
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
finder.com's rating: 2.5 / 5
★★★★★
20 to 60
Issue Age
$100,000 to $8,000,000
Coverage
No
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 |
Riders |
No riders 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).
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.
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 $15 to $45 a month for a term life policy.
You can apply for coverage online. These are the steps:
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.
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.
SoFi keeps it simple, and doesn’t allow policyholders to customize their coverage with riders.
SoFi isn’t accredited with the Better Business Bureau (BBB), but it has an A- rating for its customer interaction. The BBB has recorded 137 complaints over the last three years, which isn’t unusual for a financial services company of this size. Customers award the company 2 out of 5 stars.
On Trustpilot, SoFi’s earned 3.6 out of 5 stars as of October 2020, with many customers praising the personalized and efficient service.
AM Best financial rating |
Not Rated |
BBB accredited | No |
BBB rating | A- 1.48/5 out of 104 customer reviews |
Trustpilot score | 3.4/5 out of 2,483 customer reviews |
Customer reviews verified as of | 25 January 2021 |
★★★★★ — 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.