Coventry Announces New Student Loan Repayment Program for Employees
FORT WASHINGTON, Pa., Feb. 9, 2022 — Coventry, a leading insurtech company and the nation’s largest purchaser of life insurance policies, announced today that it is launching a new program to help employees repay their student loans.
Under the program, Coventry will match up to $2,500 per eligible employee per year in student loan payments, enabling employees to pay off their loans faster. The payments are tax-free to employees in accordance with the CARES Act.
“We continually look for ways to enhance the employee benefits that help make Coventry a great place to work. Student loans place a heavy financial burden on the lives of some of our employees,” said Reid Buerger, Coventry’s CEO. “We created this program to give our team some relief from student debt and help them build a more stable financial future.”
According to data reported to U.S. News in its annual survey, college graduates from the class of 2020 with student loan debt borrowed an average of $29,927. That represents a 20% increase in the amount that students from the class of 2010 borrowed.
Coventry created the life settlement market and continues to be the driving force behind the market’s growth. Our deep experience in life insurance and specialized finance combined with a fierce commitment to consumer rights makes us the clear market leader – a position we use to continually raise industry standards, promote strict regulation and expand consumer choice.