SAN FRANCISCO and BIRMINGHAM, Ala., Nov. 14, 2016 /PRNewswire/ -- SoFi and Protective together announced a new term life insurance offering that provides up to $1 million in coverage through an easy, online application with competitive pricing and no medical exam for a majority of people under 40 – available today.
"This is a first in the industry: coverage in minutes without a medical exam in many cases, and at incredibly competitive prices," said Andrea Blankmeyer, SoFi's VP of Finance. "Protective has more than 100 years of experience providing valuable protection to nearly 8 million customers, and we're happy to work together with them to deliver what we think is the easiest experience for buying term life insurance."
Millennials, which comprise a large portion of SoFi's member base, are especially in need of adequate life insurance coverage as they hit major financial and personal milestones, like homeownership and starting families. According to 2016 LIMRA Ownership Study data:
Millennials are least likely of all generations to have existing life insurance coverage
One in three households would have immediate trouble paying living expenses if they were to lose their primary wage earner, with millennial households most at risk
Millennials overestimate the cost of life insurance premiums by 213 percent, causing them to delay getting coverage
"Protective is pleased to work with the talented team at SoFi on this innovative new product which is designed to meet the rapidly evolving expectations of younger consumers," said Aaron Seurkamp, Chief Sales Officer at Protective. "We have specifically designed the product to make it easy and convenient for SoFi members to get the financial protection they need."
The policies will be issued by Protective Life Insurance Company, which offers full customer support. Applicants who prefer to speak to someone in person will have the option of talking with a licensed Protective insurance advisor over the phone.
About SoFi SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we're all about helping our members get ahead and find success. Whether they're looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.
About Protective Protective Life Corporation provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. Protective Life Corporation has its home office in Birmingham, Alabama and is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750, "Dai-ichi Life"). As of September 30, 2016 the Company had assets of approximately $76.2 billion. The flagship subsidiary, Protective Life Insurance Company, was founded in 1907.
Protective Term Life Insurance (Form Number ICC16-TL21) is a term life insurance policy. All policies issued by Protective Life Insurance Company, Birmingham, AL. Not available in New York or Puerto Rico. Policy form numbers, product features and availability may vary by state. Consult policies for benefits, riders, limitations and exclusions. Subject to underwriting. Up to a two-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. In Montana, unisex rates apply. All payments and all guarantees are subject to the claims-paying ability of Protective Life Insurance Company.
Protective refers to Protective Life Corporation and its affiliates, including Protective Life Insurance Company and Protective Life & Annuity Insurance Company. All companies located in Birmingham, Alabama.