According to a 2016 study by LIMRA, millennials are the generation least likely to have life insurance. But one in three households would struggle to cover living expenses if they lost their primary breadwinner.
Part of your reluctance to purchase life insurance might have to do with cost. The LIMRA study showed that millennials think life insurance costs 213 percent more than it actually does.
If you want affordable life insurance rates, however, the new term insurance policies from SoFi and Protective sound appealing.
How term life insurance with SoFi, issued by Protective, works
SoFi and Protective want to make applying for life insurance easier. To that end, they set up a quick, easy online application that gives you a term life insurance quote in just a few minutes.
Life insurance with SoFi, issued by Protective, isn’t just for millennials, though. “The majority of applicants between the ages of 18 and 75 will qualify for coverage. Applicants who are older or have health issues might need to get a health exam and would likely pay higher life insurance rates if approved, however.
Term life insurance with SoFi through Protective offers up to $1 million in coverage without a health exam for those eligible. It’s term life insurance, which provides coverage for a set period of time (10, 15 or 20 years), for amounts ranging from $100,000 to $5 million.
Term life insurance differs from whole life insurance, which is designed to cover you for the rest of your life. You’ll typically find lower premium rates when choosing term, rather than permanent, insurance.
3 reasons to get a SoFi life insurance policy
If you’re still wondering if you should get life insurance, here are some unique features of term life insurance with SoFi, issued by Protective, that might convince you.
1. Low life insurance rates
SoFi and Protective teamed up to offer term life insurance policies. As a result of their efforts, they offer some of the lowest life insurances rates on the market.
To get a quote, I entered information for a twenty-something non-smoker in “very good” health. These were the life insurance rates I got:
Compare these to the nationwide average for a 20-year term insurance policy with $250,000 in coverage. According to ValuePenguin, the national average for a twenty-something is about $330 per year — or about $27 per month.
With SoFi and Protective, you might qualify for a policy with twice that coverage for a lower price.
2. No health exam requirement
Traditional life insurance plans require that you get a medical exam and submit the results before purchasing a plan. With SoFi, this requirement is waived if you’re under 40 and in good health.
When you get your initial quote, you’ll indicate your height and weight. Plus, you’ll say whether or not you smoke and your general health condition, ranging from fair to excellent. As long as you don’t have any major health concerns, are under 40, and are applying for under $1 million in coverage, you can apply for a life insurance policy with SoFi, issued by Protective, without a medical exam.
3. Applying takes 20 minutes or less
Finally, SoFi and Protective offer an easy application process. To get an initial quote, all you need to do is enter your name, birth date, state, height, weight, smoking status, and health condition.
Plus, you’ll indicate how much coverage you want and the number of years you want it.
At this point, you’ll get a few initial quotes and compare offers. Typically, people in excellent health receive the cheapest life insurance rates.
To continue the process, you’ll tell SoFi and Protective more about yourself, including:
- Health history
- Family’s health history
- Driving record
- Annual income
- Net worth
You’ll also need to have some personal information ready to share. Be prepared to offer:
- Social Security number
- Driver’s license number
- Name of your primary physician
- Date of your last appointment
- List of any medications you take
If you have any questions, you can chat with a live person to help you through the application. If you’re pressed for time, you can save your information, log out, and return to it later.
Assuming you meet Protective Life’s eligibility requirements, you can successfully purchase a life insurance plan in just 20 minutes. With a low monthly payment, you’ll have peace of mind that you provided financial protection for your family, partner, or children.
Do you need term insurance?
Life insurance is one of those topics that no one likes to think about. It also doesn’t seem very important when you’re young and working toward financial independence.
However, if you have any dependents, like children, then life insurance is a must. And if you’ve merged finances with a partner, life insurance could protect them so they don’t end up struggling alone.
Another case where you’d likely want life insurance is if your parents co-signed on your student loans. Without you, they’d end up with the entire remaining balance of your loans. A term insurance plan could relieve these burdensome costs.
Sure, life insurance isn’t especially fun to think about. But it can seriously protect your loved ones. Plus, with term life insurance with SoFi, issued by Protective, you can have the application process over and done with in less time it takes to watch a show on Netflix.
Want to learn even more circumstances where you’d need a life insurance plan? Check out this full guide on whether or not you need to purchase term insurance.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.30% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.47% – 6.30%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.69% – 7.21%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|