Progressive Life Insurance Reviews for 2018

This Progressive Life Insurance review will give you all the details that you need if you are considering Progressive life insurance to protect your family.  We will cover the Progressive insurance company credit rating, history, and how they outsource their life insurance products. If your exploring all options for your life insurance, keep in mind that we take the time to review a large majority of life insurance companies.

progressive life insurance

There are hundreds of life insurance companies operating in the United States, but is Progressive the right one for you? If you are considering purchasing life insurance with Progressive, do not move forward without reading this review. Do to the fact they don’t actually broker individual life insurance products themselves, they don’t happen to crack our best life insurance companies list unfortunately.

Shall we begin?

Progressive Insurance History

Joseph Lewis and Jack Green founded the Progressive Mutual Insurance Company in 1937.  Progressive’s roots were in automobile insurance providing vehicle owners security and protection.

Progressive took an innovative approach to auto insurance.  Progressive was one of the first auto insurance companies to offer drive-in claims service.  In addition, Progressive allowed customers to pay their premiums in installments rather than annually, which was rare for the time.

As the company grew, Progressive began to look for different ways to differentiate themselves from the competition.  In 1956, the Progressive Casualty Company was formed to write auto insurance for high-risk drivers.  Today, Progressive has expanded into all types of drivers.

Progressive continued its innovations throughout the decades.  In 1994, Progressive offered a cutting-edge auto insurance rate comparison shopping service.  Similar to our agencies life insurance comparison service, consumers no longer had to call multiple companies to compare auto insurance rates.

Progressive is one of the largest auto insurance companies operating in the United States today. Progressive partners with eFinancial to offer life insurance solutions to its customers since their expertise is in property and casualty insurance.

Progressive Insurance Credit Rating

Progressive Insurance is rated A+ (Superior) by A.M. Best.  A+ is an investment grade rating and one of the highest credit ratings that A.M. Best awards insurance companies.  Progressive can be viewed as being in excellent financial health and customers can be confident in Progressive’s ability to meet its ongoing insurance obligations.

Progressive Insurance Company is accredited by the BBB with a rating of A+, which is the top rating.  While every business has complaints, Progressive has done an excellent job at keeping them few and far between.

OUR RATING

A.M. Best BBB
A +
A +

Progressive Life Insurance Solutions

Progressive offers multiple lines of insurance products such as auto, home, and life insurance.  While Progressive is a leader in property and casualty insurance, for the purposes of this review, we will focus on Progressive’s life insurance products.

The first noteworthy item about Progressive life insurance is that Progressive does not sell life insurance directly.  Progressive has made the decision to focus on their core businesses of property and casualty insurance and has outsourced the life insurance business to eFinancial.

Progressive Term Life Insurance Solutions

It appears that Progressive has some form of a lead referral relationship with eFinancial.  If you request a quote on Progressive’s website, you will be referred to eFinancial.  Additionally, Progressive displays up to four different term life insurance company quotes on their website by Fidelity, Prudential, Mutual of Omaha, and Transamerica.

While all four companies are reputable life insurance options, they may not always be the right option for your family.  Our agency works with companies that consistently provide quality life insurance at more affordable rates than the “big four companies” that Progressive displays on their quote engine.

Progressive Life Insurance Review

Progressive’s “Big Four” Life Insurance Options,

  • Fidelity
  • Prudential
  • Mutual of Omaha
  • Transmaerica

If you are considering life insurance through Progressive, then you should really be learning about the carrier who will underwrite your coverage; rather than, Progressive who is a middleman.  Check out our carrier reviews below for more information on Progressive’s “big four.” Keep in mind that Mutual of Omaha, Fidelity Life and Transamerica all offer No-exam life insurance as well. Mutual of Omaha is also currently one of the best life insurance companies for seniors.

Progressive Permanent Life Insurance Solutions

Whole life insurance offers the greatest amount of guarantees for permanent life insurance. Whole life offers guaranteed cash value growth, guaranteed level premiums, and guaranteed lifetime death benefit.

Unlike Progressive’s term life insurance quotes, Progressive has chosen not to display any permanent life insurance solutions on their website.  Instead, Progressive will capture your contact information and forward it to eFinancial.  At which point, an agent will reach out to you to go over your options.

Progressive discusses three types of permanent life insurance solutions on their website:

  • Universal Life
  • Whole Life
  • Final Expense Life Insurance

Each type of permanent life insurance has advantages and disadvantages.  Unlike term, it can be difficult to compare permanent life insurance contracts on price alone due to the complexities of the product. Therefore, it is important to work with a trustworthy agent who understands the options available in today’s marketplace.

Whole life insurance offers the greatest amount of guarantees for permanent life insurance. Whole life offers guaranteed cash value growth, guaranteed level premiums, and guaranteed lifetime death benefit.

Traditional universal life policies have decreased in popularity in recent years due to the low-interest-rate environment.  Universal life insurance has a fixed minimum interest rate, but the credited rate, which is not guaranteed, can fluctuate higher.  As a result, different types of universal life insurance policies have developed such as indexed universal life in order to provide affordable lifelong death benefit coverage to the public.

Final expense life insurance is usually a small whole life insurance policy designed to cover burial and final expenses.  This type of life insurance can usually be purchased without the hassle of a medical exam and can often accommodate people with complicated medical histories.

Our suggestion would be to work with a veteran agent who understands the nuances between the various product solutions and life insurance companies.  If you are interested in permanent life insurance, fill out a quote request today or give one of our veteran agents a call for a no-obligation consultation.

The Final Word

Progressive is a big player in the property and casualty insurance market without a doubt but has chosen to outsource their life insurance services to companies that specialize in that area as a core business. The Progressive Life Insurance phone number is 1-(800)-PROGRESSIVE or you can visit them on the web at progressive.com

If you have a pre-existing medical condition or are looking for no-exam life insurance coverage there may be a better option out there for you. Give one of our veteran agents a call or request a free no-obligation quote today. A simple phone call could potentially save you thousands of dollars on your life insurance.

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