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SoFi life insurance review 2022

SoFi and Ladder Life come together for affordable life insurance without medical exams.'s rating: 3 / 5


  • Get a quote if… You want inexpensive term life insurance.
  • Pick something else if… You’re a smoker, or want a permanent policy.

20 to 60

Issue Age

$100,000 to $8,000,000



Medical Exam Required


Policies Term life insurance
Coverage maximum $8,000,000
Term lengths 10, 15, 20, 25 or 30 years
Medical exam required No
Available states All states
Issue age Not listed


  • Quick application and free quotes
  • No medical exam option
  • Backed by Ladder Life


  • Approval not guaranteed
  • Exclusively offers term life
Riders No info available

Review by

Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

Expert review

If you’re a millennial or young adult who’s looking to protect your loved ones with a term life insurance policy, SoFi might be a good fit. The finance giant partners with Ladder Life to offer up to $5 million in coverage — or $1 million without the hassle of a medical exam.

But if you’re in the market for a permanent policy, compare life insurance companies.

SoFi life insurance rates

Rates vary depending on your age, gender, health and lifestyle. To give you an idea of costs, healthy applicants under 40 can expect to pay $20 to $39 a month for a term life policy.


How to get a quote from SoFi life insurance?

Apply for coverage online. These are the steps:

  1. On SoFi’s homepage, choose Get my quote. You’ll be taken to Ladder Life’s site, SoFi’s partner in offering term life insurance.
  2. Once on Ladder’s page, select Get Started.
  3. Select your desired amount of coverage and term length. Hit Next.
  4. Answer a few personal questions about your health, job and lifestyle, and enter your contact information and Social Security Number. Choose Next.
  5. After verifying your information, you’ll be presented with a quote. If you’re happy with the quote, you can continue to the application.

I’ve signed up. What happens next?

Most applicants are presented with an instant decision. If approved, register your policy online so you can make a payment, update your personal information, renew your policy and more.

What types of life insurance coverage does SoFi offer?

SoFi only offers term life insurance. You can choose a 10-, 15-, 20-, 25- or 30-year term, depending on your age.

The insurer sells policies worth up to $5 million with a medical exam, or up to $1 million if you’d prefer not to take one.

What riders can I add to my policy?

SoFi keeps it simple, and doesn’t allow policyholders to customize their coverage with riders.

SoFi life insurance reviews and complaints

SoFi isn’t accredited with the Better Business Bureau (BBB), but it has an A+ rating for its customer interaction. The BBB has recorded 255 complaints over the last three years, which isn’t unusual for a financial services company of this size. Customers award the company 1.22 out of 5 stars.

On Trustpilot, SoFi’s earned 2.8 out of 5 stars as of March 2022 from 2,538 reviews, with many customers praising the personalized and efficient service.

AM Best financial rating Not Rated
BBB accredited No
BBB rating A+
1.22/5 out of 76 customer reviews
Trustpilot score 3/5 out of 2,516 customer reviews
Customer reviews verified as of 29 October 2021

Compare life insurance companies like SoFi

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
Everyday Life
18 - 70
10, 15, 20, 25, 30, 35 and 40 years.
Ladder multiple life insurance policies to save on the coverage you need for all your debts.
18 - 60 years old
10, 15, 20, 25, 30 years
Apply for term life insurance in minutes and get an instant decision all online. Plus, you’ll get to skip the medical exam.
20 - 60 years old
10, 15, 20, 25 or 30 years
No, for coverage up to $3M
Apply for term life insurance online without the medical exam. Get an instant decision and adjust your coverage at no charge.
18 - 65 years old
2 - 35 years
Not available in: AL, CA, CO, CT, FL, KY, ME, MS, NH, NJ, NY, ND, RI, SC, SD, VT, VI, WA
Nationwide life insurance
18 - 80 years old
10, 15, 20 and 30 years
Get term, whole, universal or no-exam life insurance with up to $1 million in coverage.

Compare up to 4 providers

Life insurance ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.

Learn more about our methodology here.

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