Progressive Life Insurance Review
Progressive is one of the most popularly advertised and reputable insurance companies in the nation. Read our Progressive life insurance review to learn more about the company, including the types of life insurance policies offered, how much Progressive insurance costs and more.
If you’re ready to explore the life insurance policies available where you live, you can call to chat with a life insurance agent to compare costs, coverage amounts and more.
Progressive Life Insurance Overview
Progressive was founded in 1937 and is based in Mayfield, OH. Progressive maintains policies for more than 18 million customers in all 50 states and Washington D.C.
What Type of Life Insurance Does Progressive Sell?
Progressive sells life insurance policies through a broker called eFinancial. Progressive life insurance policies are underwritten by noteworthy providers like AIG, Mutual of Omaha, Fidelity Life, Protective, Prudential and Transamerica.
There are five types of life insurance available through Progressive: term, whole, universal, final expense and short-term.
Progressive Term Life Insurance
Term life insurance provides temporary coverage. Progressive term lengths include 10, 15, 20 and 30 years, and Progressive term life insurance policies are available for people up to age 65.
Premiums remain level over the lifetime of the policy, with guaranteed death benefits that start at $100,000.
Progressive Whole Life Insurance
Whole life insurance provides coverage that lasts the rest of your lifetime and is available through Progressive for applicants up to age 65.
Progressive whole life insurance payouts begin at $50,000 and extend up to $1 million. The policy builds cash value at a fixed rate of interest and can be accessed as a personal loan to cover medical bills, college tuition or other expenses.
Progressive Universal Life Insurance
Universal life insurance is a type of permanent policy that features an adjustable death benefit and flexible premiums.
A universal life insurance plan from Progressive can be purchased up to the age of 65 for anywhere between $50,000 and $1 million. The cash value grows at a fixed rate and the money can be used to change the amount or frequency of your premium payments. You may also increase or decrease the amount of the death benefit as needed.
Progressive Final Expense Insurance
Final expense insurance is a type of life insurance designed to cover funeral expenses and the cost of end-of-life care.
Final expense insurance through Progressive is available for applicants between the ages of 50 and 85 and does not require a medical exam. Coverage amounts vary between $2,500 and $35,000 and can be issued with no waiting period.
Progressive Short-Term Life Insurance
Progressive sells a one-year short-term life insurance policy designed to fill a temporary gap in coverage or for those just starting out with life insurance. No medical exam is needed.
Does Progressive Offer Any Life Insurance Riders?
A rider is an optional add-on feature to a life insurance policy. Different types of riders can do different things, such as provide greater flexibility, easier access to your cash value or other options that allow you to more personalize your policy.
Progressive has several available riders including:
- Accelerated death benefits: Use some of your death benefit to pay for end-of-life care or other expenses if diagnosed with a terminal illness.
- Critical illness rider: Gain access to some of your death benefits after being diagnosed with a qualifying condition such as late-stage cancer or suffering a heart attack or stroke.
- Waiver of premium disability rider: This rider will temporarily pause your premiums if you become disabled and unable to work.
- Family income benefit rider: A family income benefit rider provides your beneficiaries with an additional death benefit that’s paid out in monthly installments.
- Term conversion life insurance rider: This rider allows you to convert your term life insurance into a permanent policy near the end of the term.
- Long-term care rider: A long-term care rider allows you to withdraw some of your death benefit to cover the cost of in-home medical care, medical equipment, nursing home stays or other long-term care costs.
How Much Does Progressive Life Insurance Cost?
Progressive allows for flexible payment options that include annually, quarterly or monthly premiums.
Below are some samples of monthly premiums for term life insurance policies from Progressive based on a non-smoking male in good (but not excellent) health and of average height and weight.
Please note that these are sample rates taken from a Progressive quote tool. Life insurance rates where you live will likely vary from what you see listed here.
|Age||10-year term, $250,000 death benefit||20-year term, $500,000 death benefit||30-year term, $1 million death benefit|
How Good Is Progressive Life Insurance Customer Service?
Progressive makes considerable efforts to help customers connect. The company’s website features a live chat option, along with a resource center that includes answers to common questions, coverage calculators and more.
There’s a 24-hour phone number to call for help along with an email address and the company is active on social media. Progressive even has a mobile app that allows customers to perform a number of actions pertaining to their policy.
Progressive maintains a rating of 3.9 stars out of five from Consumer Affairs and a National Association of Insurance Commissioners (NAIC) customer complaint rating that is slightly higher than the industry average.
However, once you purchase a life insurance policy through one of Progressive’s life insurance partner companies, you will deal with that company’s customer service and not Progressive’s.
Online quotes are available instantly for term life insurance but require you to connect with an agent for other types of life insurance products.
Is Progressive a Good Choice for Life Insurance?
Progressive is a large and reputable company that offers a diverse selection of life insurance products with high coverage limits, flexible riders and 24-hour customer support. If you don’t mind the fact that the life insurance policies are underwritten by a different company, Progressive remains a solid choice for life insurance.