In a move designed to bridge the nation’s widening insurance gap, financial services giants Prudential Financial and SoFi have announced a strategic partnership. The collaboration gives SoFi’s base of more than 15 million members the ability to secure Prudential term life insurance seamlessly within the SoFi mobile app.
The newly embedded digital experience, built and operated by SoFi, allows users to explore Prudential’s SimplyTerm life insurance, receive instant quotes, and apply for and purchase coverage without leaving the platform they already use to manage their everyday finances.
For many consumers, purchasing life insurance has historically involved a tedious process of redundant data entry, medical exams, and complex paperwork. Through this integration, eligible SoFi members can bypass many of those traditional hurdles, frequently securing coverage in a matter of minutes without requiring a medical exam or lab work.
“We are thrilled to work with SoFi and bring an elevated life insurance experience to its customers through the SoFi app,” Salene Hitchcock-Gear, president of Individual Life Insurance at Prudential, said. “Our research shows that many people believe life insurance is far more expensive and complicated than it really is. This is a tremendous opportunity to break through that cycle…”
The partnership comes as the financial industry grapples with a massive shortfall in consumer coverage. According to recent research by LIMRA and Life Happens, nearly 100 million Americans report being either entirely uninsured or significantly underinsured.
Prudential has increasingly sought to combat this “protection gap” by embedding its insurance products into digital finance platforms, credit unions, and mortgage providers where consumers already manage their money. Teaming up with SoFi marks one of its most prominent expansions into a major all-in-one digital finance ecosystem.
“Life insurance isn’t just about preparing for the unexpected — it’s about helping protect the financial future you’re building,” Brian Walsh, head of Advice & Planning at SoFi, said. “At SoFi, we believe protecting what you’ve built is an essential part of getting your money right, and that means thinking about insurance as part of your broader financial plan.”
The embedded life insurance offering is rolling out directly within the SoFi app for eligible members. Note: SimplyTerm life insurance is issued by Pruco Life Insurance Company of Newark, N.J., and product availability varies by state.
