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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.
Business Insider compared Progressive Life Insurance to the best life insurance companies and found it lags behind its competitors, mainly because it doesn’t underwrite most of its policies.
Introduction to Progressive Life Insurance
Progressive offers short-term, traditional term, whole, universal, and final expense life insurance. However, Progressive doesn’t underwrite most of its insurance policies, only underwriting some term life insurance policies in certain states.
Instead, you’ll have to get a quote through eFinancial, which connects you to other life insurance companies. Progressive gets a commission for referrals.
Your experience will depend on the provider that underwrites your policy. These companies include FidelityLife, Protective, Mutual of Omaha, AIG, Prudential, and Transamerica. While all these companies are reputable, with strong ratings from AM Best, the unpredictability of using Progressive is a notable downside. For something as important as life insurance, it may be best to opt for a more predictable option.
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 died 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 its website. Progressive offers no medical exam insurance for qualified customers, but you’ll be required to complete a health questionnaire.
Progressive underwrites some of its own term life policies in the following states: Arizona, Georgia, Indiana, Louisiana, Maryland, Michigan, Missouri, Ohio, Pennsylvania, Tennessee, Texas, and Virginia.
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 fill out a 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.
How Much Does 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 insurance you 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 Application Process
Quotes for Progressive’s term life insurance policies can be accessed online. For additional policies, like universal or whole life, you’ll have to call Progressive and reach an agent to discuss your options.
When obtaining a quote, you’ll be asked to provide information such as your name, sex, date of birth, phone number, email, height, weight, and whether you’ve used a tobacco product within the last five years. You’ll also be asked to rate your health as either poor, fair, good, or excellent. Progressive provides guidelines for which selection you should choose, which includes factors like major health concerns, frequency of checkups, and BMI.
Depending on the insurance plan you want, you may have to take a medical exam in order to apply for life insurance. However, Progressive also offers no exam life insurance, so you’ll only have to answer a health questionnaire.
It’s worth noting that in our experience, once Progressive obtains your contact information, it’s fairly aggressive about contacting you.
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 policies, 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.
Compare Progressive Life Insurance
Progressive Life Insurance vs. John Hancock Life Insurance
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.
Progressive Life Insurance vs. State Farm Life Insurance
State Farm also directly sells its policies to shoppers. The company offers many term and whole-life coverage options, thriving in coverage for families. Several family-specific coverages include joint and survivorship insurance as well as a children’s term rider. Like John Hancock, State Farm doesn’t advertise short-term policies like Progressive does.
Read our State Farm life insurance review.
Progressive Life Insurance FAQ
Yes, Progressive offers whole and universal life insurance through a partnership with eFinancial. You’ll have to speak with a life insurance agent to obtain quotes.
While Progressive underwrites some of its term life insurance in certain states, various life insurance companies affiliated with eFinancial, like Fidelity Life, Protective, Mutual of Omaha, AIG, Prudential, and Transamerica, underwrite Progressive life insurance policies.
Medical exam requirements vary depending on the Progressive life insurance policy you choose. For example, Progressive’s short-term life insurance policy does not require a medical exam.
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. We then evaluate the company to competitors in the industry to compare how the insurer stacks up in those categories.
Learn more about how Business Insider rates life insurance.
