Progressive Life Insurance Review

Life insurance quotes from multiple insurance companies

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Progressive

Progressive

overall rating
3.3

Our Take

Progressive Life Insurance quotes are offered through a partner, eFinancial, with term and permanent life insurance options. Progressive sends leads to eFinancial, which then compares quotes from life insurance companies for you. While some of the companies eFinancial works with are reputable, such as Transamerica, users may be better served searching for policies from another provider.

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • Compares life insurance quotes for you

  • Partners with a few reputable life insurance companies

Cons
  • Progressive Life Insurance does not handle the policy sales, billing, or servicing

  • No multi-policy discounts for Progressive customers

  • Neither Progressive Life Insurance nor its partner, eFinancial, offers life insurance policies

  • Customers may be confused as to whom they should call for customer service

Key Takeaways
  • Progressive is a large auto insurance provider that also offers life and property insurance, among others.
  • Life insurance policies are not underwritten by Progressive, or its partner, eFinancial.
  • Quotes start at $5,000 and go up to $1 million.
  • Progressive Life Insurance is essentially a lead generation marketing platform for eFinancial and its partners.
Specifications
  • Year Founded 1937
  • Kinds of Plans Term, whole, universal, indexed universal, final expense
  • Number of Plans 4
  • Payment Options Monthly, annual
  • Official Website https://www.progressive.com/life/

Introduction

Progressive Life Insurance offers quotes on term, whole, universal, and final expense life insurance through its partner aggregator, eFinancial. We researched its financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of Progressive with the competition. 

Company Overview

Progressive founded in 1937 and has since grown to one of the largest auto insurers in the U.S. Progressive has expanded its insurance offerings beyond auto insurance, and now offers a variety of products, from boat and ATV insurance to homeowner’s and renter’s policies, to dental, life, and health insurance.

For life insurance products, Progressive offers quotes on term, whole, and universal life insurance, as well as final expense policies. Quote requests are forwarded to eFinancial, a life insurance aggregator that compares policy rates for you. 

Policy quotes are available online, but you cannot sign up with Progressive or eFinancial online. All you can do is “request more information” and a sales representative from eFinancial will reach out to you. 

Available Plans 

Progressive Life Insurance offers four types of life insurance quotes including term, whole, universal, and final expense plans. 

Term Life Insurance

Term life insurance is temporary life insurance coverage with a death benefit that pays out if the insured passes away while covered. Progressive’s partner, eFinancial, offers term lengths of 10 to 30 years, and coverage amounts from $25,000 to $2,000,000. These quotes are through various partners such as Transamerica and Mutual of Omaha.

Whole Life Insurance

Progressive offers quotes on whole life insurance, which is a type of permanent life insurance. These policies can accumulate cash value which can be borrowed against or accessed early with optional riders. Progressive can gather your personal information for a quote, but this information is then passed on to eFinancial for follow-up. 

Details about eFinancial’s whole life policies are not available, but you can request a quote to have a sales representative reach out to you with more information.

Universal Life Insurance

Progressive offers universal life insurance, which is a more flexible type of permanent life insurance. With flexible insurance premiums, clients can accumulate cash value as well as earn additional interest within the policy by investing some of the accumulated cash value. This can be a fixed interest rate, or the cash value may earn interest based on changes in the value of an index or indexes.

Details about eFinancial’s universal life policies are not available, but you can request a quote to have a sales representative reach out to you with more information.

Final Expense Life Insurance

EFinancial offers quotes on final expense life insurance policies, designed to help cover end-of-life costs such as burial and funeral expenses. The policies offered require no medical exam, offer lower death benefit amounts (from $5,000 to $35,000), and fast approval within days of applying.

EFinancial offers both simplified and guaranteed issue policies, both of which do not require a medical exam. Details about the final expense policy vary by provider, you will need to speak to an eFinancial sales agent for more information.

Available Riders

Progressive’s partner offers multiple riders for its life insurance policy quotes. A rider is an add-on to a policy for customizing your life insurance coverage. This may include extending life insurance coverage to additional family members or unlocking the ability to withdraw a portion of your funds early. Fees vary by policy, product, and options selected.

Here are a few of the possible rider options through Progressive’s partners (though options will vary by provider):

Accelerated Death Benefit

If you’re diagnosed with a terminal illness, this rider allows you to access your death benefit payout to help cover care expenses.

Disability Waiver of Premium

This rider allows you to stop paying monthly premiums for certain reasons, like becoming permanently disabled (unable to work) or serious illness, without losing your policy.

Family Income Benefit

If you pass away, a family income benefit rider provides regular monthly income to your family (for a limited time).

Long-Term Care Rider

This rider covers the cost of long-term care medical expenses that aren’t covered by your primary health insurance.

Customer Service: Many Ways to Connect

Progressive Life Insurance offers support before you purchase life insurance, with 24/7 phone, email, and online chat support. Progressive’s partner, eFinancial, offers phone and email support, but its business hours are not listed.

Once you purchase a policy from a partner life insurance company, servicing of that policy will be directly through them, not Progressive or eFinancial.

Unfortunately, this makes for a confusing service scenario for customers.

Note

Neither Progressive nor eFinancial underwrites, services, or handles claims for any of the life insurance policies sold.

Customer Satisfaction: Varies 

The National Association of Insurance Commissioners (NIAC) rates insurance companies based on the number of complaints received. In its complaint index, the industry average score is 1.0 (the lower, the better). While Progressive auto insurances received no complaints on this index in 2020 (a score of 0.0), its score was much higher than average in 2019, at 2.56. EFinancial did not receive a score, as it does not underwrite any insurance products.

Here is the complaint index score from 2020 for a few of the life insurance partners of Progressive and eFinancial:

 Provider  NAIC Complaint Index Score
Transamerica 1.09
Protective 0.87
Mutual of Omaha 0.0
Prudential 0.15

J.D. Power also ranks companies based on customer satisfaction in the U.S. in their 2020 Life Insurance Study. While Progressive and eFinancial do not offer life insurance policies, the partner insurers were ranked in this study. Here’s how they ranked:

 Provider  J.D. Power Ranking (out of 23)
 Transamerica 18
 Protective 12
Mutual of Omaha 5
Prudential 11

Financial Strength: Varies

Progressive Life Insurance is a strong financial company with an AM Best A+ (Superior) rating, but the rating of its life insurance partners varies by insurer. It’s important to look for life insurance companies with an AM Best A (Excellent) rating or better. This rating is based on the company’s balance sheet and operating performance, and a high rating means clients can be assured that claims will be paid out.

Here are the AM Best ratings from a few of Progressive’s / eFinancial’s partners:

 Provider  AM Best Rating
 Transamerica A (Excellent)
 Protective A+ (Superior)
Mutual of Omaha A+ (Superior)
Prudential A+ (Superior)

Cancellation Policy: Depends on the Provider

Most states require a minimum “free-look” period for insurance policies, which is a period of time that clients can cancel a life insurance policy for a full refund. This free-look period is regulated by the state but is a minimum of 10 days throughout the U.S.

After the free look period, term policies usually offer no refund of premiums paid, but permanent life insurance policies may offer a surrender value of the accumulated cash value of the policy.  

Note

Since Progressive does not underwrite or service the life insurance policies, the cancellation policies may vary by partner. Always check with the insurer directly for its terms and conditions.

Price of Progressive Life Insurance: Low Cost for Young, Healthy Adults

Progressive Life Insurance premiums vary by policy, and they offer average rates on term life policies for young, healthy adults. Quotes for Whole, Universal, and Final Expense insurance require speaking to a sales agent directly. 

Quotes are based on age and a few personal health details (height, weight, health status). Premiums can be paid monthly or annually. Users cannot apply for term life insurance online but must speak to a sales agent directly.

Term Life Rates

These sample rates are based on a 20-year term policy for a 35-year-old individual in excellent health.

Coverage Amount Male Female
$250,000 $17.02/month $15.08/month
$500,000 $25.40/month $21.53/month
$1,000,000 $40.45/month $33.57/month

How Progressive Life Insurance Compares to Other Life Insurance

Progressive Life Insurance simply offers online quotes from various partners. Progressive doesn’t handle the quoting but passes leads off to its partner, eFinancial. While some of the term quotes are competitive, the rates and policy details for its permanent life plans may vary by partner.

EFinancial does partner with some quality insurers, such as Mutual of Omaha and Transamerica. The quoting and application process is somewhat confusing, though, which may be off-putting to users looking to compare rates and apply online. Here’s how Progressive Insurance stacks up against another auto insurance company that offers life insurance.

Progressive Life Insurance vs. Allstate Life Insurance

Both Progressive and Allstate offer a variety of life insurance policies, including term, whole, and universal life policies. Both companies also offer a wide range of other insurance products, including auto, home, and renters. But while Progressive outsources its life insurance quoting, Allstate quotes, underwrites, and services its own life insurance policies.

Here are a few key differences between Progressive and Allstate:

  • Allstate offers multi-policy discounts for current Allstate customers.
  • Progressive compares quotes between multiple top-rated life insurance companies.
  • Allstate offers a three-day cancellation policy for all life insurance policies.
  • Progressive’s partner, eFinancial, offers term policies up to $2,000,000 (vs. $1,000,000 from Allstate).

While Progressive helps you compare quotes from multiple life insurance companies, the quoting and application process is fully outsourced to eFinancial. With Allstate life insurance, existing customers can work directly with Allstate, receive discounts on policies, and manage most of their insurance needs under one roof.

Read our full Allstate Life Insurance review.

  Progressive Life Insurance Allstate Life Insurance
Market Share N/A Eighth-largest in the U.S., 2.80%
Number of Plans 4 4
Online Quotes Available? Yes (term life only) Yes (term life only)
Service Method Email, phone, in-person Email, phone, in-person, social media
AM Best Rating Varies by partner A+ (Superior)
Complaints Index Varies by partner 0.29 (very good)

Final Verdict

Progressive life insurance does not offer life insurance, or even quotes, but sends customers over to eFinancial for quoting. While comparing life insurance quotes is always a good idea, eFinancial is not affiliated with Progressive, and users cannot apply online for policies with eFinancial. If you are looking for term life insurance, you may be better served elsewhere.

If you want to handle all of your insurance needs under one roof, unfortunately, Progressive does not offer life insurance or multi-policy discounts for existing customers. You will be better served working with a company like State Farm or Allstate to take advantage of those types of offerings.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company's offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.