Sallie Mae’s Upromise offers whole life insurance plan

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Sallie Mae Insurance Services is now offering  Upromise Life Insurance Plan, which offers a  whole life insurance product underwritten by Minnesota Life Insurance Company.

Sallie Mae  is based near Newark. It is the nation’s largest student lender and purchased  Upromise as a way to deepen ties with families saving for college.

“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,   “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 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.

Coverage is available in all states except New York.  Sallie Mae also offers a term life insurance program.

Upromise Life Insurance Plan, which offers a whole life insurance product underwritten by Minnesota Life Insurance Company.

Sallie Mae is based near Newark. It is the nation’s largest student lender and purchased Upromise as a way to deepen ties with families saving for college.

“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, “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 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.

Coverage is available in all states except New York. Sallie Mae also offers a term life insurance program.

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