Online Life Insurance Companies

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

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. A.M. Best gives SoFi an A+.

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 out of a possible 5. Scores as of October 4, 2022.

How SoFi stacks up against selected competitors

Third-party ratingsSoFiEthosLadderBestow 
TrustworthinessA+A+A+A+
Financial StrengthA+A+AA+
Customer Experience4.64.84.6

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 about 10 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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About 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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