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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.
