SoFi and Prudential Financial are teaming up to let SoFi's members buy term life insurance without ever leaving the SoFi app, giving more than 15 million account holders a new way to get covered in a few taps. The partnership folds Prudential's SimplyTerm policy directly into SoFi's existing digital finance platform, turning a process that often involves paperwork, phone calls, and waiting into something closer to checking a bank balance.
According to ROI-NJ, SoFi is a digital financial services firm with over 15 million members, and the new arrangement offers those members access to Prudential term life insurance directly within the SoFi app. As reported by coverager.com, the deal will give over 15 million SoFi members the ability to purchase Prudential term life insurance directly within the SoFi app, through a fully digital experience that SoFi itself built and operates.
How the In-App Insurance Shopping Works
Inside the app, SoFi members can explore Prudential's SimplyTerm life insurance, receive an instant quote, and apply for and purchase coverage all in one place, the same report notes. Eligible members are often able to obtain coverage in minutes without a medical exam or lab work, and the embedded experience is designed to streamline the application process and reduce redundant data entry, per the outlet's reporting.
Prudential says SimplyTerm itself can move applicants from quote to coverage in minutes once they answer a handful of health questions, with no lab work or medical exam required for that process, according to Prudential. The company says SimplyTerm policies run from five to 20 years in length and offer coverage amounts between $25,000 and $1 million, and that all of its term life insurance policies are issued by Pruco Life Insurance Company or Pruco Life Insurance Company of New Jersey.
Executives Frame the Deal as Closing a Coverage Gap
Salene Hitchcock-Gear, president of Individual Life Insurance at Prudential, said the collaboration offers personalized insurance protection in a few minutes, per ROI-NJ's reporting. She added that many people believe life insurance is more expensive and complicated than it really is, and described the partnership as an opportunity to use intelligent technology to improve financial lives.
Brian Walsh, head of Advice & Planning at SoFi, said life insurance can help protect the financial future people are building, according to the same report. He also said life insurance can help loved ones cover everyday expenses, manage debt, and pursue financial goals after a policyholder's death — framing the SoFi app as a way to bring that kind of protection closer to where customers already handle their money.
Part of a Broader Push by Prudential
Prudential has been providing insurance protection for more than 150 years, according to SoFi. The company already partners with credit unions, mortgage providers, and other digital finance and insurance platforms, and ROI-NJ's report frames the SoFi agreement as extending that platform-partnership approach to one of the country's largest digital finance platforms, with Prudential saying it prioritizes reaching more Americans.
The push comes as industry research points to a persistent coverage gap. LIMRA and Life Happens found that nearly 100 million Americans report being uninsured or underinsured, per ROI-NJ's reporting. A separate LIMRA market research note from September indicates that 38%, or roughly 92 million adults, say they need life insurance or need more coverage than they currently have, and that 48% of American adults still do not own any life insurance at all.
Embedding insurance products inside everyday finance apps is not unique to the U.S. market. Elsewhere, Axis Max Life has partnered with a Tata Digital Group company in a similarly framed effort to make life insurance more accessible, according to a Big News Network report. For SoFi members, though, the immediate change is simpler: a policy that once required a separate application process is now something they can explore the next time they open the app.
