SoFi Term Life Insurance Review

Background – SoFi Life Insurance

SoFi’s life insurance plans are backed by Protective Life Corporation, a company that provides life insurance to over 8 million customers and has been in operation for over 100 years. SoFi is able to offer Protective’s plans through the modern, convenient, online interface similar to all its other financial products like personal loans, student loan refinance, etc. Customers can easily and quickly apply for up to $1 million in term coverage. In some cases approval comes in just minutes if it is deemed the customer will not be required to answer additional questions over the phone or to submit to a medical exam.

Although SoFi’s express application processing is specifically targeted to those under 40 who are accustomed to and expect a quick online transaction, the company’s life insurance plans are available to everyone. For those who aren’t comfortable making a major financial decision without talking with a human being, SoFi offers the option to speak with a licensed Protective insurance advisor over the phone. In ideal cases, you can get your personalized quote in two minutes and your policy in about 20.

Company Reputation

SoFi’s life insurance plans are essentially Protective’s term policies. In fact, when you apply through SoFi’s site you are quickly redirected to a Protective site with a similar application interface to SoFi. As mentioned above, Protective is a respected, large financial institution that has been issuing life insurance policies for over 100 years.

*Plans not available in New York or Puerto Rico

Protective’s Financial Strength Ratings 

Policies

SoFi offers only term life insurance policies backed by Protective.  Policies up to $1 million feature expedited underwriting. Policies can go as high as $5 million but this requires full underwriting. The company offers a handy online calculator where you enter age, income, etc. and obtain a good idea of how much coverage you’ll need. 

Additional Features

SoFi offers customers the opportunity to customize their life insurance policy to fit their needs and situation. The below additional features might not be available on all Protective policies offered through SoFi, so it’s a good idea to talk directly to a representative if you are interested instead of going through the process entirely online.

Accidental death benefit rider
Accelerated death benefit riderWaiver of premium rider
Disability income rider
Additional purchase option (guaranteed insurability rider)
Children's term rider

For a more detailed description see here.

In addition, anyone who takes out a policy becomes part of the SoFi community. This includes access to live events, career services, and additional benefits (this does not include employment protection).

Help and Support

Customers have the opportunity to talk to licensed Protective financial experts by phone during normal business hours. You can also contact customer care via email.

SoFi Life Insurance – Final Thoughts

SoFi’s life insurance product is especially good for millennials who are currently the most underinsured demographic in the United States. This group will appreciate, and pretty much expect, the ease of the online transaction. They will also be the least likely to require a medical exam. Because of the low rates, the life insurance offering is great for any age group, though. It’s well worth it to obtain a quick quote and go through the online process as Protective has a host of other life insurance products that may suit your needs as well.