SoFi Adds Prudential’s SimplyTerm Life Insurance to Its App

SoFi members can now explore Prudential Financial’s SimplyTerm term life insurance in the SoFi app, where eligible applicants can get a quote and apply. The companies announced the partnership Oct. 21; the product is not available in every state.

SoFi built and operates the digital experience. Its more than 15 million members are the potential audience, though eligibility and state availability affect who can apply.

Some eligible applicants may receive coverage within minutes without a medical exam or lab work. Prudential reviews information from third parties to assess eligibility and may ask applicants to provide additional details, so approval in minutes is not guaranteed.

Pruco Life Insurance Company, based in Newark, New Jersey, issues the policies. “Together, we’ve developed a seamless way to access personalized insurance protection in just a few minutes,” said Salene Hitchcock-Gear, Prudential’s president of Individual Life Insurance.