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SoFi Expands Into Life Insurance Through Deal With Protective

  • Fully online application won’t include medical exam, firms say
  • Move adds to SoFi’s student loan refi, mortgage offerings

Social Finance Inc., a fast-growing online lender that focuses on high-earning millennials, is broadening its offerings to include life insurance.

The startup, known as SoFi, will join with Protective Life Corp. to provide up to $1 million in term-life insurance to its clients, according to a statement from both companies Monday. The application will be fully online and won’t require a medical exam for a majority of people under 40, they said.