Progressive can be an ideal life insurance option for anyone who isn’t sure what type of coverage will be best for themselves and their spouse. Offering both term and permanent life options with death benefits as high as $2 million and terms between 5 and 30 years, Progressive’s offerings are diverse. No matter your needs, you’re likely to find a few viable options to start your search off with when you get a quote with Progressive.
Is Progressive life insurance legit? Yes, Progressive is a legitimate insurer offering life insurance coverage. However, policies are finalized and serviced through its partner eFinancial, which means that a third party will be matched with you according to your coverage needs and budget. While you should keep this in mind in terms of Progressive’s rating, the company’s reputation extends to its approved provider network, meaning that it’s still worth getting a quote.
- Those still comparing policies: With everything from 1-year terms to whole life coverage that acts as an investment, Progressive representatives can help guide your search for coverage.
- Whole life shoppers: Progressive offers a series of permanent life insurance options, which can help you find peace of mind if you’re looking to leave a guaranteed nest egg to your loved ones.
- Anyone looking to try out life insurance: Progressive’s unique short-term life insurance option allows you to test out life insurance for a more in-depth look at the benefits.
- With a wide selection of insurance policies, you’re sure to find an option that interests you when exploring Progressive’s website.
- Higher death benefits: With death benefits up to $2 million, Progressive allows you to choose a comprehensive payout for your beneficiaries.
- Quick online coverage: Progressive’s term policies are available entirely online for most applicants, allowing you to sign onto coverage in just a few minutes.
- 24/7 customer support: Progressive offers 24/7 customer service, which can be a major benefit if you’re looking for more personal assistance when buying and managing coverage.
- Progressive’s life insurance coverage can be more expensive than some competitors — partially because its partners are the ones actually insuring you.
- Partner company manages and services policies: When you buy life insurance through Progressive, Progressive is not the one actually insuring you. Instead, applications go through its partner eFinancial, which then matches you with a local policy provider.
- Medical exam requirements: Most of Progressive’s policies are permanent life options, all of which will require a medical exam before you’re approved for coverage.
- Higher premiums: Premiums from Progressive may be prohibitively expensive, especially for older men and women.
Progressive Life Insurance Ratings at a Glance
Progressive is one of the largest insurance providers in the United States, offering everything from auto insurance to homeowner’s insurance. Progressive offers a wide range of life insurance options at competitive prices, with cash value and term policies available. Pricing for term policies is available online, while whole and universal life coverage requires a consultation with an insurance professional.
Progressive’s life insurance policies are underwritten through its partner eFinancial, which means that a third party will service your policy. However, with the backing of Progressive’s reputation and a large selection of plan choices, Progressive is a fantastic general life insurance provider suitable for most customers’ needs. While you won’t find highly customized policies, Progressive is worth considering for its higher death benefits, easy application and diverse coverage.
Progressive Life Insurance Review
Progressive is a strong life insurance provider in terms of choice. Term policies range between 5 and 30 years for most users, though older applicants over the age of 45 may have terms limited to 20 years or fewer. Death benefits on term policies range from $50,000 to $2 million for most users; however, older applicants may see maximum death benefits as low as $250,000 depending on individual circumstances.
The company offers both term and whole life insurance, though whole and permanent life options will require a medical exam. For those looking for quick coverage, Progressive offers a short-term life insurance option with a limited term, as well as low-cost burial insurance. Progressive life insurance customer service supports a number of contact methods, which is another convenience that comes with choosing a major provider.
Progressive offers 24/7 customer service, as well as a number of options you can use to get in touch with a representative. To contact the team, call 1-855-347-3939. You can also connect with a life insurance sales representative by completing an application on Progressive’s website for one of the company’s whole life options.
As a major name in life insurance coverage, Progressive is able to offer a diverse range of policy options in most parts of the United States. Progressive currently offers all of the following types of coverage.
- Term life insurance: Term life insurance is a type of life insurance coverage that protects you for a specific policy term, which begins the date your coverage goes into effect. Most term policies range between 5 and 30 years, with the death benefit being awarded to the beneficiaries should the policyholder die during the term.
Progressive offers term life insurance policies with terms ranging between 10 and 30 years and death benefit options ranging from $50,000 to $2 million. Progressive also offers a limited short-term life insurance option that lasts only 1 year and includes a death benefit of up to $200,000.
- Whole life insurance: Whole life insurance, also referred to as permanent life insurance, is a type of life insurance that guarantees a payout, no matter when the policyholder dies. Whole life coverage also includes a cash value component, which can help you see a small, partial return of premium over time.
While Progressive offers whole life insurance coverage, its offerings vary depending on location. To request a quote, you’ll submit a request for coverage that includes your age, weight, height and a few added relevant factors. Whole life policies are issued through Progressive Life by eFinancial.
- Universal life insurance: Universal life insurance is another type of whole life insurance coverage that includes a more flexible investment component. Progressive’s universal life insurance policies include tax-free growth and allow you to borrow against the cash value component of the policy in the form of a loan while you are still alive. Like other whole life options, you’ll need to consult with a representative to learn more about universal life insurance.
- Burial insurance: If you’re searching for a very low-cost life insurance policy with a limited death benefit, burial insurance could be a smart choice. As the name suggests, this type of coverage offers a limited death benefit intended to cover funeral expenses. Final expense insurance is available from $53 per month when purchased through Progressive’s partner, eFinancial. Burial insurance policies are available online and with no medical exam, making them stronger choices for shoppers with wait times in mind.
Overall, Progressive offers a diverse range of policy choices that will fit most customers’ needs. While not every policy is available online, the insurer’s user-friendly term life application is an easy and convenient place to begin rate shopping.
Progressive offers an entirely online application for its term life policies, making it easy to see what you’ll pay for coverage. To help you get a better idea of what you might pay for term life insurance, Benzinga requested a few quotes for a variety of policies from Progressive. Use the table below to estimate what you could pay before requesting a custom quote.
| Applicant details | Term length | Death benefit | Monthly premium |
| 28-year-old male | 20 years | $50,000 | $11.60 |
| 28-year-old male | 30 years | $500,000 | $48.19 |
| 32-year-old female | 20 years | $50,000 | $10.87 |
| 32-year-old female | 30 years | $500,000 | $40.85 |
| 40-year-old male | 20 years | $500,000 | $62.37 |
| 40-year-old male | 10 years | $250,000 | $24.72 |
| 50-year-old female | 20 years | $50,000 | $12.78 |
| 50-year-old female | 10 years | $250,000 | $31.89 |
*All quotes were collected for PA residents who reported that they did not use nicotine products. Quotes were obtained on 07/10/2023.
Factors to Consider
When comparing life insurance for the first time, it’s important to know what to look for with each provider option. The following are some of the biggest factors to consider when selecting which life insurance company to work with.
Type of Coverage
When selecting a life insurance provider, consider the types of coverage offered. Decide if you’re interested in term or permanent life coverage, comparing factors like price per month, cash value components and how you want to buy your policy. Not every insurance provider offers every type of life insurance, so this is the first option you’ll usually think about when narrowing down providers.
As a major nationwide insurance provider, Progressive is able to offer a wide selection of policies, ranging from low-cost burial insurance to universal life plans with cash value components. These features can make Progressive a stronger choice if you aren’t yet sure which type of insurance you want to purchase, as Progressive’s impressive customer service infrastructure can help in making the right selection.
Death Benefit Options
Think about the total death benefit that you want for your beneficiaries. While it can be tempting to choose the highest death benefit available to you, remember that a higher death benefit will increase premium prices. You may want to select a death benefit tied to a specific financial goal as guidance — for example, the outstanding amount left on your mortgage loan.
Death benefits from Progressive range between $5,000 and $2 million depending on your personal details and the type of coverage you’re applying for. This means that most applicants will find a suitable option for their needs.
Medical Exam Requirements
Some insurance providers require that you undergo a medical exam before you’re approved for coverage. Progressive requires medical examinations on its whole life coverage, but term policies are available entirely online. Expect your medical exam results to influence premium prices.
How Much Does Life Insurance Usually Cost?
Life insurance prices vary widely depending on individual details. The average 30-year-old applicant can expect to pay about $160 per year for term life insurance lasting 20 years. Some of the factors that will influence your premiums can include:
- Your age
- Location
- Whether you use nicotine products
- The type of coverage you’re applying for
- Your death benefit and term if applying for term life coverage
Benzinga recommends getting a quote from at least three competing life insurance providers before choosing where to buy coverage to be sure that you’re getting the best price.
Conclusion
Overall, Progressive is a solid option to begin comparing policies. Coverage options are diverse — and though you might not find the best prices, terms and death benefit choices will be suitable for most applicants. Consider Progressive among other major providers and be sure to collect multiple quotes before signing on the dotted line.
Frequently Asked Questions
How good is Progressive at paying claims?
A survey from the team at MarketWatch found that customers were overall happy with the payout rates from Progressive, awarding the company with an average of 4.1 out of 5.0 stars on their customer satisfaction survey.
Who is the most trusted life insurance company?
Many top life insurance providers share the title of most trusted, offering comprehensive services and a transparent customer complaint index. Examples of highly trusted life insurance providers include Northwestern Mutual, New York Life Group and Mass Mutual.
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Methodology
Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.
About Sarah Horvath
Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.