E*TRADE Launches Digital-First Life Insurance Offering

ARLINGTON, Va. and HARTFORD, Conn., Oct. 28, 2021 /PRNewswire/ -- E*TRADE Financial Holdings, LLC and Covr Financial Technologies, Inc. today announced that E*TRADE customers will have access to life insurance products through etrade.com and Covr's digital insurance solution.

The pandemic has underlined gaps in investors' financial lives. In fact, 31% of consumers say COVID-19 has made them more likely to purchase life insurance in the next year¹. Yet only 52% own some form of coverage—the lowest rate recorded in the history of the study¹. Considering that 42% of Americans noted they would face financial hardship within six months if the primary earner in their family unexpectedly passed, this new offering provides easier access to a variety of life insurance choices that may help protect loved ones should life take an unforeseen turn¹. Customers can:

• Find educational content on the basics of life insurance and additional resources to help build and protect wealth.
• Access a wide choice of carriers, along with a simple online application process.
• Secure up to $3 million in life insurance coverage without a medical examination, as well as higher coverage amounts for more complex needs from leading insurance carriers².
• Easily access key policy information, like the underwriter and term length, all within their E*TRADE accounts so customers can keep track of their policy.

"Technology advancements have made it possible for customers to purchase life insurance on a simplified and more affordable basis," said Michael Kalen, CEO of Covr. "E*TRADE customers will now have the ability to compare coverage options from some of the most well-regarded insurance carriers in one easy-to-use process, and build an insurance plan that matches their financial needs."

Consumers are increasingly seeking financial services firms that can help them with their entire financial lives³. Pairing Covr's digital insurance experience with E*TRADE's award-winning investing platform⁴ meets the demands of today's consumers who want an integrated financial services experience from a brand they know⁵.

"Many investors focus on the effect of market swings on their portfolios, but in reality there is likely no bigger risk to a family's financial future than having the primary contributor pass away," said Deniz Ozgenc, Executive Director of Financial Product Management at E*TRADE Financial. "Helping customers prepare for the unknown while they manage their investments on the E*TRADE platform is a natural fit. The ability to purchase and track life insurance policies alongside investments gives our customers a more holistic view of their financial picture."

Visit www.etrade.com/insurance to learn more. View the experience on the E*TRADE YouTube page.

About Covr Financial Technologies
Covr partners with financial brands to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes. Through its digital insurance solutions, Covr helps financial institutions deliver a great experience under the brand their customers already trust. Covr currently serves over 25,000 financial advisors and over 20 million customers across over 30 financial institutions. More information is available at www.covrtech.com or follow Covr at @covrtech and on LinkedIn.

About E*TRADE Financial Holdings, LLC and Important Notices

E*TRADE Financial Holdings, LLC and its subsidiaries provide financial services including brokerage and banking products and services to retail customers. Securities products and services are offered by E*TRADE Securities LLC (Member SIPC). Commodity futures and options on futures products and services are offered by E*TRADE Futures LLC (Member NFA). Managed Account Solutions are offered through E*TRADE Capital Management, LLC, a Registered Investment Adviser. Bank products and services are offered by E*TRADE Bank, a national federal savings bank (Members FDIC). More information is available at www.etrade.com.

E*TRADE Securities LLC is offering access to insurance products through its relationship with Covr Financial Technologies, Inc. ("Covr"). Covr provides direct-to-consumer insurance solutions. E*TRADE makes no representations regarding the appropriateness or otherwise of the products or services provided by Covr and the insurance carriers on its platform. Covr and E*TRADE are unaffiliated entities.

© 2021 E*TRADE Financial Holdings, LLC, a business of Morgan Stanley. All rights reserved.

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SOURCE Covr Financial Technologies, Inc.