Sallie Mae Insurance Services has launched the Upromise Life Insurance Plan, which, it said, offers a competitively priced whole life insurance product underwritten by Minnesota Life Insurance Company.
“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 at Sallie Mae, a 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 needs change.”
There are two plan types: parents may buy a policy for themselves or for their children. The child's coverage automatically doubles at age 18, and the plan continues with fixed premiums into adulthood. Sallie Mae said that the 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, according to the company.
The plans are available to members of Upromise by Sallie Mae. As an added benefit, five 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 10yearold child could generate up to $198 of savings in the policyholder's Upromise account over five years.
Coverage is available in all states except New York.
Learn more: upromise.com/life.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].