Social Finance Inc., a fintech startup that made its name by helping college graduates refinance student loans, is adding a new type of financial product: life insurance. The San Francisco company will soon start selling term life insurance to its base of mostly millennial customers, said people familiar with the matter.
SoFi expects to roll out the product, which pays out a benefit if a customer dies during the period of time covered by the plan, before the end of the year or as soon as next month, said one of the people, who asked not to be identified because the plans aren’t final. The company hopes to attract customers who haven’t used its existing services, the person said. SoFi declined to comment.