Betterment , a smart money manager, has partnered 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 two 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. 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. 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.
