Prudential and SoFi Bring SimplyTerm Life Insurance to 15 Million Members In-App

Prudential Financial and SoFi are teaming up to offer Prudential term life insurance directly through the SoFi app to more than 15 million members, the companies said on October 21, 2026. Business Wire published the announcement. Eligible members can get an instant quote and apply for coverage in minutes without a medical exam or lab work.

How the SoFi App Experience Works

Through a fully digital experience built and operated by SoFi, members can explore Prudential's SimplyTerm life insurance, receive an instant quote, and apply for and purchase coverage in one place. The embedded experience reduces redundant data entry, and eligible members can often obtain coverage in minutes without a medical exam or lab work. SimplyTerm is issued by Pruco Life Insurance Company, located in Newark, N.J., and the product is not available in all states.

TradingView reported that SoFi will offer the coverage to its 15.8 million members through a fully digital flow, expanding SoFi's product suite and increasing cross-sell potential, with digital quotes and no exam for some. SoFi will build and operate the experience, keeping user data and UX control, according to TradingView.

"We are thrilled to work with SoFi and bring an elevated life insurance experience to its customers through the SoFi app," said Salene Hitchcock-Gear, president of Individual Life Insurance at Prudential. "Together, we've developed a seamless way to access personalized insurance protection in just a few minutes."

"Life insurance isn't just about preparing for the unexpected — it's about helping protect the financial future you're building," said Brian Walsh, Ph.D., CFP®, and head of Advice & Planning at SoFi.

A recent report by LIMRA and Life Happens found that nearly 100 million Americans report being either uninsured or underinsured, according to the announcement.

Prudential's Funding and Product Record

Prudential Financial issued $750 million of junior subordinated notes and $450 million of medium-term notes in June 2026 while maintaining $3.7 billion in highly liquid assets, according to akta.pro company records. The same records show the company launched the Elevate annuity suite that month, expanding into the independent marketing organization distribution channel. Prudential's funding rounds on record number three, including a $750 million post-IPO debt round in June 2026, a $750 million post-IPO debt round in March 2025, and a $500 million post-IPO debt round in February 2024.

Earlier Prudential Moves

On October 20, 2026, Investmentnews reported that Prudential Wealth Advisors plans to establish a centralized recruiting organization in 2027 to accelerate advisor hiring, with the firm citing competition and an aging workforce as drivers. On October 16, 2026, TradingView reported that Prudential Financial estimated a $140 million hit to third-quarter 2026 earnings from Japan due to a sales suspension. On October 15, 2026, Yahoo reported that S&P Global Ratings revised Prudential Financial's credit outlook to negative from stable, citing Japan headwinds.

Prudential's Third-Quarter Report Date

Prudential's full third-quarter report is due after market close on November 3, 2026, according to TradingView.