Paul Sanchez
Progressive offers a range of life insurance options, including term, permanent, final expense, short-term, whole, and universal life insurance. Life insurance policies from Progressive are underwritten by third-party providers and are designed to provide financial security for loved ones in the event of the policyholder's death. The company also offers life insurance for seniors and children, with customizable coverage and add-ons available to meet diverse needs.
| Characteristics | Values |
|---|---|
| Policy types | Term, permanent, final expense, short-term, whole, universal |
| Policy features | Cash value, no medical exam, flexible term, adjustable coverage amount |
| Add-ons | Accelerated death benefit, critical and chronic illness, long-term care, waiver of premium disability, child and spouse riders, accidental death and dismemberment, cost of living, guaranteed insurability, return of premium, term life insurance, term conversion |
| Coverage | $5,000 to $2 million+ |
| Cost | $16 per month for a $250,000 policy |
| Age range | No upper age limit; minimum age range of 0-14 days for children's policies |
What You'll Learn
- Progressive offers term life insurance, permanent life insurance, and final expense insurance
- Seniors can get life insurance through Progressive, but they may have fewer policy options and pay higher premiums
- Life insurance for children is available through Progressive, with the option of a convertible term or whole life insurance policy
- Progressive's life insurance policies can be purchased with riders, which are optional add-ons that allow you to customise your coverage
- You can get a free quote for Progressive life insurance online or by calling their support number
Progressive offers term life insurance, permanent life insurance, and final expense insurance
Progressive offers a range of life insurance options, including term life insurance, permanent life insurance, and final expense insurance.
Term Life Insurance
Term life insurance provides coverage for a set time period, typically 10, 15, 20, or 30 years. It is designed to offer financial protection to loved ones in the event of the policyholder's death during the specified term. Term life insurance is generally more affordable than permanent life insurance and offers a higher level of coverage. It also provides a tax-free payout to beneficiaries, and the death benefit and premium remain fixed and guaranteed.
Permanent Life Insurance
Progressive offers two types of permanent life insurance policies: whole life insurance and universal life insurance. Whole life insurance provides coverage for the entire life of the policyholder, with a savings component that grows cash value over time. The cash value grows at a guaranteed rate, and the premium remains fixed. Whole life insurance also guarantees a death benefit to beneficiaries, regardless of when the policyholder passes away. Universal life insurance, on the other hand, allows for adjustable premium and death benefit amounts, and its cash value is influenced by market conditions.
Final Expense Insurance
Final expense insurance, also known as burial insurance, covers end-of-life expenses, including funeral arrangements, burial costs, and any remaining medical or legal expenses. It is designed to ease the financial burden on loved ones, as the average funeral can cost $10,000 or more. Final expense insurance is one of the most affordable types of life insurance, with no requirement for a medical exam. It offers flexibility in payment options, a quick and easy approval process, and the policy never expires as long as premiums are paid.
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Seniors can get life insurance through Progressive, but they may have fewer policy options and pay higher premiums
There are many different life insurance options for seniors, but it's important to keep in mind that many insurance companies have age restrictions for certain types of policies. The key is matching your needs to the right type of policy. Seniors looking for life insurance may pay higher premiums than younger applicants due to the higher risk of developing a life-threatening condition as one gets older.
Older adults have a variety of policy options available, including term, permanent, guaranteed, and simplified issue life insurance. The best life insurance policy for a senior is one that fits their financial goals and physical health. A term life policy may be suitable for a healthy adult in their 60s with few time-sensitive financial obligations. A burial insurance policy, also known as final expense insurance, may be sufficient if paying for funeral expenses is the only concern. This type of policy offers smaller coverage amounts but remains active for the policyholder's entire life.
Simplified and guaranteed issue life insurance have fewer or no health restrictions, making them good options for those with health conditions that might disqualify them from conventional life insurance. These policies generally cost more and offer less coverage, but the application process is quicker. Seniors can get a free life insurance quote from Progressive online or by speaking with a licensed Progressive Life by eFinancial representative to find the right policy for their needs.
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Life insurance for children is available through Progressive, with the option of a convertible term or whole life insurance policy
Convertible term or whole life insurance policies can also be transferred to the child once they reach adulthood. This is a good option if you want to provide your child with coverage and financial support later in life. A whole life insurance policy will also accumulate cash value, providing a financial safety net for future generations.
The cost of life insurance for a child is generally lower than for an adult, with a $50,000 whole life insurance policy for a baby under one year old costing an average of $27 per month as of 2023. The cost will vary based on the child's age, health, policy type, and other factors.
There are several pros to getting life insurance for children. It ensures lifelong coverage, provides more cash value, helps cover funeral services, and offers cheaper premiums. However, there are also some cons to consider. For example, long-term costs can add up, and there are other investment options available, such as a 529 college savings plan. It's important to consult a financial advisor to understand the implications of purchasing life insurance for your child.
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Progressive's life insurance policies can be purchased with riders, which are optional add-ons that allow you to customise your coverage
Progressive offers a range of life insurance policies, including term, whole, and universal life insurance. Customers can also choose from a variety of riders, or optional add-ons, to customise their coverage. These riders provide additional benefits and flexibility to the policyholder. While some insurance companies automatically include certain riders, others allow you to add them while purchasing the policy.
Progressive's life insurance riders offer features such as the ability to defer your premiums if you become disabled or to increase your coverage later without undergoing a medical exam. You can also find riders that allow you to take your death benefit early or convert your policy from term to permanent life insurance.
It is important to note that not all insurance companies offer the same riders, and some may only be available with specific types of life insurance policies. Additionally, adding riders to your life insurance policy may increase your premium. Therefore, it is recommended to consider your needs and budget before selecting any riders.
Progressive's life insurance policies, including the riders, are available in all 50 states and Washington, D.C. However, the specific policies and options may vary based on your location.
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You can get a free quote for Progressive life insurance online or by calling their support number
Progressive offers a range of life insurance options, including term, whole, universal, and final expense insurance. You can get a free quote for Progressive life insurance online or by calling their support number.
To get a free quote online, you can visit the Progressive website and answer some questions about the coverage amount and policy type you're interested in. You can also use their life insurance calculator to get a more precise idea of how much life insurance you need. Progressive's website also has a range of resources to help you learn more about life insurance and the different types of policies available.
If you prefer to speak to someone directly, you can call Progressive's support number at 1-866-912-2477. Their licensed representatives can help you find the right policy for your needs and walk you through the process of getting a quote.
Progressive's life insurance options are provided in partnership with eFinancial, and they offer policies suitable for any budget and coverage need. Whether you're looking for short-term coverage or long-term financial security for your family, Progressive Life Insurance by eFinancial likely has an affordable policy for you.
Remember, when getting a life insurance quote, it's helpful to have information about your current income, debts, health history, and the coverage amount you're seeking. By getting a quote, you can take the first step towards providing financial protection for your loved ones.
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Frequently asked questions
Life insurance allows you to provide a financial safety net for your loved ones in case you pass away. A life insurance policy is a contract stating that, as long as your premium is paid and the policy is active when you die, your beneficiaries will receive a death benefit payout.
Life insurance policies generally fall into two categories: term and permanent. Term life policies last a set timeframe (1, 10, 15, 20, or 30 years) and are typically more affordable. Permanent life policies last your entire lifetime, have cash value that grows, and are generally more expensive.
Generally, the younger and healthier you are, the more affordable your life insurance can be. Coverage options begin at $5,000 and go up to $2 million or more through eFinancial. Through Progressive Life Insurance Company, coverage options range from $50,000 to $1 million.
To get a life insurance quote, you generally need to know how much coverage you need, your medical history, the medical histories of your immediate family members, and your current income and net worth. You can get a free quote online or by calling 1-866-912-2477.
