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Customers who sign up for the co-branded service will be eligible for term life coverage worth up to $8m. Most will get a policy quote instantly, sidestepping the hassle of a doctor's appointment.
SoFi previously offered life insurance to its 500,000-plus members through Protective. But the customer experience was relatively traditional, and the value of connecting the service to SoFi was unclear. With Ladder, SoFi customers will be able to increase or decrease their coverage over time, as their needs change. SoFi, with its knowledge of customers’ overall finances, will be well-positioned to recommend such adjustments. (Developing an overall “advice” solution is a top-priority for the company.) Since the start of the year, SoFi has been moving quickly to realize its vision of becoming a true financial hub. Last month, the company unveiled SoFi Money, a mobile-first checking and savings product. Meanwhile, newly installed CEO Anthony Noto, a former Twitter executive, has been talking with bankers about raising $500 million in debt to pursue acquisitions, according to the Wall Street Journal.
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