When you think of Progressive, auto insurance may be the first thing that comes to mind. However, Progressive has expanded its offerings into the life insurance market by partnering with eFinancial. While Progressive doesn’t underwrite its own life insurance policies, it provides a wide array of options through this third-party broker. In this review, we’ll dive into the details to help you determine if Progressive Life Insurance is the right choice for your needs.
Types of Life Insurance From Progressive?
Progressive offers several types of life insurance policies, each tailored to different needs. Here’s a breakdown of their primary offerings:
Term Life Insurance
Progressive provides term life insurance policies through eFinancial. These policies are available in term lengths of 10, 15, 20, and 30 years, with coverage ranging from $50,000 to $2 million. A unique feature is their short-term life insurance, offering one-year coverage, designed for temporary needs or those just starting with life insurance.
Whole Life Insurance
Whole life insurance is a permanent policy that covers you for your entire lifetime. With coverage amounts starting at $50,000, this policy builds cash value at a fixed rate. While Progressive doesn’t underwrite whole life policies directly, you can purchase them through their partner.
Final Expense Insurance
Final expense insurance, also known as burial insurance, is designed to cover end-of-life expenses such as funerals and medical bills. Coverage ranges from $5,000 to $35,000, with no medical exams required.
Universal Life Insurance
For those seeking a flexible permanent policy, universal life insurance allows you to adjust your premiums and death benefit over time. It also builds cash value at a rate influenced by current market conditions.
Riders and Customization Options
Progressive offers several life insurance riders, which allow you to customize your policy further:
- Accelerated Death Benefit: Access part of your death benefit early if diagnosed with a terminal illness.
- Critical Illness Rider: Use your death benefit if you’re diagnosed with a serious condition like cancer or a heart attack.
- Waiver of Premium Rider: Pause your premiums temporarily if you become disabled and cannot work.
These options give you flexibility, but it’s important to note that not all riders are available on every policy. The availability may depend on the company underwriting the policy.
How Does the Application Process Work?
One of the standout features of Progressive Life Insurance is its quick and user-friendly application process. By entering basic information such as your age, gender, and smoking status, you can receive an instant term life insurance quote in less than a minute. For more personalized coverage (e.g., whole or universal life insurance), you’ll need to submit more detailed information, and an agent will guide you through the process.
While the term life insurance application is fully online, purchasing a whole or universal life policy requires consultation with an agent.
How Much Does Progressive Life Insurance Cost?
The cost of Progressive life insurance depends on several factors, such as your age, health, lifestyle, and the type of policy. Here are a few sample quotes for non-smokers:
| Age | Term Length | Death Benefit | Monthly Premium |
|---|---|---|---|
| 30 | 20 years | $500,000 | $34.80 |
| 40 | 20 years | $500,000 | $46.55 |
| 50 | 10 years | $250,000 | $31.89 |
Keep in mind that rates vary depending on your location and specific health conditions.
Customer Service and Support
Progressive offers 24/7 customer service through phone, live chat, and email. Their website features a resource center with FAQs and a mobile app for policy management. However, once you purchase a policy, most of your customer service interactions will be with the company underwriting your policy, such as eFinancial.
Is Progressive Life Insurance Right for You?
Progressive Life Insurance offers a convenient, accessible option for those looking for basic life insurance coverage. It’s an ideal choice if you want a quick, hassle-free application process for term life insurance. However, the fact that Progressive doesn’t underwrite its own policies might be a drawback if you prefer a direct relationship with your insurer.
Pros:
- Easy online quotes and application process
- Wide range of policy types
- 24/7 customer support
Cons:
- Policies are underwritten by third parties
- Some customization options are limited
Conclusion
Progressive Life Insurance is a life insurance broker, just like us, we both offer a range of policy options, and competitive pricing. Give us a try by using our life insurance quoter on this page.
FAQs
Does Progressive offer term life insurance without a medical exam?
Yes, Progressive offers term life policies that may not require a medical exam, depending on your health and the amount of coverage.
Can I get whole life insurance through Progressive?
Yes, Progressive offers whole life insurance through its partner eFinancial. You’ll need to consult with an agent to get a personalized quote.
What’s the difference between term and whole life insurance?
Term life insurance provides coverage for a specific number of years, while whole life insurance offers lifetime coverage and builds cash value over time.
Are Progressive’s life insurance policies more expensive than others?
Progressive’s term life insurance policies tend to be competitive with industry averages, though some policies, especially those involving eFinancial, can be slightly more expensive than other providers.
What are life insurance riders?
Riders are add-ons that allow you to customize your policy. Progressive offers several, including accelerated death benefits and critical illness riders.
