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Progressive is known for its highly rated auto insurance and home insurance, but it also offers life insurance plans. Its life insurance plans are lesser known largely because Progressive doesn’t underwrite most of its life insurance policies. Life insurance through Progressive means buying through eFinancial, an online insurance broker that connects you to a network of other popular providers.
Introduction to Progressive Life Insurance
Progressive only underwrites some of its term insurances in certain states, but most people won’t be able to get a policy through them. Instead, you’ll have to get a quote through eFinancial, which connects you to other life insurance companies.
That said, your experience depends on the provider that underwrites your policy. These companies include FidelityLife, Protective, Mutual of Omaha, AIG, Prudential, and Transamerica. It’s worth noting that Progressive receives a commission for referrals.
Progressive Life Insurance Plans Available
Term life insurance
Progressive offers temporary coverage for 10, 15, 20, or 30-year terms, from $100,000 to $2,000,000. With term life insurance, you pay fixed premiums for the duration of the policy. If you passed away during your term, your insurer guarantees a death benefit or the proceeds of your policy to your beneficiaries.
Progressive also advertises decreasing term life insurance. This policy’s premiums and coverage amounts decrease as your financial needs and situation change.
If you’re interested in a term life policy from Progressive, you can get a free quote through their website. Progressive offers no medical condition insurance for qualified customers, but you’ll be required to complete a health questionnaire.
Short-term life insurance
RAPIDecision Life One℠ , or short-term life insurance by Progressive, offers one year of coverage between $50,000 and $200,000 at a time. You can obtain a quote and buy coverage online. You’ll have to take a basic health questionnaire, but there’s no medical exam required.
Whole life insurance
Whole life insurance is a type of permanent policy, so coverage lasts your entire life. With this policy, you pay fixed premiums for a guaranteed death benefit. Like all permanent policies, whole life builds tax-deferred cash value at a fixed rate.
To purchase whole life insurance, you can get a quote by filling out an online form on Progressive’s website. An insurance agent will then contact you to request more information.
Final expense insurance
Progressive’s final expense insurance, or burial insurance, covers end-of-life expenses such as funeral costs, health care bills, and legal expenses. These policies have no medical exam requirements, quick approvals, and affordable premiums. However, its coverage is lower than traditional policies at $5,000 to $35,000. You must request a quote by completing an online form, and an insurance agent will get back to you.
Universal life insurance
Universal life insurance is another type of permanent policy that builds cash value as long as you pay your premiums. The interest credited to your cash value is typically influenced by current money market rates, providing the potential to earn more or less depending on economic conditions. However, universal policies guarantee a minimum interest rate, reducing the risk of losing money on your policy.
A key feature of universal life insurance is its flexibility. You can adjust your premiums and death benefits based on your financial needs and situation.
If you’re interested in this policy, request a quote by filling out the online form on their website. You’ll hear back from an insurance agent for more information.
Progressive life insurance riders
Progressive doesn’t specify the types of riders it offers, but it provides a list of common riders. Additional coverages depend on the type of policy you buy and who underwrites your policy.
Progressive Life Insurance Cost
Progressive term life insurance policies through eFinancial are more expensive than the industry average. According to Policygenius, the monthly cost of a $500,000 policy for a 30-year-old male in good health is $24, and the cost for a 30-year-old female is $19.
However, your individual quotes will vary based on the type of life insuranceyou get, your age, health status, lifestyle, whether you’re a smoker or non-smoker, and a host of other factors.
We gathered quotes from Progressive for non-smoker applicants with good health purchasing a $500,000, 20-year term life policy. Take a look at the cost of term life insurance for applicants of different ages.
Source: Progressive
Progressive Life Insurance Ratings
Progressive received an A+ (Superior) from AM Best, a credit rating agency, for financial stability. Its NAIC (National Association of Insurance Commissioners) complaint index score is 1.63, meaning it received more complaints than the industry average.
However, since Progressive doesn’t underwrite most of its policy, those ratings aren’t overly important. Instead, you’ll want to look at the specific ratings for eFinancial, its partnered insurance broker, and the actual company that underwrites your policy.
eFinancial received a 4.7 out of five from Trustpilot. Users praised its easy purchasing process and helpful representatives. Others expressed frustration about receiving numerous calls after getting an insurance quote.
These are the financial ratings for underwriters in eFinancial’s network.
Progressive Life Insurance vs. The Competition
John Hancock
Unlike Progressive, which acts as an intermediary, John Hancock directly sells life insurance policies. Some of these plans include indexed and variable life insurance, which not all insurers offer. However, it doesn’t advertise short-term policies like Progressive.
This company offers competitive premiums to applicants over 50 and those with diabetes. It also earned an A+ (Superior) from AM Best.
Read our John Hancock Life Insurance review here.
State Farm
State Farm also directly sells its policies to shoppers. The company offers many term and whole life coverage options, specifically thriving in coverage for families. Several family-specific coverages include joint and survivorship insurance as well as a children’s term rider. Again, it doesn’t advertise short-term policies like Progressive.
Read our State Farm Life Insurance review here.
Progressive Life Insurance FAQs
Progressive doesn’t underwrite most of its life insurance policies; rather, it partners with eFinancial to sell insurance. The quality of your life insurance policy depends on the insurer you buy coverage from.
Progressive only underwrites flexible term life insurance in some states. You’ll have to obtain a quote through eFinancial and purchase a policy from a company in its network. Those companies include FidelityLife, Protective, Mutual of Omaha, AIG, Prudential, and Transamerica.
Progressive offers flexible term life insurance. It also advertises several term life, no medical exam, and permanent life policies, which you can purchase through efinancial.
You can file a claim with Progressive through its mobile app or your online account. You can also call Progressive at 1-800-776-4737.
It depends on the type of policy. Traditional term and permanent life insurance require a medical exam. However, its final expense and its short-term policy don’t. Be aware that those plans may come with limited coverage.
Why You Should Trust Us: How We Reviewed Progressive Life Insurance
Business Insider’s personal finance team relies on various resources to craft insurance reviews, including ratings from third-party agencies like AM Best and JD Power, user-generated reviews, and resources offered through the company’s website. From the research, we score the company based on its coverage options, reputation, availability, cost, exclusions and limitations, and more. We then evaluate the company to competitors in the industry to compare how the insurer stacks up in those categories.
If you’d like to learn more about how we review and rate products, read our life insurance rating methodology.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.