SoFi life insurance review

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Best for: People who invest and save

Our take: Yes, SoFi sells online life insurance. But it also offers other financial products, including banking, investing services and student loans. All its products can be accessed through the company’s app, which takes some of the complexity out of investing and savings accounts  – such as having to sort through separate accounts and having to remember different passwords.

An online application takes just minutes and once you have coverage, you can adjust it as needed. You also can create an estate plan through SoFi, seamlessly keeping your end-of-life plans in one place. SoFi offers life insurance through Ladder.

Pros:

  • Offers banking, investing services, student loans and supplemental estate planning services
  • Offers high coverage amounts (up to $8 million)
  • Application only takes a few minutes
  • Instant approval

Cons:

  • Requires an application to get an initial quote
  • No riders are offered

SoFi’s third-party ratings

Trustworthiness
A+
Financial Strength
A
Customer Experience
4.6

Trustworthiness: The Better Business Bureau evaluates businesses on their behavior, trustworthiness, and performance. A business with a high ranking from the BBB can be trusted to meet its commitments. The BBB gives SoFi an A+.

Financial strength: A.M. Best evaluates a company’s financial health and its ability to meet its financial obligations. SoFi provides insurance through Ladder, which gets an A rating. 

Customer experience: Trustpilot is an online platform for individuals to provide reviews of companies and their customer experience. Trustpilot gives SoFi a rating of 4.6 out of a possible 5.

How SoFi stacks up against selected competitors

Third-party ratingsSoFiEthosLadderBestow 
TrustworthinessA+A+N/AA+
Financial StrengthAA+AA+
Customer Experience4 .64.84.84.6

How much does SoFi insurance cost?

SoFi’s life insurance rates tend to be slightly above the industry average. For example, a 25-year-old a 45-year-old nonsmoker female purchasing $500,000 in coverage for a 20-year term is quoted to pay $53 in monthly premiums, while the industry average for that same coverage is $48. 

How much SoFi costs for healthy nonsmokers:

The following table shows SoFi rates by age and gender for healthy nonsmokers purchasing 20-year term policies.

AgeGender $500,000 in coverage$1 million in coverage
25Female$21$34
25Male$24$41
35Female$22$37
35Male$25$42
45Female$53$92
45Male$67$119
55FemaleN/A$131
55MaleN/A$ 218

For smokers:

The following table shows SoFi monthly rates by age and gender for smokers purchasing 20-year term policies.

AgeGender $500,000 in coverage$1 million in coverage
25Female$47$82
25Male$74$137
35Female$85$157
35Male$108$199
45Female$189$357
45Male$239$456
55Female$301N/A
55Male$456N/A

How SoFi’s premiums stack up against selected competitors

The following table shows how SoFi’s monthly rates for 35-year-olds in excellent health compare with selected competitors for $500,000 in coverage.

GenderSoFiBestowLadderWyshbox
Female$22$26$18$21
Male$25$36$21$30

More details about SoFi life insurance

Policies offered:

  • Life products offered: Term life.

Insurance partners:

  • SoFi partners with Ladder to provide life insurance coverage.

Other details:

  • Ages and coverage limits: Policies offer between $100,000 to $8 million in coverage, while term lengths vary from 10 to 30 years.
  • Waiting period: Policies are in force immediately after the first payment is made.
  • Medical requirements: The company offers life insurance without a medical exam, although you will be required to answer a few questions about your personal history when applying for a policy. Other people may be required to take a medical exam, depending on their eligibility.
  • Application time: The application takes just minutes and you get an instant decision.


Additional product line details: SoFi does not offer additional life insurance policies and only offers an online term life product through Ladder.

In SoFi’s online portal, you will be directed to Ladder’s site to apply. However, your policy will still be issued through SoFi, and you should reach out to SoFi for any questions or concerns regarding your policy.

Company background: SoFi was founded in 2011 by Stanford business school students and offers a number of financial products, from student loan refinancing to retirement accounts. Insurance is just one of many financial planning services offered by SoFi.

Interesting tidbit: As an extra perk, SoFi also provides estate planning services to members, which includes help drafting a will.

States where SoFi is available

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States where SoFi is available
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AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY
Available
Not available

About SoFi

SoFi
  • Company address: 234 1st Street, San Francisco, CA 94105
  • Company website: https://www.sofi.com/
  • Company email: customerservice@sofi.com
  • Company phone: 855-456-7634
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