20 April 2018
Visit https://aciworldwide.webex.com

SoFi and protective team on life insurance for millennials

14 November 2016  |  2259 views  |  0 Source: SoFi

SoFi and Protective together announced a new term life insurance offering that provides up to $1 million in coverage through an easy, online application with competitive pricing and no medical exam for a majority of people under 40 – available today.

"This is a first in the industry: coverage in minutes without a medical exam in many cases, and at incredibly competitive prices," said Andrea Blankmeyer, SoFi's VP of Finance. "Protective has more than 100 years of experience providing valuable protection to nearly 8 million customers, and we're happy to work together with them to deliver what we think is the easiest experience for buying term life insurance."

Millennials, which comprise a large portion of SoFi's member base, are especially in need of adequate life insurance coverage as they hit major financial and personal milestones, like homeownership and starting families. According to 2016 LIMRA Ownership Study data:

Millennials are least likely of all generations to have existing life insurance coverage
One in three households would have immediate trouble paying living expenses if they were to lose their primary wage earner, with millennial households most at risk
Millennials overestimate the cost of life insurance premiums by 213 percent, causing them to delay getting coverage

"Protective is pleased to work with the talented team at SoFi on this innovative new product which is designed to meet the rapidly evolving expectations of younger consumers," said Aaron Seurkamp, Chief Sales Officer at Protective. "We have specifically designed the product to make it easy and convenient for SoFi members to get the financial protection they need."

The policies will be issued by Protective Life Insurance Company, which offers full customer support. Applicants who prefer to speak to someone in person will have the option of talking with a licensed Protective insurance advisor over the phone.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.nextgenbanking.co.ukVisit http://response.ncr.com

Top topics

Most viewed Most shared
Revolut launches spare change savings toolRevolut launches spare change savings tool
9617 views comments | 14 tweets | 19 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
8797 views comments | 17 tweets | 31 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8373 views comments | 16 tweets | 22 linkedin
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
8358 views comments | 18 tweets | 23 linkedin
Goldman Sachs acquires PFM startup Clarity MoneyGoldman Sachs acquires PFM startup Clarity...
7934 views comments | 9 tweets | 10 linkedin

Featured job

Find your next job