Review of PROGRESSIVE Life Insurance
If you have visited the Progressive website for life insurance quotes you probably recognized two things: One, you were relocated to eFinancial’s website, and two, it is hard to compare life insurance rates with the company’s quote engine.
The good news is you found us. Our quote engine will show you all your top 10 best life insurance companies options. We also represent several of the best no exam life insurance companies. Feel free to “shop” around or give us a call today to see what we can do for you!
About Progressive Life Insurance
If you are looking for Progressive Life Insurance Reviews then you have come to the right place. In the following review we will break down the strengths and weaknesses of Progressive as well as share an alternative.
As an insurance company, Progressive has made considerable inroads over the past dozen years thanks to their catchy commercials and comparison shopping program. Today, they are one of the largest insurance providers in the US and have even expanded overseas in selling car insurance in Australia.
Founded in 1937 by Peter B. Lewis and Jack Green, Progressive is headquartered in Mayfield Village, Ohio and has over 13 million active policies. The company focuses on car insurance which is divided up into Commercial Auto, Personal Lines and Other Indemnity. However, they also offer home and life insurance as well.
Arguably, the most recognizable aspect of Progressive Insurance is the character of “Flo” who is the messenger in their television commercials. She has become quite popular and has helped Progressive to reach new heights in their insurance sales.
But just how good is Progressive life insurance compared to their rivals? As with most insurance companies, there are advantages and disadvantages to the policies that they offer. In this review of Progressive Life Insurance, we will look at the beneficial and problematic aspects of their coverage.
Progressive Efinancial Life Insurance Review
However, as noted in other Progressive life insurance reviews, the company itself does not actually offer the insurance policy itself. The actual life insurance is really covered by Efinancial, a separate company that Progressive works with to offer different types of life insurance policies.
So in reality, Progressive does not offer life insurance of its own?
The partnership with Efinancial has been a good one for Progressive over the years as they have worked together to promote the term life insurance policies that are being offered.
Advantages of eFinancial
There are a number of advantages that the type of life insurance offered by Efinancial has for your needs. Progressive acts as a portal for the company and provides it with web support through their site.
24/7 Quotes: You can access the Progressive website to find quotes for the life insurance policies that are offered. This means that you can shop at your convenience and get an online quote for your life insurance any time of the day or night.
Comparative Quotes: Similar in approach to Progressive’s car insurance comparisons, Efinancial will also show quotes from 12 other insurance companies to allow you to compare. The quotes are all from national companies to help provide you with some perspective on which life insurance policy is the lowest.
Customer Service: Through the Progressive website, you can get 24/7 customer service to act on the quote if you desire or ask questions about the policy itself. The customer service is quick, efficient and well trained to answer your questions and explain the different levels of benefits that are offered.
Excellent Track Record: As a member of the Better Business Bureau, Efinancial has a stellar track record when it comes to handling customer complaints and resolving situations. While their record is not a perfect one, there have been only a handful of officially filed complaints since the company was first founded in 2000.
You’ll find plenty of guidance on the website about how much life insurance to purchase and what benefits you should seek compared to the other coverage that you may or may not have. The information is valid and thorough which means that you may wind up selecting a lesser amount of benefits and pay lower premiums as a result. Something that is rather unusual for any insurance company.
Disadvantages of eFinancial
However, despite all the advantages that Efinancial offers, there are a few disadvantages to the company’s services as well. It pays to keep this in mind when shopping their policies and going over the terms that they offer.
Term Life vs Whole Life
Term Life Insurance Only: There are essentially two types of life insurance policies, term life vs whole life. Efinancial does not offer whole life, only term life insurance.
Term life insurance is generally less expensive than whole life, but it only exist for a specific period of time.
However, other permanent coverage, such as Universal Life or Whole life insurance may offer more options and generally last the rest of your life.
Term life is great for those who can discern how long they need the coverage for, such as for the household’s primary income earner while the kids are young, or life insurance for SBA loans, or to meet the requirements of a divorce settlement.
However, this means that if you are searching for life insurance that builds considerable cash value over time and the ability to take out life insurance loans, you may not find it with certain term life insurance policies.
So, you will need to carefully go over what is being offered by Efinancial to understand if it really fits your needs.
As you may have read in other Progressive life insurance reviews, the actual policies may be handled by another company, but it does have the Progressive name attached. However, unless you are a shareholder of Progressive that probably does not mean a whole lot to you.
As for the overall quality of the life insurance that is being offered, it pays to remember that this is only term life insurance. This means that the policies only cover a fixed period of time which may or may not work for your needs. After the policy expires it becomes annual renewable term or you can convert the term to permanent coverage prior to expiry.
Overall, Progressive life insurance as provided by Efinancial is one of the better national programs in existence today.
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