Dai-ichi subsidiary partners with US online lender to offer cover

Completely online registration process won’t require medical exam for applicants under age 40

Insurance News

By Gabriel Olano

Social Finance Inc. (SoFi), a start-up online lender in the US, is widening its offerings by entering a partnership with Protective Life Corp. to offer life insurance.
SoFi has partnered with Protective, a subsidiary of Dai-ichi Life Holdings of Japan, to provide up to US$1 million in term life insurance to its clients. The application process will be entirely online, and applicants under age 40 will not need a medical exam.
“This is a first in the industry: coverage in minutes without a medical exam in many cases, and at incredibly competitive prices,” Andrea Blankmeyer, vice president of finance at San Francisco-based SoFi, said in a statement. Other terms of the agreement were not disclosed.
Founded in 2011 by students of Stanford University’s business school, SoFi focuses on high-income millennials. It allows graduates of top-tier universities to refinance their student debts. The firm eventually branched out into mortgages, personal loans, and wealth management.

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