Progressive Life Insurance Review 2024

Progressive Life Insurance Visit Site

Who Can Benefit From Progressive Life Insurance?

Progressive offers a fully online application process, making it an attractive option for people who want a quick and stress-free way to buy life insurance.

The company's Flexible term life option is also a solid choice for young people and people who believe they may undergo a significant life change in the future. This policy allows you to increase your coverage levels during the first 10 years of your term, following certain milestones, such as getting married or becoming a parent, without going through the application process again. 

In contrast, the company’s upper age limits — 39 years on its Flexible term policies and 65 years on its Standard term policies — could make it unsuitable for older individuals.

Features

Progressive specializes in term life insurance, which means you buy insurance for a set period (known as your term). Should you pass away during your term, your beneficiaries receive a payout from your policy, known as the death benefit. If you survive beyond this term, your policy ends and your beneficiaries won't receive any funds you've paid in.

Although the exact features of your coverage depend on the plan you choose, common characteristics include: 

• No medical exam for eligible applicants

• Online account management

• Ability to cancel at any time

• Penalty-free cancelations within the first 30 days

• Ability to update beneficiaries at any time

• 30-day grace period on missed payments

Note that the company’s life insurance policies are only available in the following states:

• Arizona

• Indiana

• Louisiana

• Michigan

• Missouri

• Ohio

• Pennsylvania

• Virginia

Application Process

Progressive's application process is fully online. It offers quick quotes and "guided and detailed" policy suggestions.

If you'd like to receive a quick quote, you'll need to enter your date of birth, sex, the state you live in, and your smoker status. You'll receive an estimated monthly price, suggested coverage amount, and policy term. The quick quote process takes less than one minute.

If you’d like to receive a quote personalized to your specific circumstances, you can submit a “guided and detailed” application. As part of this process, you’ll need to provide information such as:

• Your family circumstances

• Your employment details

• Your household income/savings

• Information on any property you own

• Details of your lifestyle

• Information on pre-existing health conditions

• Your height/weight

• Your date of birth

The company will then provide you with an instant online quote, which includes your monthly cost, suggested coverage amount, and recommended term.

At this stage, you can customize your coverage and adjust the recommended policy type, term, or coverage amount. Overall, this process takes less than five minutes.

If you decide to buy a policy, you'll need to fill out an online application, which takes approximately 20 minutes and requires you to have your driver's license in hand.

When I tested Progressive’s application process, I was impressed by its user-friendly online experience and clear, accessible language.

Policy Types and Terms

Progressive offers two life insurance policies: Flexible term life insurance and Standard term life insurance.

Flexible Term 

Designed for relatively young and healthy individuals, these policies allow you to increase or decrease your coverage following certain life events, such as marriage or having a child. The main features include:

• Terms between 10 and 30 years

• Coverage amounts of $50,000 to $1,000,000

• Available to people ages 18 to 39 (when the policy starts)

• Ability to increase coverage during first 10 years

• Ability to decrease coverage at any time

Standard Term

These policies are aimed at people who feel confident that their financial obligations will stay the same during their term. The main features include:

• Terms between 10 and 30 years

• Coverage amounts of $50,000 to $1,000,000

• Available to people ages18 to 65 (when the policy starts)

• Ability to decrease coverage at any time

Unlike competitors, Progressive doesn’t allow you to include riders or add-ons on your coverage.

Although Progressive doesn’t offer whole life insurance policies, these are available via its third-party broker, eFinancial.

How Safe Is It? 

Progressive has robust ratings with the major third-party credit referencing agencies. These agencies monitor companies’ financial stability and assess their likelihood of becoming insolvent in the near future. At the time of writing, Progressive has an A+ Superior rating from A.M. Best, AA from Standard and Poor, and Aa from Moody’s.

Regarding cybersecurity, Progressive uses SSL encryption on its website, establishing a secure connection between its servers and your personal device. This measure should help safeguard any sensitive information you enter in your application.

The company also has a detailed Privacy & Security policy on its website.

Help and Support

You can contact Progressive via phone, email, or live chat. Support hours are Monday to Friday, 8 a.m. to 5 p.m. ET. When I contacted the company over live chat, a friendly agent replied immediately and provided all the information I needed.

Progressive’s agents are also available for one-on-one telephone appointments from 9 a.m. to 3 p.m. ET on weekdays.

In addition, the company has a selection of FAQs on its website, which contain information about its policies and application process.

Bottom Line

Progressive Life Insurance could be a great option if you’re relatively healthy and would like to apply for life insurance fully online. If you’re 39 or under, the company’s Flexible term policies could allow you to adjust your coverage following major life events, such as marriage or parenthood. 

Although it isn’t available in every state, Progressive's straightforward and intuitive quote process could make it a low-stress option for people living in its coverage areas.

Physical Address

6300 Wilson Mills Road, Mayfield Village, Ohio, 44143