SoFi life insurance review July 2019 | finder.com

SoFi life insurance review

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SoFi Life Insurance
SoFi Life Insurance
  • Instant decision
  • No medical exams
  • Competitive rates

SoFi and Ladder Life come together for affordable life insurance without the hassle of medical exams.

Get a quote if…

  • You want inexpensive term life insurance.

Pick something else if…

  • You want a whole or universal policy.
Free QuoteOnline
Insurance ProductsTerm life insurance
Issue Age20 to 60
Coverage Amount$100,000 to $8,000,000
Term Lengths10, 15, 20, 25 or 30 years
Medical Exam RequiredNo
Ways To File A ClaimOnline, Phone
Policy Riders OfferedYes

What types of life insurance coverage does SoFi offer?

SoFi only offers term life insurance. You can choose from 10, 15, 20, 25 and 30 year terms, depending on your age.

What riders can I add to my life insurance policy?

SoFi doesn’t offer any riders either. They believe that riders complicate life insurance and don’t provide a significant benefit for their added cost.

How much does SoFi cost?

With a reputation for excellent customer service and competitive prices, SoFi makes it easier than ever to protect the ones you love. If you’re healthy and under 40, you can find 10-, 15-, 20-, 25- and 30-year term life insurance plans with costs that range from a mere $15 to $45 a month.

SoFi offers coverage of up to $1 million without a medical exam, but you could get up to $5 million if you go through one. Medical exam requirements depend on your age and medical history.

How can I get a low rate?

Most insurance companies ask questions about your physical habits and health to determine your eligibility and coverage. Even though SoFi won’t require a medical exam, you’ll still need to meet underwriting guidelines that could result in rejection if, for instance, you’re a regular smoker or have a risky health history.

Pros and cons of SoFi

  • Quick application and free quotes. Apply in the time it takes to catch an episode of It’s Always Sunny.
  • No medical work-up. If you’re under 40 and healthy, you’re not required to submit to a medical exams, blood work or similar testing.
  • Cheaper coverage. Generally the younger you are, the cheaper your life insurance. Apply now for a policy whose costs stay the same throughout your term.
  • Approval not guaranteed. You’ll have a better chance of approval if you’re healthy and under 40 years old, but you could be rejected if you don’t meet SoFi’s specific underwriting guidelines.
  • Whole life insurance not offered. SoFi, because they are partnered with Ladder life, only offers Term life insurance. So if you’re looking for a policy that grows in cash value you will have to look elsewhere.

Compare life insurance companies like SoFi

Name Product Issue Ages Coverage Range Medical Exam Required
21 - 54 years old
$50,000 to $1,000,000
No
Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.
20 to 60 years old
$100,000 to $8,000,000
No
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
18 - 85 years old
$10,000 to $10,000,000+
Depends on provider and policy
Compare quotes from 16 life insurance companies side by side.
18 - 64 years old
$100,000 to $3,000,000
No
Customized term life insurance policies up to $3 million, no medical exam required.
18 - 80 years old
$50,000 to $25,000,000
Depends on provider and policy
Get a quote within minutes from more than a dozen insurers.
20 - 85 years old
$100,000 to $1,000,000
Depends on policy
Get a term or whole life insurance quote from Fidelity Life - starting as low as $15/day.
20 - 80 years old
$25,000 to $10,000,000
No
Quickly get a quote for coverage with this marketplace, which compares term & whole life insurance policies from 45+ carriers.

Compare up to 4 providers

SoFi reviews and complaints.

SoFi has a great reputation on Trustpilot, with 85% of 2,000 plus reviews falling into the “excellent” category and a TrustScore of 8.9 out of 10.
SoFi’s profile on the Better Business Bureau is a bit of a mixed bag. It is not accredited with the BBB but gets an A- from the organization. However, the majority of more than 150 customer reviews are 2 star — all of which are unrelated to life insurance.

How does SoFi protect my data?

SoFi collects your personal information in order to help you use its services and to suggest other products that might be of interest to you.
Your data is not sold to third parties and is kept safe with administrative, technical and physical safeguards.

How do I sign up?

  1. From SoFi’s life insurance homepage, click Get my quote, and you’ll be taken to Ladder’s site, SoFi’s partner in offering term life insurance.
  2. Once on Ladder’s page, click Get Started.
  3. You can then proceed through the process of getting a quote by selecting your desired amount of coverage and term length. Then click Next.
  4. You’ll then be prompted to answer a few personal questions about your health and risk factors. Then provide your contact information and Social Security number.
  5. After verifying your information, you’ll be presented with a quote. If you’re happy with the quote, proceed through the application process.

What will I need to apply?

Applying is easy, but you’ll need to submit more than just your personal and contact information. Generally, you’ll need to provide:

  • Your annual income and net worth.
  • Any previous life insurance details.
  • Government-issued ID, like a driver’s licence or passport.
  • Your primary physician’s name and contact information.
  • Current and past medical information for you and your family.

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.

More about SoFi

If you’re young and healthy, slogging through lengthy life insurance applications can leave you discouraged. Faced with providing blood work, samples and your medical history for eligibility, you might be tempted to walk away from the process completely.

To ease the process of protecting your loved ones, the online personal finance company SoFi pairs with Ladder Life Insurance to simplify the process of getting affordable life insurance for people in their 20s and 30s with an application that you can complete in under 30 minutes.

Bottom line

If you’re a millennial or young adult who’s looking to protect your loved ones with an easy-to-get term life insurance policy, consider SoFi’s offerings backed by Ladder Life. Offering an easy application process and no medical checkup required, SoFi could be just what you need.

Frequently asked questions about SoFi’s life insurance plan

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