BOISE, Idaho, March 14, 2019 /PRNewswire/ -- Covr Financial Technologies, a digital life insurance platform for financial institutions, today announced the launch of an industry-leading Covr LTC Estimator for financial advisors, the first digitally enabled asset-based long-term care multi-carrier comparison tool. Long-term care insurance protects the assets of the senior population in the case of a serious medical condition and covers services not covered by health insurance. Unlike traditional long-term care insurance, asset-based long-term care insurance provides flexibility by offering long-term care coverage that is linked to a life insurance policy.
The Covr LTC Estimator provides financial advisors the ability to digitally compare leading asset-based long-term care products and customize quotes based on options such as inflation and elimination period lengths. The tool highlights product differences based on client need and offers an e-signature option to expedite the submission process.
"Covr's new LTC Estimator a truly game-changing offering in the marketplace," said Covr CEO Michael Kalen. "The tool is the first of its kind to offer immediate side-by-side comparisons of the industry's leading asset-based long-term care insurance products. Financial advisors increasingly view asset-based long-term care as a key component of a robust financial plan."
Nationwide's CareMatters long-term care coverage and Pacific Life's PremierCare long-term care coverage are two insurance carriers offering asset-based long-term care insurance through Covr's platform.
"Nationwide is thrilled to offer our CareMatters product through Covr's LTC Estimator tool," said Troy Anderson, Vice President Life Sales at Nationwide. "Our asset-based long-term care offering is focused on providing control and flexibility and Covr's LTC Estimator tool provides financial advisors with the ability to find the optimal asset-based long-term care coverage to plan for their client's unique needs. This is an exciting addition to Covr's other life insurance offerings like integration with MoneyGuidePro's financial planning platform and inforce policy management tools"
"Pacific Life's PremierCare long-term care offering is based on the idea of choice and the Covr LTC Estimator offers an easier way for financial advisors to help clients understand how asset-based long-term care offers choices to help confidently plan for their financial future," said Mark Pelicano, Vice President Financial Advisory Network at Pacific Life.
The Covr LTC Estimator is part of the Covr Advisor platform connecting life insurance, long-term care, and disability products from over 30 major insurers to financial institutions and financial advisors, enabling them to offer life insurance protection that is simple, straightforward, cost-effective and transparent to their clients. Covr also offers a Covr Consumer platform, a web-based platform allowing banks, credit unions, and other financial institutions to offer a direct insurance purchase experience to their customers.
ABOUT COVR FINANCIAL TECHNOLOGIES
Covr is a digital life insurance platform that simplifies, grows, and manages the life insurance business. Covr partners with financial institutions that share the belief that life insurance should be both simple and transparent. Through Covr's technology, financial advisors and their clients can research and purchase affordable life insurance from well-known insurance companies without the hassles of the traditional process - all within a matter of minutes. Covr's investors include four leading venture capital firms: Nyca Partners, Commerce Ventures, Connectivity Capital Partners and Contour Venture Partners. The Covr Advisory Board includes several well-recognized leaders in financial services and insurance, including Chairman Brian Finn, former president of Credit Suisse First Boston; Sallie Krawcheck, CEO and co-founder of Ellevest as well as senior executive roles at Bank of America, Citigroup and Smith Barney; Robert Kerzner, President and CEO of LIMRA, LOMA and LL Global and former executive vice president, life division of Hartford Life; Hans Morris, managing partner, Nyca Partners, chairman of Lending Club, formerly president of Visa; Brady Dougan, former CEO of Credit Suisse. Covr has offices in Boise, ID and Hartford, CT.
SOURCE Covr Financial Technologies