Betterment Partners With Sure to Offer Cell Phone Insurance Protection

Perk immediately available to all Checking users

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Sep 17, 2020, 11:00 ET

NEW YORK, Sept. 17, 2020 /PRNewswire/ -- Betterment, a smart money manager, today announced a partnership with insurance technology company Sure to provide cell phone insurance to Betterment Checking users, offering coverage for phone damage or theft. This offering is available to any Betterment Checking user that pays their monthly cell bill with their Betterment Visa® Debit Card.

"With Betterment Checking, our goal is to provide a product that helps customers make the most of their money, so they can live better," said Mike Reust, President of Retail at Betterment. "When it comes to debit and credit cards, consumers have come to expect banks to offer perks, including insurance, at no additional cost. As we look to meet and exceed the expectations of our customers, we're excited to partner with Sure to offer cell phone insurance, to help mitigate the impact of a potentially large unexpected expense. It's yet another way we're looking out for our customers' financial health and stability, in the pursuit of our mission."

In order to file a claim, users will need to demonstrate that a phone bill for the previous month was paid in full on their Betterment Visa® Debit Card. Betterment Checking users can then file their claims, view their status, and get reimbursed - all supported by the Sure platform. The cell phone insurance is provided by a leading global insurance company, and customers will receive up to $600 dollars per claim with a maximum of 2 claims per 12 month period, with a $50 dollar deductible for each claim.

"We're thrilled to partner with Betterment to help improve and simplify the financial lives of their customers," said Sure Co-Founder and CEO Wayne Slavin. "Betterment leverages Sure's SaaS Platform to embed cell phone protection as a benefit for their checking account customers. This unique offering focuses on fulfilling the everyday needs of consumers while driving innovation in fintech and personal finance."

Launched in April 2020, Betterment Checking is Betterment's no-fee‡ checking account and Visa debit card for daily purchases, made available through Betterment Financial LLC and provided by nbkc bank, Member FDIC.The account reimburses ATM fees and foreign transaction fees globally, while cutting all overdraft fees and minimum balance requirements. Other available Checking features include activating and locking the card from your phone, changing your PIN from your phone, $250,000 FDIC insurance through our partner bank nbkc, Member FDIC, and easy transfers between other Betterment accounts. In July, Betterment announced Cash Goals, a new feature that helps users see all of their funds in a single location and save with intention, by making distinct buckets for financial goals over the short- or long-term.

Betterment is working to launch additional rewards and benefits for Checking customers in the near future. To learn more about Betterment Checking visit: https://www.betterment.com/checking.

About Betterment
Betterment is a smart money manager that offers everyday services for spending and saving, alongside their core investing and retirement solutions. Since 2010, Betterment has had one mission: to help people make the most of their money so they can live better lives. Using cutting-edge technology, they empower their hundreds of thousands of customers to manage their money – for today, tomorrow, and someday – through personalized, expert advice; automated money management tools; and tax smart strategies that help keep taxes low across accounts. Learn more www.betterment.com.

About Sure
Sure, an insurance technology company, powers digital insurance programs for the world's most recognized brands and carriers. Its enterprise SaaS Platform and APIs accelerate digital transformation and omnichannel distribution without the need for additional IT resources. Sure streamlines all aspects of digital insurance sales and service with features designed for each phase of the insurance lifecycle.

Founded in 2014, the company has customers around the globe and is headquartered in Santa Monica, California. Learn more at sureapp.com.

Media Contacts:
Danielle Shechtman, [email protected]

Betterment Checking
^‡ Checking accounts and the Betterment Visa Debit Card provided and issued by nbkc bank, Member FDIC. Funds deposited into Checking will be eligible for up to $250,000 of FDIC insurance. Betterment Checking made available through Betterment Financial LLC. Neither Betterment Financial LLC, nor any of their affiliates, is a bank. Betterment Financial LLC reimburses ATM fees and the Visa® 1% foreign transaction fee worldwide, everywhere Visa is accepted.

Cell Phone Insurance
Content and associated insurance products are provided by Sure HIIS Insurance Services, LLC ("Sure"), a licensed seller of insurance. The above does not in any way constitute an endorsement or referral by Betterment of the products or services offered by Chubb or Sure. Claims must be filed within sixty (60) days of the date of damage or theft to be eligible. Exclusions may apply. Insurance is issued and managed by the Chubb Group of Insurance Companies, 202B Hall's Mill Road, Whitehouse Station, New Jersey, 08889. Terms subject to change.

SOURCE Betterment