Progressive Life Insurance Review

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Though the household name is most popular for helping customers save on car insurance, Progressive also matches applicants with affordable life insurance policies through eFinancial.

A.M. Best

A+

Standard & Poor’s

AA

BBB

A-

The Good

  • Financial security
  • Great user experience
  • Variety of policy types
  • Brand recognition
  • 24/7 customer service
  • Additional financial products

The Bad

  • Third-party providers
  • No agents

Product Availability

Policy Types
  • Term
  • Universal
  • Whole
  • Final expense
Riders
  • Accelerated death benefit
  • Accidental death
  • Children’s insurance
  • Disability income
  • Long-term care
  • Waiver of premium

Review Breakdown

Overall

4.25

Price/Value

3.3

Financial Strength

4.1

User Experience

3.3

Product Availability

3.1

Brand/Size

4.8

Price/Value

In most cases, the best life insurance company is the one that offers you the lowest rates.

Progressive understands, so their main goal is to match you with an affordable carrier.

While Progressive underwrites other lines of insurance under its umbrella, its role in the life insurance arena is that of a broker.

Progressive partners with eFinancial, a comparison company that has access to numerous top-rated insurance carriers.

With the eFinancial platform, Progressive compares up to 12 providers based on your application responses and presents you with the best companies for your needs.

Progressive may find the lowest rates for some applicants, but those with more complicated health issues will likely fare better elsewhere.

Because eFinancial doesn’t have access to all carriers, they may not be able to get you the absolute lowest rates, though their rates are reasonable for the average applicant.

Financial Strength

Along with affordability, financial strength should play an important role in your choice of life insurance company.

Your provider should be solvent and have an outlook that indicates it will be able to pay out claims to policyholders.

Though Progressive isn’t the actual issuer of the life insurance policies it matches you with, its financial reputation is important to consider.

With an investment portfolio exceeding $39 billion, over 30 insurance products, and $19.4 million of personal insurance underwritten, Progressive is a safe bet.

Credit ratings are also helpful here, evaluating a company’s ability and likelihood to keep up with its financial commitments.

The company has a strong track record with credit rating agencies, with the following scores:

A. M. BestA+
FitchAA
Moody’sAa2
Standard & Poor’sAA

eFinancial is also a trustworthy name in the industry.

Likewise, the companies it partners with are also among the highest-rated in the industry, though it’s important to evaluate each individual company’s ratings.

User Experience

Though it might seem daunting, buying life insurance shouldn’t be complicated or too time-consuming.

The best companies make it simple, providing you with the tools you need to research life insurance products, apply, and get covered seamlessly.

We’ll take a look at some of the ins and outs of Progressive’s user experience below.

Ratings

Ratings can provide helpful insight into a life insurance company’s user experience, as well as its financial strength.

While Progressive isn’t rated by J.D. Power since it isn’t technically a life insurance provider, it holds an “A-” with the Better Business Bureau.

eFinancial is BBB-accredited and currently has an A+, signifying that the company communicates with clients efficiently and is committed to settling complaints.

Website

As you might expect, Progressive’s website provides insurance shoppers with a great user experience.

Though it doesn’t go into extensive detail, the site provides users with basic information about the fundamentals of life insurance and the types of coverage they can apply for online.

Progressive also lets shoppers get 24/7 quotes, so you can explore the premiums you’ll likely receive from some of the partnering providers without filling out an application.

You simply enter a few basic details about yourself and your coverage needs, which you can tweak to see different rates.

There’s also a nifty calculator to help out if you’re unsure of how much life insurance you need.

Customer Support

Progressive Life Insurance is also unique because it offers 24/7 customer support through its hotline.

Their high level of customer support has undoubtedly contributed to their success as a company.

Though the customer service department has a call center atmosphere, it means you can expect to talk to a live representative around the clock.

Likewise, eFinancial has one of the best reputations for handling customer complaints.

Application

Applying for life insurance from Progressive is simple.

If you like the quotes Progressive presents you with, you can fill out a brief application which is then submitted directly to underwriters.

The application covers basic information regarding your health and lifestyle.

An underwriter will review the information to assess your risk and give you a rating class, which is what dictates how much you’ll pay for your life insurance coverage.

Product Availability

Since eFinancial partners with a versatile lineup of providers, you can expect to find numerous coverage types and options.

With a range of term and permanent policies of varying amounts, they have something to suit most people’s needs and preferences.

Here’s a rundown of the types of coverage you can purchase through eFinancial.

Term

Though you can buy permanent policies from the company, eFinancial is focused mainly on term life insurance.

Term life insurance is much easier to qualify for, even for those with serious medical conditions, and tends to cost less than traditional coverage.

These policies are as straightforward as they come, providing a death benefit in exchange for premiums if the insured passes away during a pre-determined period of time.

When you get quotes on Progressive’s website, you can choose between coverage amounts of $100,000 and $1 million.

The policies come in 10-, 15-, 20-, and 30-year terms.

Universal

Progressive also offers universal life insurance policies.

These products combine the best of term and permanent insurance, giving you flexibility, lifelong coverage, and access to cash value.

As life changes, your policy can change alongside it as you can adjust your premiums and death benefit.

Whole

If you crave more guarantees and don’t plan to change your coverage later in life, whole life is another option offered by Progressive.

With whole life insurance, you get level premiums and a guaranteed death benefit, as long as you make your premiums.

You also get cash value, which accumulates at a low guaranteed rate.

Whole life insurance is far more expensive than term or universal and isn’t the right fit for most families, thought it can be useful in some situations.

Final Expense

These small whole life policies give your family the funds they need to cover a funeral, medical bills, and any other small expenses when you pass.

Progressive states that these policies range between $5,000 and $35,000 of coverage.

While eFinancial may pair you with a dependable final expense carrier, you might get lower rates by researching the best burial insurance companies and applying independently.

Brand/Size

Progressive tackles life insurance just as all of its other insurance products, with the confidence and professionalism of a provider who has long been at the top of the game.

Finding its start in 1937, the Progressive Mutual Insurance Company was founded to provide average families with the basic insurance products they needed, at rates they could afford.

By the 50s, Progressive expanded beyond auto insurance with the Progressive Casualty Insurance Company, driving the industry into uncharted territory.

In the early 90s, it became the first auto insurance carrier to let you compare quotes buy coverage over the phone, soon taking the experience online.

This commitment to quick and efficient quotes has shaped the company’s approach to life insurance, making Progressive a great tool for finding affordable coverage.

The company is also known for its other types of insurance, namely:

  • Car insurance
  • Motorcycle insurance
  • RV insurance
  • Home insurance

Many of those who buy a life insurance policy from Progressive also look into these other types of insurance, as Progressive makes bundling policies rewarding.

Philanthropy

Progressive is a company truly driven by its core principles, exhibited through its philanthropic efforts.

One of Progressive’s biggest initiatives, Keys to Progress, donates vehicles to veterans in need.

Another of their other main focuses is on education. Through the STEM Progress program, Progressive provides STEM courses for students in grades 3 through 12.

The company also encourages volunteerism and giving among its staff, matching employee donations in 2018 for a total of $9.6 million.

Accolades

Progressive is often hailed as an excellent employer, receiving the following awards in recent years:

  • Fortune’s 100 Best Companies to Work for
  • Fortune’s 100 Best Workplaces for Diversity
  • Great Place to Work’s Best Workplaces for Millennials
  • G.I. Jobs’ 2019 Military Friendly Companies
  • Diversity MBA’s 50 Out Front Best Places to Work

Brand Recognition

Progressive is one of the most popular names in the insurance industry, due to its affordable policies, online presence, and especially its commercials.

Everyone is familiar with Flo and the Name Your Price tool.

Though there’s more to choosing a provider than catchy commercials and taglines, brand recognition can add to a company’s credibility.

Progressive ranks high for brand recognition, exemplifying its close connection to customers.

You can keep up with Progressive on Facebook, Twitter, and Instagram, where the company regularly posts and interacts with its followers, as well as Youtube.

Consensus

it’s important to take a range of opinions into consideration when you pick a life insurance company.

We’ve done the heavy lifting for you, evaluating online reviews, rankings, and commentary from clients and financial experts.

The consensus surrounding Progressive as a whole is positive, though the company doesn’t always rank as one of the best life insurance companies.

Though Progressive’s approach and partnership with eFinancial. is less conventional, it makes Progressive unique.

If getting the absolute lowest rates (no matter what health you’re in) is your main concern, you may want to look beyond Progressive to compare quotes.

However, you can count on Progressive to find you dependable coverage, simplify the application process, and save money on other lines of insurance.

Progressive Life Insurance Review

Phone
(888) 671-4405
Address
6300 Wilson Mills Rd.
Mayfield Village, OH 44143

Company Name (and subsidiaries)

  • Progressive Casualty Insurance Company
  • Progressive Corporation
  • Progressive American Insurance Company
  • Progressive Advantage Agency, Inc.
  • eFinancial, LLC.

Author:

Avatar

Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.