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SoFi life insurance review 2020

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SoFi and Ladder Life come together for affordable life insurance without medical exams.'s rating: 2.5 / 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


Free quote Online
Monthly cost $15
Policies Term life insurance
Coverage maximum $8,000,000
Term lengths 10, 15, 20, 25 or 30 years
Riders No riders available
Medical exam required No
Available states All states
Issue age

Expert review

Adrienne Fuller

Review by

Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.

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.

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 life insurance policy?

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

How much does SoFi cost?

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.

Compare life insurance rates

Compare quotes for life insurance policies starting at $15/month.

Pros and cons of SoFi life insurance

  • Quick application and free quotes. The application takes around 10 minutes, and is fully online.
  • No medical exam option. If you’re under 40 and healthy, you’re not required to submit to a medical exams, blood work or similar testing.
  • Backed by Ladder Life. SoFi’s policies are issued by Ladder Life, a financially strong fintech company that’s known for offering online life insurance.
  • Approval not guaranteed. You may be denied coverage if you’re a smoker or have a poor medical history.
  • Exclusively offers term life. If you want a permanent policy that grows in cash value, you’ll have to look elsewhere.

Compare other life insurance companies

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
18 - 75 years old
10, 15, 20, 30 years
Customize your term life insurance with a long list of life and disability riders. Get a free quote on Policygenius.
18 - 75 years old
10, 15, 20, 25, 30 years
Depends on policy
Purchase a policy worth anywhere from $25,000 to $10 million, with the option to skip the medical exam. Get a free quote on Policygenius.
18 - 80 years old
10, 15, 20, 25, 30 years
Depends on policy
Purchase term life insurance up to age 80 with Finder's #1 ranked company. Get a free quote from this A+ rated insurer on Policygenius.
20 - 85 years old
10, 15, 20, 25, 30, 35 years
Buy term life insurance all the way up to age 85, and choose a policy that lasts up to an incredible 35 years. Get a free quote on Policygenius.
John Hancock
18 - 65 years old
10, 15, 20 years
Depends on policy
Score a low rate on term life insurance with discounts and rewards for your healthy habits. Get a free quote on Policygenius.

Compare up to 4 providers

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 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.

How do I apply for SoFi life insurance?

You can apply for coverage online. These are the steps:

  1. On SoFi’s homepage, click 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, click Get Started.
  3. Select your desired amount of coverage and term length. Click Next.
  4. Answer a few personal questions about your health, job and lifestyle, and enter your contact information and Social Security Number. Click 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.

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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