SoFi is a finance company that’s known for its efficient, modern approach to everything they do. Although SoFi has become very well known for its loans and investment tools, they also offer life insurance. SoFi aims to make getting life insurance less of a hassle and more affordable. They partner with an insurance company called Ladder to offer the coverage. This all sounds great, particularly compared with other life insurance companies, and you may be wondering if SoFi lives up to the hype. Here’s what you need to know about SoFi insurance.
No Medical Checkups
One of the reasons that SoFi is so attractive is because they don’t require qualifying individuals to get medical checkups. This makes life insurance much more accessible and less intimidating for many people. Medical checkups feel invasive, and they also limit people from getting affordable insurance, particularly older people or people with chronic medical conditions. SoFi does require you to meet certain qualifying standards, but you’ll never be asked to take a medical exam. You don’t have to have someone come to your house, and you don’t have to sit through uncomfortable physical tests or probing interviews. Note that there are a few instances where you may still need to take a medical exam – if you’re taking out a very large death benefit, for example, or having things like smoking or obesity in your medical records. However, you’ll know right away if you have to take a medical exam or not, so everything is transparent and on the table.
Sign Up Online
Another great thing about SoFi is that it is very easy to sign up for, and the entire sign-up process can be done online. You can get a quote quickly by answering a few questions, and if you decide that it’s the right insurance coverage for you, you can apply online in just a few minutes. You’ll find out if you’re qualified right away and can complete your account. You’ll receive your policy in as little as one business day to sign. When applying, you’ll need your driver’s license, information about your income and net worth, and contact information for your primary physician. This is so Ladder can contact them to access your medical records. It’s also helpful to have general information handy about your family’s medical history.
The entire process is very straightforward, and the site is very user-friendly. They also have plenty of information available to help you determine how much coverage you might need. If you prefer to talk to someone, you can also call Ladder’s office to speak with insurance agents. The entire service combines Ladder’s insurance expertise with SoFi’s streamlined approach to insurance. This takes the guesswork out of applying for life insurance and makes it more user-friendly.
SoFi’s insurance is very affordable, and they make the idea of getting life insurance much less daunting for low to middle-class families. Premiums vary from person to person, depending on your age, your general quality of health, where you live, and a few other factors. Your premiums also depend on how much coverage you need – the higher your death benefit, the higher your premium will be. Generally, SoFi’s premiums range from $15 to $45 per month, although they can go higher if you have a very high death benefit. Sofi’s coverage options range from $100,000 to $8 million. You can also adjust your coverage whenever you want. This is very helpful for financial planning – if your income changes and you need to lower your coverage to fit your budget, you can easily do so online. Alternatively, if you have a child or take on a new mortgage, and you’d like more coverage for those expenses, you can adjust it up, provided that you qualify for the additional coverage.
Term Life Insurance
Currently, SoFi only offers term life insurance. Term life insurance policies only last for a certain period of time, usually 10 to 20 years, and then you can opt to purchase another policy if you would like to continue your coverage. This is generally considered to be the cheapest type of life insurance you can buy, especially when compared with permanent life insurance policies. Permanent life insurance policies, like universal and whole life insurance policies, cover you for your entire life, but they are much more expensive.
For some people, term life insurance may not be the best option. If you want truly comprehensive, whole life coverage, you’ll need to take out a universal plan to cover that. Many permanent life insurance plans also offer an investment component, which is appealing for some people. However, for many people, a term life insurance plan is the most realistic and most appealing way to get insurance. It’s affordable and it’s easy, and it allows people who might never otherwise have insurance to get that coverage, helping them and their loved ones feel a little more prepared for the unexpected.
If you’re looking for affordable life insurance that isn’t a hassle to use or apply for, SoFi is worth looking at. Their streamlined collaboration with Ladder is unique because they go out of their way to make the experience convenient and minimize the stress associated with getting life insurance. Their term policies are flexible, and they are one of the only companies out there who aren’t requiring a medical exam for their policies.