3 Ways SoFi and Protective Life are Taking the Pain Out of Getting Life Insurance

SoFi life insurance

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
  • 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.

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Published in Insurance