NEWARK, Del.--(BUSINESS WIRE)--To give members a flexible and competitively priced financial security
by Sallie Mae today announced the offer of a new term life insurance
product. Underwritten by Minnesota Life Insurance Company, term life
insurance has competitive rates and helps protect against the
unexpected. The new plan is an expansion of the insurance products
offered by Upromise to its members. Individuals can select the amount of
coverage, up to $250,000, and the length or term of the plan based on
their family’s needs.
According to the life insurance industry association, LIMRA, only 38
percent of U.S. adults own life insurance, yet 85 percent agree it’s
something people need. Those in their 20s and 30s are less likely than
older generations to own life insurance, and many overestimate the cost.
“All families should be able to protect against unplanned tragedies or
events no matter where they are in life,” says Charlie Rocha, senior
vice president, Sallie Mae. “Term life insurance is a financial
safeguard that caters to people in an earlier stage of financial
This term life insurance plan has a fixed monthly premium, no medical
exams, and a 10-minute, online application process.
by Sallie Mae also offers its members a
whole life insurance plan. This plan has cash value that
grows over time and provides permanent protection as the policyholder
ages. Policyholders have the option to cash out of the plan or borrow
against the policy to help pay for college, a mortgage, or any of life’s
unexpected expenses. As an added benefit, up to five percent of the
policy’s cash value plus a portion of the premium may be credited into
the policyholder’s Upromise rewards account for up to five years.
Upromise enables members to earn rewards for their children’s college
education fund whenever they shop with participating retail partners.
Membership is free.
Sallie Mae Insurance Services offers America’s college students and
young adults insurance programs that address their unique life-stage
needs, including tuition insurance, renters insurance, life insurance
and health insurance. Sallie Mae also provides colleges and universities
access to specially designed insurance products, such as the Student
Protection Plan, a package of tuition insurance, ID theft protection and
other services to meet the needs of a typical college student. Sallie
Mae Insurance Services is a strategic initiative between Sallie Mae and
Next Generation Insurance Group, which is the licensed insurance agent
for this program in all 50 states.
Learn more at Upromise.com/life.
Sallie Mae is the nation’s saving, planning, and paying for
college company. Whether college is a long way off or just around the
corner, Sallie Mae offers products that promote responsible personal
finance including private education loans, Upromise rewards, scholarship
search, college financial planning tools, insurance, and online retail
banking. Learn more at SallieMae.com.
Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are
not sponsored by or agencies of the United States of America.