SoFi expands into life insurance through deal with Protective

(Bloomberg) – 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.

“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 the statement.