Last Updated: May 2020
If you are considering Progressive for your life insurance needs, or want to know more about how they issue life insurance, this review will help.
We will cover the history of Progressive, their ratings, life insurance products offered, and pros & cons of using them for your policy. You can also compare Progressive with other life insurance companies below.
- Brief History of Progressive & Life Insurance
- Progressive Does Not Actually Sell Life Insurance
- Company Ratings for Progressive Life Insurance
- Life Insurance Products Offered by Progressive or eFinancial
- Should You Use Progressive for Life Insurance?
- Pros & Cons of Using Progressive for Life Insurance
- Compare Progressive Life Insurance to Other Companies
Brief History of Progressive & Life Insurance
Progressive is well known for their catchy commercials and active marketing approach during primetime television. 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
Progressive Does Not Actually Sell Life Insurance
Does Progressive sell life insurance? No, not really.
Progressive simply has no ownership of the life insurance products and refers that business to eFinancial.
The relationship between Progressive and eFinancial is strong, and they deliver a great platform for comparing rates for coverage from 12 highly rated carriers.
It doesn’t matter what time it is or what day of the week it is, quotes are available 24/7 through their platform.
Life Insurance Companies Used by Progressive
Progressive, through eFinancial, uses 12 life insurance companies to sell policies.
- Fidelity Life
- John Hancock Insurance
- Legal & General
- Mutual of Omaha
- Protective Life
- Sagicor Life
Company Ratings for Progressive Life Insurance
Financial strength for life insurance companies can help consumers feel safe that the company is able to fulfill its promises to loyal policyholders.
Progressive is not actually a life insurance company, so it doesn’t have ratings.
When you go through Progressive for life insurance, you get directed to eFinancial. They are an online agency that compares around 10 of the best life insurance carriers.
All the life insurance carriers you might find through Progressive are highly rated.
According to the BBB, Progressive is not accredited and currently has a 1-star rating.
In the past 3 years, Progressive has closed more than 2,500 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 or eFinancial
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
- Universal 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.
Should You Use Progressive for Life Insurance?
Progressive is a good option for life insurance in certain situations.
Progressive is Has Low Term Rates for Healthy People
Progressive is relatively competitive for term life insurance rates for healthy individuals.
Progressive is great for individuals who prefer to complete the process online. If you enjoy easy to use platforms with limited contact with sales reps, Progressive is a great company for you.
Progressive is Expensive for Whole Life & High-Risk Life Insurance
However, individuals seeking permanent life insurance, like whole life or final expense will likely get better rates elsewhere. Also, individuals with health conditions can usually find a better policy with other high-risk life insurance companies.
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 Progressive’s website and begin comparing rates which will re-direct you to eFinancial’s 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 & Cons of Using Progressive for Life Insurance
Here is a summary of the benefits and drawbacks of working with Progressive for life insurance.
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
On the other hand, here is what we believe 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
Compare Progressive Life Insurance to Other Companies
At the end of the day, Progressive is undoubtedly one of the top-ranked insurance companies that consumers can work with. Depending on your situation, however, they may not be the best fit for you.
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.
You can start by using our easy 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. We have also reviewed over 50 life insurance carriers and agencies to help you compare rates and find the right company for your specific needs.
Overall, Progressive does offer competitive options for life insurance coverage, but most consumers could find better alternatives by working with an independent life insurance agent. Here are some other life insurance agencies to consider:
- Health IQ Life Insurance
- GEICO Life Insurance
- Primerica (aka Prime America)
- Wells Fargo Life Insurance