SoFi adds Prudential term life cover in app

SoFi Technologies has partnered with Prudential Financial to offer Prudential term life insurance directly through the SoFi app. The collaboration makes Prudential’s SimplyTerm product available via a fully digital process created and managed by SoFi, giving 15.8 million SoFi members access to coverage without leaving the platform.

The embedded experience is designed to streamline the purchasing journey by reducing repeated data entry and allowing eligible applicants to obtain coverage in minutes. In many cases, customers can complete the process without a medical examination or laboratory testing. The partnership is available directly in the SoFi app, positioning life insurance alongside SoFi’s existing banking, lending, investment, insurance and financial planning services.

The new service centers on Prudential’s SimplyTerm life insurance, which is issued by Pruco Life Insurance Company and is not available in all states. Through the SoFi interface, members can explore SimplyTerm, receive an instant quote and complete their application and purchase online in one place. The experience has been built and is operated by SoFi, integrating Prudential’s product into SoFi’s broader digital financial ecosystem.

Prudential individual life insurance president Salene Hitchcock-Gear described the digital workflow as a way to access personalized insurance protection in just a few minutes. She said Prudential’s research shows many people believe life insurance is more expensive and complicated than it actually is.

Prudential frames the agreement with SoFi as part of broader efforts to address a life insurance protection gap in the United States. Research from LIMRA and Life Happens shows that nearly 100 million Americans report having inadequate life insurance coverage or none at all. Reaching these consumers is a stated priority, and integrating SimplyTerm into a platform with over 15 million members is presented as one example of that strategy.

Prudential already distributes its products through credit unions, mortgage providers and digital finance and insurance platforms. Extending this model to SoFi connects Prudential with one of the larger digital financial services user bases, while giving SoFi members direct access to term life coverage from within a familiar app environment.

SoFi positions life insurance as a component of holistic financial planning for its members. Brian Walsh, head of Advice & Planning at SoFi, said life insurance can help protect the financial future members are building. He highlighted that proceeds from coverage can help beneficiaries handle everyday expenses, manage outstanding debt and continue working toward important financial goals.

SoFi’s technology business, SoFi Tech Solutions, supports more than 134 million accounts globally across banks, fintech companies and other businesses. Within this broader technology and financial services footprint, the Prudential partnership adds an additional insurance option for SoFi members while aligning with Prudential’s objective of bringing coverage closer to where customers already transact.