To give members a flexible and competitively priced financial security option, Upromise by Sallie Mae 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 planning."

This term life insurance plan has a fixed monthly premium, no medical exams, and a 10-minute, online application process.

Upromise 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.

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.