February, 26 2017

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Progressive Life Insurance Review

Progressive Life Insurance Review

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Progressive Life Insurance Review 2016

Pros:  Instant Quotes– The life insurance quote engine on Progressive’s website (which is through a 3rd party agency called Efinancial) offers instant life insurance quotes from several of the nation’s top life carriers.  Offers Several Highly Rated Insurers– The quote engine on Progressive’s website shows the prices for about a half a dozen of the top life insurers such as: American General (AIG)Voya, Transamerica, Prudential Life and Fidelity Life.

Cons:  Progressive Doesn’t Offer Life Insurance– Unfortunately, for those looking for a life insurance policy with Progressive Casualty Insurance Company will be disappointed to learn that Progressive itself doesn’t sell life insurance.  When you request a life insurance quote on the Progressive site you get redirected to the Efinancial quote engine page.  Quote Engine Bias– Also, the quote engine on the Progressive site (Efinancial) seems to often put as “Our Pick” is the Fidelity Life Hybrid Term product (Efinanical is owned by Fidelity Life). The Hybrid Term policy was not the best priced policy available nor does the company have an A.M. Best financial rating as high as the other companies in their quote results. Missing Top Carriers– Lastly, we noticed how the quote engine on the Progressive site was missing the rates from some of the other top independent life insurance companies in America such as MetLife, Mutual of Omaha, Banner Life, Protective Life, and SBLI.

Bottom Line:  While Progressive is one of the top auto insurance companies in America they are not licensed to sell life insurance.  They simply allow Efinanical to offer you their products and services on the Progressive website.  As stated on the Progressive website, Progressive is not responsible for any life insurance claims, products or services offer through Efinanical.

There are some positives with the life insurance offered by Progressive through Efinancial, such as offering multiple highly rated carriers and providing instant price quotes, but there are also some drawbacks.  One is they seem to recommend for nearly every person/quote request is the Fidelity Hybrid product (Fidelity Life is the owner of Efinancial).  Also, the quote results show rates from some of the top independent life insurance companies in America but are missing some of the other preferred companies that are highly rated and offer low rates like; Banner Life, SBLI and Protective.  As with all the companies we review, we recommend that you receive a life insurance quote from Progressive and from the other top companies or agencies and choose the best policy for you.

About

Founded: 1937

Type: Public- NYSE: PGR

Underwritten by: Each insurer’s respective company

Website: www.progressive.com

Phone: (866) 844-9332

A.M Best Rating: Will depend on the life insurance selected

Comdex Ranking: Will depend on the life insurance selected

BBB Rating: A+ (Efinancial) 

Companies Listed on the Quote Engine: Protective Life, Transamerica, AIG-American General, ING and Fidelity Life. 

Life Insurance Products: Term Life Insurance, Permanent Life Insurance, Universal Life Insurance, No-Exam Life Insurance, Accidental Death, Plans with Living Benefits and Guaranteed Acceptance Whole Life Insurance.

Competitors: GEICO Life Insurance, State Farm, Farmers, Allstate, Nationwide, Liberty Mutual, American Family Life Insurance, American Family, Grange Insurance, ANICO, Allianz Life Insurance Company, Fidelity & Guaranty Life, American General Life, Banner Life, Protective Life, Primerica, Genworth Life, Pacific Life Insurance, North American Co, Lincoln National Life, ING-ReliaStar, Transamerica, Prudential, Midland, Cincinnati Life, Symetra Life Insurance Company, Mutual of Omaha, John Hancock, PennMutual, Principal, TIAA-CREF, Guardian, OneAmerica, Minnesota Life, RiverSource, Allianz Life Insurance Company, Thrivent Financial for Lutherans, AAA, Erie, Sagicor, Amica, Assurity, Colonial Penn, AARP, Globe Life, Ohio National Life Group, New York Life, Northwestern Mutual, EMC National Life, Motorists Life, Pan-American Life, National Life Group, Shelter, HoraceMann, Group Life Insurance, Supplemental Life Insurance, Aflac, Voluntary Life Insurance, Baltimore Life, Security Mutual Life, SBLI,Foresters, 5 Star Life Insurance Company, Oxford, Americo, United Home Life, Monumental, Funeral Advantage, Standard Life, Unum, MassMutual.

What is your experience with Progressive Life Insurance?  Tell others if you would recommend them to your friends and family.  Please leave a comment and rating below.