Partner Solutions - Demand

Zachary Burnett


What Does the Expanded Child Tax Credit Mean For Your Business?

The $1.9 trillion American Rescue Plan Act (signed into law in March 2021) implemented several initiatives aimed at helping Americans recover from financial difficulties related to the COVID-19 pandemic. The stimulus package included $1,400 direct relief payments, an extension of weekly unemployment benefits through September 2021, and an advance on Child Tax Credit payments, which were also expanded to as high as $3,600 annually per child.


With the advance and expanded Child Tax Credit payments anticipated to hit bank accounts on July 15th, and every mid-month point through December (the remaining half is claimed when families file their 2021 tax returns), what should Even’s partners expect with regard to changes in consumer intent? And what can be done to mitigate any potential losses?


What to Expect


Even does not anticipate a drastic impact to consumer demand for the following reasons:


Fewer taxpayers qualify for this benefit than those that did for the $1,400 stimulus checks. Credit only available to individuals with annual income of up to $112,500 and joint filers of up to $150,000 per year, for children age 17 and under.


The payments are an advance on tax credits; qualified taxpayers may opt out of the monthly advance, choosing to receive the lump sum during the 2021 tax season (to fund large purchases or reduce tax liabilities). The plan increases the yearly per-child credit from $2,000 to a maximum of $3,600; the effective increase is $1,600 per child per year at most.


As a result, the impact will be felt most with family-oriented borrowers, especially those who meet all the criteria for the expanded Child Tax Credit.


How to Supplement Monetization Rates


You may not be able to entice families with extra cash flow to take out new loans; you can, however, expand your content and offerings to cater to audiences with stronger demand, in order to bolster your revenues. Here is what Even suggests:


Focus on Student Loan Refinancing


Even has seven SLR partners ready to help consumers refinance loans, including full credit spectrum coverage after onboarding additional FI partners in Q1 and Q2 of 2021.


Consumers with private loans have refinanced in large volumes during 2020 (and into 2021) to take advantage of the historically-low federal reserve interest rate. The Fed signaled recently that rates will remain between 0.00% and 0.25%, with little probability of increase before 2023.


Federal student loan forbearance ends on Oct. 1st, 2021, and analysts do not expect sweeping student loan forgiveness from the current administration before then. We expect a large influx of consumers refinancing federal loans to take advantage of lower interest rates.


Ask your partner manager how to prepare today for the anticipated volume in student loan refinancing.


Consider Auto Loan Refinancing


This offering is new to the Even platform. We are ready to launch with beta partners willing to help us build this marketplace in tandem with our existing financial products and services.


Indicate your interest to your partner manager to find out next steps.


Home Equity Line of Credit product (HELOC)


If your audience includes homeowners, let us know. We are working to seize the HELOC opportunity with our existing lenders’ offerings, and are inquiring among our relevant channel partners to prioritize this effort.


Consumer demand will continue to fluctuate based on macroeconomic conditions. That is why it’s imperative to maintain growth using Even’s embedded finance marketplace, which provides real-time, personalized offers across a variety of products to best meet your consumers’ needs.

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Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content



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Haven Life’s All-Digital Life Insurance Application Experience Launches on Even Financial’s Leading Life Insurance Search Engine
Even features the industry’s largest multi-carrier, all-digital life insurance marketplace
New York, New York – August 16, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced the launch of Haven Term and Haven Simple on its life insurance marketplace platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   With the addition of Haven Term and Haven Simple, Even has further expanded its extensive network of premium life insurance offerings, strengthening its position as the industry’s largest multi-carrier, all-digital life insurance marketplace. Haven Life, which offers Haven Term and Haven Simple, and is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is known for its customer-centric approach and for its commitment to making life insurance more affordable and accessible. Haven Life’s term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife.   “In these uncertain times, the majority of U.S. adults want the financial security of high-quality life insurance, but are often dissuaded by the complex application process and need to complete an in-person medical exam,” said Phill Rosen, Founder and CEO of Even Financial. “Haven Life’s groundbreaking, all-digital application experience brings tremendous accessibility and peace-of-mind to consumers. We’re thrilled to welcome them to the Even platform.”   The launch of Haven Term and Haven Simple on the Even platform enables consumers to get matched with medically underwritten term life insurance policies that they can apply for and, if approved, purchase instantly online. While most Haven Term applicants will need to take a medical exam, Haven Simple applicants do not. Haven Life’s offerings expand the variety of life insurance options already available to consumers through Even’s API.   “Haven Life is committed to meeting life insurance customers wherever they are — and often, it's where they are managing the rest of their financial life," said Wade Seward, Head of Distribution Strategy at Haven Life. "On the heels of introducing even more affordable pricing for the Haven Term product, our partnership with Even Financial allows us to marry that affordability with greater accessibility to offer comprehensive financial protection to shared clients with ease and efficiency.”    Even entered the life insurance industry in 2020 through its acquisition of LeapLife, a leading insurtech and licenced life insurance agency. Since that acquisition, Even has worked with its large network of channel partners to make the process of getting personalized life insurance fast, easy, and accessible for consumers. In addition to Haven Term and Haven Simple, products offered by leading insurance companies including Lincoln Financial Group, Pacific Life, and Mutual of Omaha are available through LeapLife, Even’s life insurance platform. Companies such as TransUnion and Lantern by SoFi rely on Even’s embedded finance marketplaces to power 100% digital personalized life insurance policy quotes for their customers, with live agent support.   Even has continued its rapid growth trajectory in 2021 by reaching over $3 billion in consumer credit issued through its API and expanding its platform to over 800 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.   About Even Financial   Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (such as SoFi) and channel partners (such as TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at   About Haven Life Insurance Agency   Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer.

Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY), and California (DTC-CA), and other states, it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.    Policy and rider form numbers and features may vary by state and may not be available in all states. Haven Term is available through Haven Life Insurance Agency, LLC (Haven Life), whose agency license number in California is OK71922 and in Arkansas, 100139527. Both Haven Life and C.M. Life are wholly owned subsidiaries of MassMutual.   Please note that issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.   MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of June 1, 2021 and is subject to change. MassMutual has received different ratings from other rating agencies.   Media Contact    
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