Despite being one of the top providers of auto insurance, Progressive has a wing of life insurance too. Term life insurance is also a service included in their life insurance product. Not to mention, their main business surrounds vehicle and property insurance.
However, Progressive has partnered with eFinancial. eFinancial works as an agent company and provides various life insurance items to their customers.
You can surely ask: does Progressive have term life insurance? But take note that you’re going to deal with eFinancial mainly.
To give an in-depth idea of how that works, we need to give a small tour of this giant company. So, tune in.
Background of progressive
Progressive stepped into the world of auto insurance in early 1937. Adding to that, it was the first to serve its customers through a website as well as by telephone. Between the years 1987 and 2016, it witnessed its major outbreaks.
It is widely expected that Progressive is the 3rd largest carrier of insurance in today’s world. It stands firm as the best commercial auto insurer in the whole United States.
As we stated before, Progressive’s main target was vehicle-related insurance. But they didn’t shy away from adding personal insurance for life, health, pets, insurance, etc.
Progressive provides free quotes on their website. Visitors can also compare quotes from different companies on Progressive’s webpage.
Progressive has categorized their life insurance product too.
Life insurance categories and term life insurance
Term, short-term, whole, final expense, and universal life insurances are available in Progressive. So, when the question is: does Progressive have term life insurance? The answer is yes in a simple manner.
Progressive’s life insurance website lists term insurance as the most cost-effective option at the top. Noticeably, the limitation of time is applicable in these term policies.
Term life insurance coverage is mainly limited to 10, 20, or 30 years. People aged 18 to 65 are valid candidates for this product. The minimum death benefit starts at $100,000.
Premiums vary based on different aspects. Here, gender, age, and health matter the most. A bigger age number and lower health conditions can make the premiums rise. On the flip side, non-smokers can get a lower premium quote.
However, a sample calculation can make things clear. For example, coverage of $250,000 for 10 years of term premium for males and females differs. A 20-year-old male has to pay $13.48. And a female of the same age has to pay $12.17 as a monthly premium.
The premium rate remains the same for a male aged 30 years old. But a female of that age has got a little increase in the premium, which is $12.40.
The premium charge for a 40-year-old male and a female is, respectively, $16.31 and $15.22. It is $32.84 and $29.66 for a 50-year-old male and female. A 60-year-old male or female will pay $74.82 or $56.98 for a monthly premium.
If you have fallen into confusion by these blurry numbers, hold tight. These are just for a sample policy with Fidelity Life in 2020. The numbers can change based on so many aspects.
In addition, Progressive offers short-term life insurance too, which is great for new policy buyers. At an average premium rate of $7, this policy gives coverage of a minimum of $50000. It can rise to $200,000. An insured can renew or change the policy per the term also.
Does Progressive have term life insurance? One can answer yes to the question. But its branches are complicated.
However, don’t worry; it is much easier when you deal with it through a quote. Based on your info and needs, you will get a quote in just a few seconds. Progressive’s well-structured website, progressiveagent.com is an addition to that.
Progressive through eFinancial
If you have gone through Progressive’s website for life insurance, you may have noticed their mention of eFinancial. eFinancial is an agent company that deals with policy underwriting and providing services. It also deals with the customers who are referrals of Progressive.
eFinancial, with its partner companies, works as a third party here. Progressive may get compensation based on the various policies sold. Therefore, you need to know about eFinancial when you ask: does Progressive have term life insurance? Because under the hood, eFinancial mainly deals with the policies.
eFinancial and more
eFinancial is an American insurance agency that was started in 2001 and acquired in 2007 by Fidelity Life. Unlike its veiled identity, it has already provided $100 billion in coverage. There are 420,000 policyholders under this agency.
Companies like Fidelity Life, Protective, and Mutual of Omaha, are affiliated with eFinancial. AIG, Prudential, and Transamerica are also in partnership with eFinancial.
Though A.M best has not rated eFinancial the companies it works with are rated A+ by A.M best.
eFinancial offers its clients customized life insurance via its most trusted companies.
Progressive controversies and complaints
Whether you may have heard it or not, Progressive has indulged in several lawsuits in the past.
In addition, it has a high complaint ratio on NAIC’s index. Frankly speaking, it goes hand in hand with the company’s outnumbered size. Still, any potential client of Progressive would like to take note of that.
However, when you get life insurance through Progressive, the third party is the main functional agent.
Term life insurance is the predominant item of life insurance. Top of that, the short-term policy is a plus point when you ask: does Progressive have term life insurance? You can get quotes on their website, or directly call them for further inquiries. Their website is enriched with useful resources and tools. Progressive’s 24/7 customer service is commendable.
Nonetheless, without getting involved with Progressive, you can directly get a quote from eFinancial. Progressive just take the life insurance quotes and transfer them to eFinancial to underwrite it. Then eFinancial, like an ideal broker, provides you with the best suitable policy from its affiliated companies. Customers get much more options in that way.
Whatever option you choose to buy the policy is up to you. We aim to provide a detailed response and expect that we can help you with the answer.