Pros
- Term life coverage available up to $2 million
- Online application process for term life policies
Cons
- Progressive does not underwrite most of its policies
About Progressive
Progressive is widely known for its auto and home insurance, but it also provides access to various life insurance products. However, most life insurance policies offered through Progressive aren’t underwritten by the company itself. In fact, Progressive primarily acts as a referral platform, connecting users to policies through a third-party agency, eFinancial, which partners with major life insurers.
While some term life policies are underwritten by Progressive in select states, the majority of options come from top-rated companies such as Fidelity Life, Protective, Mutual of Omaha, Corebridge, Prudential, and Transamerica. While all of these insurers have solid reputations, the lack of clarity around which insurer you’ll ultimately work with may be a drawback for those seeking more control and consistency.
Life Insurance Options by Progressive
Term Life Insurance
Progressive provides term life insurance coverage for 10, 15, 20, or 30 years, with policy amounts ranging from $100,000 to $2 million. Premiums remain level throughout the term, and if the insured dies during the covered period, the policy pays a death benefit to designated beneficiaries.
A unique offering is Progressive’s decreasing term life insurance, which adjusts both premiums and coverage downward over time to reflect changing financial obligations, such as a declining mortgage balance.
For eligible customers, no medical exam is required—though a health questionnaire is mandatory. In select states, including Arizona, Texas, Georgia, and Ohio, Progressive underwrites certain term life policies directly.
Short-Term Life Insurance
Progressive also offers a one-year short-term policy known as RAPIDecision Life One℠. Coverage amounts range between $50,000 and $200,000. Designed for quick approval, this policy only requires a simple health questionnaire and is ideal for temporary needs.
Whole Life Insurance
Whole life insurance from Progressive provides lifelong coverage with level premiums and a guaranteed death benefit. These policies also accumulate cash value over time, which grows on a tax-deferred basis.
To purchase a whole life policy, applicants must fill out a form on Progressive’s website, after which an agent follows up for additional information.
Final Expense Insurance
This policy, also referred to as burial insurance, is designed to cover end-of-life expenses such as funeral costs or outstanding medical bills. With no medical exam required, it offers swift approvals and premiums that fit within modest budgets. Coverage typically ranges from $5,000 to $35,000.
Universal Life Insurance
Universal life insurance is another permanent solution that combines life-long coverage with a cash value component. Unlike whole life, universal policies offer flexibility—policyholders can adjust premium payments and death benefits as needed.
Cash value growth depends on prevailing interest rates, though a minimum guaranteed rate helps reduce investment risk. These policies can be requested by submitting an inquiry through Progressive’s online form.
Additional Coverage and Rider Options
While Progressive doesn’t specify which riders are available across all policies, typical optional coverages—offered by many of its partner insurers—may include:
- Accidental Death Benefit – Increases the payout if death is due to an accident
- Accelerated Death Benefit – Allows early access to a portion of the death benefit in cases of terminal illness
- Child Rider – Provides coverage for children under the policyholder’s plan
- Waiver of Premium – Waives premium payments in the event of a qualifying disability
- Guaranteed Insurability – Allows additional coverage without future medical exams
Availability of these riders depends on the insurer underwriting the policy.
Pricing
Term life policies through Progressive—via eFinancial—tend to be somewhat pricier than industry averages. According to Policygenius, for a $500,000, 20-year term life policy:
- A 30-year-old male in good health pays about $24/month
- A 30-year-old female pays approximately $19/month
However, final pricing depends on a variety of factors, including your age, health status, tobacco use, lifestyle, and type of policy selected.
How to Get Progressive Life Insurance Quote
Progressive allows users to obtain term life insurance quotes directly on its website. For other policy types, such as whole or universal life, prospective customers must fill out a request form and speak with an agent.
During the quote process, you’ll be asked to provide:
- Name and contact details
- Date of birth, gender, height, and weight
- Smoking status and health history
- Self-assessment of health (e.g., excellent, good, fair, poor)
Depending on the insurer and product, you may be required to undergo a medical exam or complete a detailed health questionnaire.
Conclusion
Progressive is a reputable insurance brand with strong financial ratings and a smooth online interface. Backed by an A+ (Superior) rating from AM Best, it has earned customer trust over the years. However, its life insurance offerings come with a few caveats.
Since Progressive does not underwrite most of its life insurance policies, customers are redirected to eFinancial and ultimately insured by third-party providers. While those companies are generally trustworthy and well-rated, this structure may not appeal to those who prefer a more straightforward process.
Additionally, Progressive’s NAIC complaint index score of 1.63 suggests slightly above-average customer complaints, indicating room for improvement in client satisfaction.
In summary, Progressive may be a viable option for individuals seeking convenience and a wide selection of life insurance products, especially for those who are comfortable working with affiliated third-party insurers. However, for those seeking direct underwriting and greater predictability, exploring other providers may be worthwhile.
