E*Trade clients will soon be able to go online to buy term life insurance, using an electronic signature to obtain “instant” coverage. Through a partnership with Inviva, the holding company for American Life Insurance Company of New York, E*Trade will be offering insurance coverage during the first quarter of 2002.
Term life is only the beginning. E*Trade plans to expand its offerings to include auto, homeowner, renter, mortgage, and credit insurance, as well as annuities, in order to provide a broader range of services to its client base. Premiums generated will enhance revenue even as they draw clients into a deeper relationship with E*Trade.