Disclaimer: We are not Progressive Life Insurance Company. This review of Progressive Life is designed to provide consumers with unbiased information that can aid them towards deciding on who they should choose for their life insurance coverage needs.
Our review of Progressive is approximately a 4-minute read from start to finish.
We will touch on several need to know critical aspects of the company, such as the life insurance coverages offered, the possible rates you can expect, and the common complaints consumers have against Progressive Life.
Additionally, you will notice links directly below.
These allow you to skip to any specific section of this post that you are interested in or that you desire to learn more about.
Here’s what we intend on covering in today’s post.
- Our Progressive Life Insurance Review
- Financial Strength Ratings
- BBB Ratings and Complaints about Progressive
- Life Insurance Products Offered by Progressive
- Cost of Progressive Life Insurance
- Who Should Consider Progressive?
- What Makes Progressive Unique?
- Application Process and Underwriting
- What If You Are Declined with Progressive?
- Pros of Choosing Progressive
- Cons of Choosing Progressive
- Final Thoughts
For those of you who need to get the quick inside scoop on Progressive, we have also provided a quick 30-second snapshot of the company directly below.
Here’s the most essential information that you need to know.
Progressive Life Insurance Company does not actually offer any life insurance.
Consumers who purchase life insurance through Progressive’s platform are buying life insurance through eFinancial.
This has its own pros and cons.
While Progressive has become relatively popular over the last few years due to catchy and humorous commercials, they are not necessarily the best life insurance company to choose.
They make much more sense for consumers interested in Progressive auto insurance.
Progressive does have a unique online platform for obtaining life insurance quotes around the clock and does let you compare rates with ease within a matter of minutes.
However, we recommend that if you are needing to compare rates with a half dozen or so life insurance companies, simply use our easy to navigate quote tool on this page.
It will allow you to compare rates with more than 25 of the top-rated life insurance companies you can choose from.
Overall, Progressive does offer competitive options for life insurance coverage, but most consumers could find better alternatives working with an independent life insurance agent or agency.
That’s the quick and easy way to explain Progressive Life Insurance Company.
If, however, you need the full details on the company and have a few minutes to spare, we recommend you read our full review of the company directly below.
Here are the details to understand.
Our Progressive Life Insurance Review
Progressive is well known for their catchy commercials and active marketing approach during primetime television.
This wasn’t always the case for Progressive.
Progressive was founded back in 1937 by Peter Lewis and Jack Green in Mayfield Ohio.
They had a slow start, but over the course of 70 plus years, Progressive has been able to get more than 13 million total policies placed in force.
Part of Progressive’s success is due to successful marketing using the ever so famous “Flo” to get the attention of individuals during commercial breaks around the clock.
Progressive initially launched a more substantial marketing campaign in the early 2000s which has launched them to new heights and accomplishments.
Today in 2019, Progressive is most known for their fantastic car insurance offered to consumers and known for one of the best platforms for purchasing various lines of insurance, including the following:
- Life Insurance
- Homeowners Insurance
- Vehicle Insurance
- Commercial Lines Insurance
Let’s move into the next important aspect of a life insurance company to consider which is, of course, the financial strength and stability of Progressive Life Insurance Company.
Financial Strength Ratings for Progressive Life
Financial strength for life insurance companies can help consumers feel safe that the company is able to fulfill its promises to loyal policyholders.
For Progressive and working with eFinancial, Progressive is not a company to be concerned with.
Currently, A.M. Best is rating Progressive as an A+ rated company which is considered “Superior.”
Additionally, Progressive is awarded a 3.5 out of 5 stars for overall customer satisfaction.
When it comes to satisfied customers purchasing life insurance, Progressive does an average job.
BBB Ratings and Complaints about Progressive
This is an area where Progressive would only be considered “Average.”
According to the BBB, Progressive is not accredited and currently only rest on a 1-star rating.
In the past 3 years, Progressive has closed more than 2,300 complaints which is much higher than other life insurance companies relative in size.
However, Progressive is one of the largest insurance providers in the country.
It’s relatively common for companies that serve many consumers to field complaints about issues such as billing and even communications.
This doesn’t necessarily mean that Progressive is a company that you shouldn’t consider working with for coverage.
Life Insurance Products Offered by Progressive
Now that we know that Progressive isn’t offering the actual life insurance to consumers let’s look at the product availability and options you have when applying with the company.
Here’s a look at the life insurance products offered by Progressive:
- Whole Life Insurance
- Final Expense Insurance
- Term Life Insurance
Once again, keep in mind that Progressive isn’t offering these products themselves.
Whether you pick whole life or term life insurance, the products are still running through eFinancial who is most widely known for having competitive term life insurance rates.
If you are considering looking for whole life or even final expense life insurance, your best bet is going to be working with an agent who has access to several carriers offering these products to consumers.
Term life insurance is specifically designed to last for a duration of time.
In most cases, you will want to choose a level premium term product that keeps your premium payments the same for the duration of the policy.
If you happen to pass away during this time frame, your beneficiaries would be provided with the death benefit such as 250K, 500K, or even 1 million in coverage.
However, if you outlive your policy, you will simply be done with coverage and your family would be provided nothing.
Cost of Progressive Life Insurance
Progressive is relatively competitive for term life insurance rates for healthy individuals.
However, individuals seeking cash value life insurance, final expense life insurance, or individuals with a long list of health conditions can likely find better rates shopping for other companies.
Who Should Consider Progressive?
Progressive is great for individuals who prefer to complete the process online.
Especially healthy individuals.
If you enjoy easy to use platforms with limited contact with sales reps, Progressive is a great company for you.
What Makes Progressive Unique?
Offering life insurance coverage using another provider is one unique piece of the puzzle with Progressive Life Insurance.
They simply have no ownership of the life insurance products and refers that business to eFinancial.
In some situations, we love this partnership, and sometimes it’s not the best avenue for consumers.
However, with Progressive, we happen to love the set-up they have in place.
The relationship between Progressive and eFinancial is strong, and they deliver a great platform for comparing rates for coverage while offering relatively competitive coverage.
While we don’t necessarily love the approach, we must admit that Progressive is doing about the best as they can, and it’s a model working well for them.
We also love that eFinancial operated very similar to the way we do at Rootfin.
It doesn’t matter what time it is or what day of the week it is.
Quotes are available 24/7 through their platform.
The same can be said for the instant quote tool you see on our page here.
Simply enter your information and begin comparing rates with several life insurance companies to determine who the best fit may be for you.
Application Process and Underwriting
It doesn’t get much easier applying for coverage than it does working with Progressive.
It’s simple, sleek, and useful for consumers.
You simply need to visit Progressives website and begin comparing rates which will re-direct you to eFinancials website.
You can even fully submit your application online and wait for your results and for a professional to give you a call.
What If You Are Declined with Progressive?
While Progressive is a great option to compare rates with, they are not always going to be the best for everyone.
Sometimes, prior health concerns and medical backgrounds can leave you declined for coverage.
If this happens, you need to consider alternative options or shop other life insurance companies for the best chances of approvals.
Often, this involves shopping options such as accidental death coverage or guaranteed issue life insurance.
These policies have no health questions asked and can help you to provide some protection for your family in the event something does happen to you.
Pros of Choosing Progressive
Progressive has some unique and beneficial aspects of choosing them for coverage.
Here’s what we believe to be the most significant upside of choosing them for coverage.
- 24/7 Quotes Available
- Easy Application Process
- Highly Reputable Company
Cons of Choosing Progressive
On the other hand, here is what we believed to be the most significant downfalls of choosing Progressive.
- Limited Companies to Choose From
- More Competitive Pricing is Available
- Not the Best for High-Risk Individuals Seeking Coverage
Final Thoughts on Progressive Life Insurance
At the end of the day, Progressive is undoubtedly one of the top-ranked insurance companies’ consumers can work with.
However, life insurance is never this black and white and needs to be considered from several angles.
If you’re just getting started in the process, the best thing you can do is compare rates with several life insurance companies before ultimately purchasing coverage.
This helps you to achieve the best rates and allows you to have the best chance at being approved for coverage.