With flexible plans, high coverage limits and a strong customer service reputation, Progressive life insurance offerings are suitable for individuals seeking comprehensive coverage and support.
This article explores Progressive’s life insurance options, detailing the types of policies available, key features and important considerations.
Life insurance plans at a glance
Term Life Insurance: Offers coverage for a set period (like 10, 15, or 30 years) with level premiums and a guaranteed death benefit. Ideal for applicants between the ages of 18 and 65, with online quotes and direct application on the website.
Whole Life Insurance: Provides permanent coverage with fixed cash value growth. It’s suitable for applicants in the same age range and has coverage that can range from moderate to high levels. You can withdraw cash value or use it as a personal loan.
Universal Life Insurance: A flexible policy with adjustable death benefits and flexible premiums. It’s similar in age range to other policies but offers more flexibility in premium and death benefit amounts.
Final Expense Insurance: Designed to help cover funeral costs and other end-of-life expenses, this policy targets people in their later years. It requires no medical exam and can be issued quickly.
Overview of available riders
Riders offer additional benefits to customize your life insurance policy. Progressive provides several rider options, including:
- Accelerated Death Benefit Rider: Allows you to use some of your death benefit funds for end-of-life care if diagnosed with a terminal illness.
- Critical Illness Rider: Permits you to access death benefit funds for certain critical or chronic illnesses like heart attacks or cancer.
- Waiver of Premium Disability Rider: Temporarily stops premium payments if you become disabled and can’t work.
- Family Income Benefit Rider: Provides additional death benefits to your beneficiaries in monthly installments to help replace a steady income.
- Term Conversion Life Insurance Rider: Converts term life into a permanent policy without requiring a new medical exam.
- Long-Term Care Rider: Lets you use funds from your death benefit to cover long-term care expenses, like in-home medical care or nursing home stays.
These plans and riders offer flexibility, allowing you to choose the best life insurance solution for your needs and preferences.
Customer satisfaction ratings
Progressive boasts a solid financial standing, holding an A+ rating from AM Best, indicating high stability. This reassures policyholders of their ability to handle claims efficiently and avoid financial instability.
However, while eFinancial lacks ratings from AM Best or other organizations like J.D. Power, its underwriting partners maintain strong financial scores.
For instance, Mutual of Omaha holds an A+ rating, AIG an A rating and Fidelity Life an A- rating. While these partners demonstrate financial strength, not all excel in overall customer satisfaction.
Mutual of Omaha stands out as the only company rated above average in J.D. Power’s 2020 U.S. Life Insurance Study, with others like Protective, Prudential, AIG and Transamerica rated below average.
Pricing with Progressive
Life insurance premiums with Progressive are tailored to individual factors like age, health and coverage amount. Using Progressive’s online quote tool, you can get instant rates for term life insurance.
Here are some examples of term life insurance rates with Progressive:
- A 25-year-old female can expect to pay about $12.18 per month for $250,000 in coverage, while $500,000 in coverage costs about $18.27 per month.
- A 35-year-old male might pay around $14.35 per month for $250,000 in coverage and $22.62 for $500,000 in coverage.
- A 40-year-old female could see premiums around $15.22 per month for $250,000 and $24.36 for $500,000 in coverage.
When applying for life insurance with Progressive, your assigned gender at birth is taken into account for rate calculation. If you’re non-binary or transgender, you may need to indicate “male” or “female” on Progressive’s application.
Consider reaching out to Progressive for more information on how they handle applications for non-binary or transgender individuals.
Also read; Progressive Towing solutions
Key Considerations for Progressive Life Insurance
Type of Coverage
When selecting life insurance, your first decision is between term and permanent policies. Term life covers a set period, while permanent life, like whole or universal life insurance, offers lifelong coverage with cash value.
Not all companies provide both types, so it’s a crucial factor in choosing your provider.
Progressive offers a broad range of choices, from affordable term insurance to comprehensive whole and universal life policies.
This flexibility lets you select the coverage that aligns with your needs, with support from Progressive’s customer service.
Death Benefit Options
The death benefit is the payout your beneficiaries receive. Higher death benefits lead to higher premiums, so it’s important to choose a balanced approach. Linking your desired death benefit to a financial goal, like covering a mortgage, can help you decide.
Progressive provides death benefits ranging from $5,000 to $2 million, offering ample options for various needs. This range means you can find a policy that suits your budget without overpaying for excessive coverage.
Medical Exam Requirements
Many life insurance providers require a medical exam before granting coverage, which can affect premium costs based on your health.
Progressive requires medical exams for whole life policies, while term policies are available online without exams. This difference can impact your choice of policy.
With these factors in mind, consider your priorities when choosing a life insurance provider. Whether it’s the type of coverage, the right death benefit, or the medical exam requirement, Progressive offers a range of options to meet your needs.
Pros and Cons
Pros: Offers high coverage limits, a wealth of valuable online resources and articles, online quotes for term life insurance, and excellent customer service options.
Cons: Policies are underwritten by a partner company, and most policies require a medical exam.
Cancellation Policy
If you need to cancel a Progressive life insurance policy, there are a few options. You can either stop paying premiums or formally cancel the policy by contacting an eFinancial agent or the underwriting company.
For term life insurance, there are no cancellation fees, but you won’t receive any compensation. If you cancel a permanent policy, there might be surrender charges depending on the policy’s duration.
When canceling a whole, universal, or final expense policy, you’ll receive a check for the cash value balance, minus any applicable surrender fees.
For more in-depth information on Progressive insurance and to explore the lesser-known details, visit ForwardCoverFocus for a comprehensive understanding.
This resource offers valuable insights into Progressive’s insurance policies, helping you discover all the hidden nuances and make informed decisions.