From Multifamily to Your Residents’ Families: Debunking the Myths regarding Life Insurance with COVR

by | Jan 29, 2025

To our partners who’ve opened this link, you may be wondering, “What does ePremium® Insurance Agency have to do with life insurance?” And to be fair, your confusion isn’t lost on us.

Our team is ecstatic to be your trusted partner in the multifamily insurance industry! It’s from your partnerships and feedback that we’ve further developed innovative policy solutions that fit the specific needs of your residents, from additional coverage options for claims like pet damage and bed bugs to liability options that work seamlessly with the lease signing process.

Along with all this innovation, we’ve seen a need to develop a one-stop-shop marketplace where your residents who are already covered by ePremium can go to shop for other insurance needs. Included in this ever-growing marketplace are Term Life and Final Expense Life Insurance options by our partners at COVR because when it comes to you and your rental communities, we understand that coverage doesn’t just stop at the unit and contents. We’ve collaborated with their team to bring you and your residents simplified life insurance options.

Why Should You Promote Life Insurance Policies for your Residents?

Among the many other responsibilities you take on for your rental community, it’s understandable that you’d wonder what’s in this for you. This is where relationship building is key. If you want your residents to truly feel at-home in your rental community and ultimately renew their lease, it’s important to have open communication and build connections.

How Can You Pitch this Cross Sell?

The best way to build these connections that lead to cross sells is through education. Rather than pitching the latest solution you’ve been presented, educating your residents on the need for Life Insurance and common misconceptions regarding Life Insurance policies will come across as guidance rather than sales, lessening the pressure while highlighting the importance.

What Are Some Common Misconceptions Regarding Life Insurance?

There are several common misconceptions about life insurance that can prevent people from getting the coverage they need or cause them to misunderstand the benefits of a policy. Widespread myths include:

1. “Life insurance is too expensive.”

Many people believe that life insurance is unaffordable, but this is not always the case. In fact, term life insurance, which provides coverage for a specific period (from 10 to 30-year periods), is often very affordable, especially when you’re young and healthy.

2. “I don’t need life insurance because I don’t have kids or dependents.”

While having dependents is a common reason to buy life insurance, it’s not the only reason. Even if a person doesn’t have children or a spouse who relies on their income, life insurance can still be useful in covering funeral costs, paying off debt (student loans, credit cards), and ensuring that any loved ones who might be affected by their passing aren’t left with financial burdens.

3. “I’m too young to need life insurance.”

Young people often think that life insurance is something to worry about only when they’re older but getting life insurance while you’re young and healthy can be one of the best financial decisions they make! Premiums tend to be much lower at a younger age and buying early locks in a good rate that stays the same throughout the life of the policy.

4. “Life insurance only covers death by accident.”

Some people think that life insurance only pays out if the death is accidental, but life insurance covers most types of death, including natural causes, illnesses, and accidents. Of course, there are exclusions, but in general, as long as the cause of death is not excluded in the terms of the policy, life insurance will provide a death benefit.

5. “If I don’t have a health condition, I don’t need life insurance.”

While having a health condition can make life insurance more expensive or harder to obtain, everyone, regardless of their health status, can benefit from having life insurance. You never know when an illness or accident may occur, and the earlier you get coverage, the lower the premiums you’ll pay.

6. “Life insurance is only useful for young families.”

While life insurance is commonly associated with young families, it is important at all stages of life. Empty nesters, retirees, and older individuals may still need life insurance to cover final expenses, protect a spouse, or leave a legacy.

Where Can You Learn More about Covr?

For more information on our Life Insurance partner, Covr, visit our marketplace and click the “Life” tile, and be sure to share this link with your residents to simplify their signups! Note that YOU and your team are also eligible for this offering as well.

 

 

Insurance products are sold through Covr Financial Technologies Inc (“Covr”). Covr sells insurance as an agent or broker by contractual agreements with its insurance carrier providers. Covr is licensed in the following states: Delaware (3000067942), Idaho (607086), California (0L77229). All other state license numbers are available on our website.

ePremium Insurance Agency, LLC, a limited liability company organized under the laws of Ohio, is a licensed insurance producer in all states, except Alaska with its principal place of operation at 4770 Duke Drive, Suite 200, Mason, OH 45040 (NPN 9925625, California License No.: 0G66570, Texas License No.: 1549460).  ePremium Insurance Agency, LLC does business under the following names: in NY dba – ePremium Insurance Agency LLC; in FL dba – ePremium Insurance Agency, LLC; in CA dba – ePremium IRIS Insurance Solutions, LLC.