The plan is offered in two types, parents may purchase a policy for themselves or their children, while the child’s coverage automatically doubles at the age of 18, and continues with fixed premiums into adulthood. Adult plans have fixed premiums.

Both the plans are easy to apply for, offer instant decisions and have no medical exams.

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The cash value of the Upromise Life Insurance Plan increases over time and provides permanent protection as the policyholder ages as well as provides option to cash out of the plan or borrow against the policy.

Sallie Mae senior vice president Charlie Rocha said, "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."

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