Progressive Life Insurance

Progressive Life Insurance Review

Progressive Life Insurance Review

Life insurance is something you’ve heard about but may not want to look into, since it deals with your or a loved one’s death. However, it can be an incredibly important part of your financial planning. Progressive Insurance is a well-known and regarded company that offers life insurance, among many other products. Life insurance costs can be very affordable. We’ll take a look at Progressive Life Insurance in more detail.

About Progressive Life Insurance Company

Progressive has provided auto insurance since 1937 and offers products from life insurance to pet insurance to cell phone insurance. It is a publicly traded company. If you are purchasing Progressive Life Insurance be aware that it is provided through eFinancial.  All claims and customer service are provided by eFinancial as well. Note that Progressive Northwestern Insurance Company is not the same as Progressive Insurance.

Progressive Life Insurance Financial Rating

Progressive’s most recent ratings:

  • Standard & Poor’s: AA
  • A.M. Best: A+ Superior
  • Moody’s: Aa2
  • Fitch: AA
  • Better Business Bureau: A+

There is no data on eFinancial because they are a broker.

Progressive Life Insurance Products

  • Life Insurance
  • Car Insurance including Classic Cars, Snowmobiles, ATVs, PWC’s, Golf Carts and Segues
  • Home Insurance
  • Renter’s Insurance
  • Motorcycle Insurance
  • Boat Insurance
  • Recreational Vehicle (RV) Insurance
  • Commercial Insurance
  • Cat and Dog Health Insurance
  • Wedding and Event Insurance
  • Travel Insurance
  • Health Insurance for People
  • Coverage for Phone and Electronic Devices
  • Progressive Mechanical Repair Plans – Out-Of-Pocket Car Expenses to Mechanical Breakdown Protection. Underwritten by Warranty Direct
  • Progressive ID Protection provided by Experian
  • Progressive Auto Financing (Loans and Refinance) provided by Capital One
  • Progressive Car Shopping Service provided by Truecar

Progressive Life Insurance

There are three basic types of life insurance and Progressive offers all three.

Progressive Life Insurance Term Life Insurance

Term life insurance lets you purchase insurance for a specific amount of time, generally 10, 15, 20 or 30 years. You may consider term life if you have small children and are the primary provider for them. In the event of your death before they reach adulthood, your children or spouse will be able to provide child care, payoff a home, etc.

  • Terms: 10, 15, 20 or 30 years
  • Death benefit: from $100,000 to $1 million, depending on policy
  • Age range: 18 to 80 years old
  • Requirement: generally a brief medical exam
  • Premium payments:  monthly, quarterly or annually

Progressive Permanent Life Insurance

Permanent life insurance last for your entire life as long as you continue to make payments. It is generally more expensive than term life insurance. Permanent life insurance is a “cash value life insurance policy” Part of your premium is put into a subaccount similar to a 401K. There are two different types – whole life and universal life.

With whole life, you pay a premium and receive a specific payout. Universal life means that you can change your premium amounts and payout amount. You have more flexible investment options. Whole life insurance rates tend to be higher than term life. For more information, talk to a life insurance specialist who can explain tax deferment and other important details.

  • Terms: Your life
  • Benefits amounts range from $50,000-$1 million+.
  • Medical exam is required
  • Provides death benefits and cash value accumulation that builds over life of the policy
  • Takes 12 to 15 years to build up cash value

Final Expense Insurance

Funerals are expensive. Like weddings, funerals are emotional and thus can be exploited. Final expense insurance covers related expenses.

  • Age: 50-85 with any preexisting health conditions
  • No medical exam needed
  • May cover funeral and burial costs, medical bills, credit card debt and other end-of-life expenses
  • Can add protection to cover terminal illness

Progressive Life Insurance and Efinancial

If you call Progressive for Progressive life insurance quotes, they will help you determine costs and needs. If you call Efinancial directly, they will provide you with quotes from Progressive and other insurers. You won’t save money because rates are based on age and health.  

If you have special concerns, such as financial planning, grief counseling, or other estate planning, make certain that you ask for a company that provides these. Progressive does not.

Progressive Life Insurance Pros

  • Wide array of insurance products from one source
  • Possibility to bundle coverage
  • Highly rated

Progressive Life Insurance Reviews

Customer service is at the top of positive reviews about Progressive and Efinancial. There was also positive feedback on how swiftly claims were paid out.

Our Take

If you are looking for a one-stop shop for all your insurance needs, Progressive is great. They don’t offer as wide a selection of term and permanent life insurance policies, so if you have specialized needs, you may need to look at another company. Progressive has a long and admirable track record in the insurance industry, making it a definite leader in the business.