The news: SoFi's 15.8 million members can now buy Prudential's SimplyTerm life insurance directly inside the SoFi app, per a press release. 

SoFi members can get an instant quote and complete a purchase in a few minutes, often without a medical exam or lab work. 

SoFi already offers access to life insurance through a referral arrangement with Ethos, but the transactions take place on the Ethos platform rather than within SoFi’s app. 

Zooming out: SoFi isn't the first US bank to integrate insurance into its digital offerings, but it is among the early movers bringing the entire purchasing process directly into its mobile banking app.

Other banks have expanded into embedded insurance, though their offerings typically rely on bank-branded digital insurance agencies rather than fully integrated in-app purchases. For example, Broadway Bank partnered with Insuritas in 2025 to offer auto, home, commercial, and other insurance products.

Why it matters: Over 70% of digital-only bank members are under the age of 45, and over 40% are under 35, according to our forecasts. Partnering with SoFi gives Prudential access to a large base of younger customers, many of whom are hitting milestones like marriage, parenthood, and buying a home—life changes that can inspire customers to buy new coverage.

Implications for insurers: Integrating insurance into the banking experience reduces the steps between considering coverage and purchasing it, helping insurers reach consumers who might not have sought out life insurance otherwise.

The partnership also highlights a growing competitive distinction in insurance distribution. Insurers that can integrate quoting, underwriting, and purchasing into banking apps can offer a more seamless experience than those relying on referrals to outside platforms. And by reaching younger consumers, insurers can establish relationships that deepen as customers' coverage needs evolve over time.

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