Progressive is one of the most reputable insurance companies in the US. The Company provides Insurance for auto, property, commercial/business, and personal insurance. Let’s take a look at the Progressive Life Insurance quote.
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Progressive Life Insurance Quote
For the Progressive Life Insurance quote, essentially there are two categories, which are termed life insurance and permanent life insurance.
Term Life Insurance
As the name suggests, term life insurance has a set time. Progressive offers a fairly flexible option, ranging from 1 to 30 years. You can set your desired rate for the entire term, which makes it easier to plan your financial agenda.
As long as you still pay the premium, eventually, you can pay out and receive the benefits. The policy typically benefits your loved ones in case you passed away unexpectedly within the term.
Via Progressive Life Insurance Company, you can adjust your premium mid-way with the “flexible term” in some states. That allows you to adjust the coverage amount without re-applying or getting a new policy. For this option, terms and conditions applied.
Permanent Life Insurance
For a permanent Progressive life insurance quote, there are four options you can choose from. This allows you to better fit the policies and be flexible if you need to. Permanent life insurance gives benefits that term insurance did not, that’s why for the same coverage, the premium you need to pay will be more expensive.
The policies in question are whole life insurance, universal life insurance, variable life insurance, and final expenses life insurance. Let’s dissect each one of them.
1. Whole Life Insurance
This insurance provides benefits for your whole life, hence the name. Whole life Insurance also has a saving component built into it. Some of the premium amounts you pay will go here. The saving component provides cash value it will build over time from the fixed interest rate.
The cash value won’t affect the death benefit. You can cash out the cash value as a life insurance loan. There will be interest when you pay back the loan or if you passed before returning the funds, it will be withdrawn from the payout of your beneficiaries.
2. Universal Life Insurance
This has similarities with Whole Life Insurance, which provides coverage for your whole life as long as the premium is paid. The difference is you can be more flexible with this policy.
You can increase or decrease your death benefit amount, you can adjust your monthly premium, or even skip one or two months (with limits, of course). Remember that in Whole Life Insurance there is a fixed amount of interest rate for the cash value? It’s different for Universal Life Insurance.
The interest rate for the cash value is not fixed. There is only a minimum interest rate. But in general, your build-up cash value will change over time based on market conditions. Even, your cash value can build until it can cover the premium amount, resulting in a zero-cost policy.
3. Variable Life Insurance
Particularly for this Progressive life insurance quote, there is a significant difference in the policy. The policy makes investment involved in this. But still, the essential death benefits will be fixed as long as the premium amount is paid.
The variable part of this policy is the cash value. Your cash value can rise or fall based on the payments you make and the performance of investments you select. Different from Whole Life and Universal Life, your cash value can be added to your death benefit.
So, in the event of your passing, you can leave more benefits to your beneficiaries, not to mention if you’re a savvy investor. On the other hand, it can also pose a greater risk, fee, and cost than Whole Life and Universal Life Insurance.
4. Final Expenses Life Insurance
The last option that Progressive life insurance quote is Final Expenses Life Insurance. Also commonly known as burial or funeral insurance. Mainly focused on the end of life expenses, the policy can cover medical bills, funeral costs, or outstanding debt.
Typically made for older or less healthy individuals. Although people with non of those conditions can apply, it might be harder to qualify.
The policy regarding cash value in this one is the same as Whole Life Insurance.
Aside from the stiffness of the life insurance itself, Progressive also provides some riders you can add to your already-suited life insurance.
Life Insurance Riders
Riders are basically certain conditions you can change in your life insurance. For example, Accelerated Death Benefit (ADB) rider allows you to claim your death benefits yourself while you’re still alive. Instead of the regular death benefit that can only be claimed by your beneficiaries after your death. Of course, this can only happen if you are diagnosed with a serious illness.
Here is a number of Progressive life insurance quote for riders:
- Accelerated Death Benefit (ADB)
- Critical and Chronic Illness
- Long-term Care (LTC)
- Waiver of Premium Disability
- Child and Spouse rider
- Family Income rider
- Accidental Death & Dismemberment (AD&D)
- Cost of Living rider
- Return of Premium rider
- Guaranteed Insurability rider
- Term Life Insurance rider, and
- Term Conversion rider
It’s important for you to know these riders, at least ask your agent about it further. Your agent can give you a recommendation for a rider and provides information about each rider’s price. Try to quote without the riders to see how much your insurance cost and how much the rider is.
Each Insurance Details
To better understand the policies, here are some more details about each one of them:
1. Term Life Insurance
- Coverage Length – 10,15,20,30 years
- Best for Ages – 18 to 65
- Builds Cash Value – No
- Medical exam requirements – Vary
- Death Benefit Amount – $100,000+
2,. Whole Life Insurance
- Coverage Length – Lifetime
- Best for Ages – 18 to 65
- Builds Cash Value – Yes
- Medical exam requirement – Yes
- Death Benefit Amount – $50,000+
3. Universal Life Insurance
- Coverage Length – Your Lifetime
- Best for Ages – 18 to 65
- Builds Cash Value – Yes
- Medical exam requirement – Yes
- Death Benefit Amount – $50,000+
4. Variable Life Insurance
- Coverage Length – Lifetime
- Best for Ages – 18 to 65
- Builds Cash Value – Yes
- Medical exam requirement – Yes
- Death Benefit Amount – $50,000+
Final Expense Life Insurance
- Coverage Length – Lifetime
- Best for Ages – 50 to 85
- Builds Cash Value – Yes
- Medical exam requirement – No
- Death Benefit Amount – $2,500 to $35,000
More About Progressive Life Insurance
The Progressive Life Insurance quote is not directly coming from Progressive, the company partners with a third-party insurance company to underwrite its policies.
