SoFi and Ladder Life come together for affordable life insurance without the hassle of medical exams.
Life insurance isn’t about you — instead, it’s about the people you leave behind.
Invest in their future with a term life insurance policy marketed as an alternative to costly whole life policies with no need for medical exams or testing.
What makes SoFi unique?
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.
What is SoFi life insurance?
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- and 20-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.
|Product name||SoFi Life Insurance|
|Maximum coverage||$5 million|
|Coverage period||10,15 or 20 years|
|Late fee or penalty||N/A|
|Returned check fee||N/A|
|Restricted uses||Suicide exclusion for the first 2 years|
|Monthly service fee||N/A|
|Legal states or regions||All 50 states and DC|
What are the benefits?
The reliable SoFi offers life insurance with a few distinct advantages:
- 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.
What to look out for
SoFi life insurance policies aren’t without their drawbacks. Here’s what to keep in mind:
- 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.
- Honesty required. You’re not subject to medical exams, but you are required to be truthful about your health situation. SoFi reserves the right to withdraw your plan up to two years after opening if it finds that you’ve fudged the details.
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.
Am I eligible?
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.
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.