NEWARK, Del.--(BUSINESS WIRE)--Today only 44 percent of Americans have individual life insurance and
half of those who do say their coverage is insufficient, according to a
2012 research report from the life insurance industry association, LIMRA.
To help families secure their financial future, Sallie Mae Insurance
Services announces the Upromise Life Insurance Plan, which offers a
competitively priced whole life insurance product underwritten by
Minnesota Life Insurance Company. The millions of Americans who have
joined Upromise by Sallie Mae to save for college can also now rely on
the Upromise Life Insurance Plan to give their family greater financial
“Too many families have not yet planned ahead to protect their family
and to ensure their children can pursue their education goals even if
the unexpected occurs,” said Charlie Rocha, senior vice president,
Sallie Mae, the nation’s No. 1 financial services company specializing
in education. “Sallie Mae’s Upromise program empowers families to save
for college and now to safeguard family finances. The Upromise Life Plan
gives parents and their children peace of mind and options as their
There are two plan types: parents may buy a policy for themselves or
their children. The child’s coverage automatically doubles at age 18,
and the plan continues with fixed premiums into adulthood. Adult plans
also have fixed premiums, and both plans have no medical exams, are easy
to apply for, and offer instant decisions. The entire application
process is online.
The Upromise Life Insurance Plan’s cash value 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.
The plans are available to members of Upromise by Sallie Mae. Free to
join, Upromise enables members to earn rewards for their child’s college
education fund whenever they shop with participating retail partners. As
an added benefit, 5 percent of the Upromise Life Plan 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. For
example, a $50,000 policy covering a 10‐year‐old child could generate up
to $198 of savings in the policyholder’s Upromise account over five
Coverage is available in all states except New York. Learn more at Upromise.com/life.
Sallie Mae also offers a term life insurance program.
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. In addition, 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.
Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services
company specializing in education. Celebrating 40 years of making a
difference, Sallie Mae continues to turn education dreams into reality
for American families, today serving 25 million customers. With products
and services that include Upromise rewards, scholarship search and
planning tools, education loans, insurance, and online banking, Sallie
Mae offers solutions that help families save, plan, and pay for college.
Sallie Mae also provides financial services to hundreds of college
campuses as well as to federal and state governments. 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.