Nuula adds Term Life Insurance feature, powered by Even Financial

Rhea-AI Summary

Nuula, a fintech company, has launched a new Term Life Insurance feature for small business owners and entrepreneurs. This offering enables users to compare and purchase policies from a network of top carriers, with coverage options up to $5 million and terms ranging from 10 to 40 years. The service is powered by Even Financial and serviced by LeapLife, which ensures competitive policies rated A- and above by AM Best. This development follows the introduction of a personal loan search feature, enhancing Nuula's suite of financial services for the small business community.

Positive

• Launch of Term Life Insurance feature enhances Nuula's services for small businesses.
• Coverage options up to $5 million with flexible terms of 10-40 years.
• Policies generated by LeapLife ensure high-quality offerings rated A- and above by AM Best.

Negative

• None.

Small businesses, entrepreneurs are now able to shop, compare and buy Term Life Insurance from a network of top carriers

TORONTO, Aug. 4, 2022 /PRNewswire/ -- Nuula, a fintech company focused on providing small businesses the tools and the capital they need to succeed, today announced a new Term Life Insurance feature that provides small business owners and entrepreneurs with coverage options from a network of top carriers, powered by Even Financial ("Even"), a leading embedded finance marketplace platform, and independent subsidiary of MoneyLion Inc. ("MoneyLion") (NYSE: ML). Through the Nuula app, users will now be able to shop, compare and buy Term Life Insurance, with policies up to $5MM in coverage and terms of 10-40 years.

The policies in Nuula's new Term Life Insurance feature are generated and serviced by LeapLife, an insurtech platform and licensed life insurance agency, that is owned and operated by Even.

"While small business owners and entrepreneurs are investing in their business, they also need to more easily invest in themselves and in the security of their loved ones," said Mark Ruddock, CEO at Nuula. "Adding Term Life Insurance further expands the range of services we are delivering to meet the diverse needs of today's small business owner."

"Policyholders want a simpler way to shop around, compare policies and prices, and find a policy that is right for them," said Andrew Naoum, SVP of Sales at Even. "By partnering with Even, Nuula's small businesses are provided with a curated network of carriers rated A- and above by AM Best, world-class customer support and a search feature that matches people with  the right policies and lowest available prices when and where they need it."

Today's news follows the launch of a new personal loan search feature aimed towards early-stage small businesses, powered by Even.

About Nuula

Nuula is building the future of small business performance. Launched in 2021, Nuula is a financial services and technology company focused on serving the small to medium-sized business community. Nuula provides real-time data and analytics, allowing businesses to manage their finances, monitor their credit ratings and user reviews, and more. Nuula is an advocate of financial inclusivity and a proud partner to Kiva to create economic and social good. To learn more about Nuula, visit www.nuula.com.

About Even Financial and LeapLife

Even is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. ("MoneyLion") (NYSE: ML). MoneyLion is the go-to destination for personalized financial management, content, offerings and advice. As part of MoneyLion's enterprise offering, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com and investors.moneylion.com.

LeapLife is a licensed life insurance agency that utilizes data science, deep underwriting knowledge, and proprietary technology, enabling consumers to apply for instant-decision life insurance policies with real-time quotes, available in all 50 states. LeapLife was acquired by Even Financial (Even) in early 2020. Learn more at www.leaplife.com

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SOURCE Nuula

FAQ

What is the new Term Life Insurance feature from Nuula?

Nuula's new Term Life Insurance feature allows small business owners to shop, compare, and buy insurance policies from top carriers.

How much coverage can small business owners get with Nuula's Term Life Insurance?

Small business owners can obtain coverage options up to $5 million.

Who powers Nuula's Term Life Insurance feature?

The Term Life Insurance feature is powered by Even Financial and serviced by LeapLife.

When was the Term Life Insurance feature announced?

The Term Life Insurance feature was announced on August 4, 2022.

What other services has Nuula recently launched?

Nuula recently introduced a personal loan search feature aimed at early-stage small businesses.

What are the terms for the new Term Life Insurance policies?

The Term Life Insurance policies offer terms ranging from 10 to 40 years.