"This is a first in the industry: coverage in minutes without a medical exam in many cases, and at incredibly competitive prices," said
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
The policies will be issued by
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we're all about helping our members get ahead and find success. Whether they're looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.
Protective Life Corporation provides financial services through the production, distribution and administration of insurance and investment products throughout the
For more information on Protective, please visit www.Protective.com.
Protective refers to Protective Life Corporation and its affiliates, including
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