprint.

Industry News
May 18, 2022
Zillow Group Bids Fond Farewell To iBuying

Reports solid 1Q 2022 earnings in part from selling off all but 100 homes left from Zillow Offers unit.

Industry News
May 05, 2022
Offerpad Earnings Continue To Set Records

Digital home buyer and seller reported revenue soared 384% in 1Q 2022 as it sold a record number of houses.

Industry News
May 04, 2022