Progressive Life Insurance?

If you are looking for some information about Progressive Life Insurance, you have come to the right place! We have all seen the Flo commercials where Progressive offers competitive car insurance prices, but they also offer a great line of life insurance products. However, if you have been to their website for some information on their life insurance products you might have found it difficult to find your answers, but fear no more, we are here to provide details on their product line, history, and our review about the company. We only provide honest, unbiased, and informative reviews for our clients to make their own conclusions, rather than shove opinions down their throats like our competitors. The following are some key points from the article that may be beneficial in your research;

1. Progressive was found by Joseph Lewis and Jack Green on March 10, 1937.
2. Currently, Progressive is one of the largest auto insurance groups in the United States and their growth between 1996 and 2005 grew an average 17 percent per year, from $3.4 billion to $14 billion.
3. Just like many big box companies, Progressive takes great pride in their community involvement.
4. according to A.M Best, their rating is A+. Standard and Poor’s and Fitch both rate Progressive Insurance an “AA” in the financial strength category.
5. It is important to look at a company’s rating because it will give you an idea, as a consumer on how financially stable the company is.
6. Progressive offers two major life insurance products, Term life, and Permanent life, they also offer Final Expense insurance.
7. Progressive has a great website, twenty-four seven support and online policy management.
8. Where there is some good there is some bad, Progressive offers competitive insurance rates but they don’t directly supply life insurance so it can get quite aggravating trying to get life insurance.

Progressive History

Progressive was founded by Joseph Lewis and Jack Green on March 10, 1937. They created the company to offer auto insurance to vehicle owners. It was also a pioneer by letting clients do drive in claims and creating monthly premium option. It wasn’t until 1956 when Progressive Casualty Company was formed to offer plans to clients with above average risk profile. In 1974 the company moved to Cleveland. They passed $1 billion in premiums by 1987 and in the same year got listed on the New York Stock Exchange with their PGR symbol.  The company then passed $2 billion in written premium in 1995 and introduced 1-800-AUTO-PRO, which is an insurance rate comparison for their consumers to compare quotes.

Currently, Progressive is one of the largest auto insurance groups in the United States and their growth between 1996 and 2005 grew an average 17 percent per year, from $3.4 billion to $14 billion.

Giving Back

Just like many big box companies, Progressive takes great pride in their community involvement. In 2008 Progressive collectively raised $6,466,908.92 for charities. The company matches what their employees give, that year their employees gave $3,233,454.46 and the company matched that to get the big total. Over 3,038 employees contributed and 2,614 charitable organizations were supported. 75.9% of their money raised went to religious charities, 11.8% went to health/human service, 5.4% went to civic/cultural, 4.6% went to education, 1.8% went to environmental, and 0.5% went to United Way. From January 2008 to March 2010, Progressive partnered with the National Arbor Day Foundation to offer a program in which customers can go paperless for billing and policy documents and more than 1.5 million of their customers signed up. The Foundation planted more than 590,000 trees in the national forest across the U.S and in 2010 they planted 910,000 trees.

In 2009 Progressive’s employees collected 673 pounds of food and $280 to benefit the Southern Colorado Care and Share Food Bank. On Veteran’s Day in 2015, Progressive donated more than 130 veterans and their families, vehicles. The company donates vehicles that have been found later on from previous claims. Since 2012, Progressive’s information technology business area has participated in the Adopt-a-Family program in the Cleveland area. Progressive employees have adopted over 280 families in 2015. Progressive is also involved with Gr8 to Don8, a timed 8K run and untimed 5K run/walk that helps raise awareness of the value of organ donation. TransLife holds the annual event whose name is a play on the “donate eight” concept which advocated that one donor can save up to eight lives. Progressive has been involved in many other organizations and has donated so much to these organizations, but we are sure you get the point.

Progressive Review and Rating 2017

Progressive is an insurance company that provides coverage for all needs but they lend their name and reputation to Efinancial (that’s probably why the website relocated you to this website when you tried to obtain a quote from them) which is a broker for multiple life insurance companies. Efinancial is the reason why they offer some life insurance products because without them they wouldn’t provide life insurance products since they specialize in auto insurance. The company is a member of the Better Business Bureau, and Efinancial has a great track record when it comes to handling customer complaints. Efinancial was founded in 2000. Progressive Group of Insurance Companies has a stacked financial sheet with round about figure of $8 billion and A+ rating from A.M. Best which stands for “Excellent”.

Why should I care about a company’s rating?

It is important to look at a company’s rating because it will give you an idea, as a consumer on how financially stable the company is. These ratings are not just made up with no reasoning behind it. These ratings are made by trustworthy rating agencies who get sought out by the company and sign a contract with them that allows them to undergo whatever they have to in order to obtain a rating. Rating agencies have numerous investigations that they undergo from the company’s financials to the company’s management team and their plans. They receive a recommendation of what rating to give the company after their investigations then they take this recommendation to the board and with a vice president or president present, they vote on whether or not this rating is fair for the company.

After the rating agency finalizes their rating the publish it on their website and give the company their rating through documents. The company then has the option of providing that rating on their website or not but it will always be on the rating agencies website to inform consumers whether or not the company is financially stable. If a company is given a low or bad rating that means that they are not financially stable and could fail miserably if an economical or environmental event occurs. For example, if the market crashed the company’s who received the bad rating would be running around like chickens without heads trying to figure out what they can do to stay above water. The rating agency knew they wouldn’t be able to handle this kind of stress, but the badly rated company has one of two options to pull out before they go under or to file bankruptcy. Either way, all the policies that have been written by the company would be gone like the wind same goes for the premiums that they have collected from policyholders. So moral of this example is to always check the company’s rating because the last thing you want to do is invest your hard earned money into a business that won’t be around for another 10-20 years.

Products

Progressive offers two major life insurance products, Term life, and Permanent life, they also offer Final Expense insurance. However, before we begin to go into their details we want to take the time to explain what each of these types of insurance mean; Term life insurance is a type of life insurance that offers coverage for only a short period of time and don’t offer cash value growth or accumulation. Permanent life, on the other hand, does the opposite, it is a form of life insurance that provides coverage for your entire life and builds cash value that can be accessible depending on which policy you choose. Lastly, Final Expense insurance is designed for paying off your final expenses, such as medical bills, credit card debt, funeral and burial costs.

Progressive Advantage Term Life (Powered by Efinancial)

• This type of insurance is for a specific need or time frame.
• This policy is the most affordable.
• Term life is available for ages 18-80.
• You can choose to have your policy last from set term lengths such as 10, 15, 20, or 30 years.
• The payout starts at $100,000.
• Premium payments are fixed which means that your premiums will never increase nor will it ever decrease.
• Death benefits are also fixed, so you cannot change amount.
• You can convert from a term life policy into a permanent life insurance policy.

Progressive Advantage Whole Life (Powered by Efinancial)

• Permanent life insurance is a type of insurance that will cover you for your entire life.
• This product allows for your cash value to build up and accumulate.
• This product is available for ages 18-85.
• A medical exam is required for this policy.
• Benefit amounts can be from $50,000-$1 million
• Your cash value will be tax-deferred which means that when your beneficiaries receive your death benefits, it will not be taxed.
• Premiums with this policy is fixed and will not fluctuate.

Progressive Advantage Universal Life (Powered by Efinancial)

• With this policy, you can change your premium payments to fit with your changing life.
• This policy is coverage that lasts a lifetime.
• This product also lets you increase or decrease your payout, or death benefit amount.
• This policy is available for ages 18-85.
• You can build cash value as well.

The Good

Progressive is an all around great company because they provide some competitive quotes for their consumers. Progressive has a great website along with twenty four seven customer support. They also have one of the best claims services due to the fact that they have their own repair centers. The company will take care of everything from A to Z. Another good part about Progressive is that they can provide you with quotes from multiple life insurance agencies.

The Bad

Where there is some good there is some bad, Progressive offers competitive insurance rates but they don’t directly supply life insurance so it can get quite aggravating trying to get life insurance.  Another bad side to Progressive is that their online services are only for car services and doesn’t service life insurance.

Work with the Best!

In conclusion, Progressive Insurance Company is one of the most well-known companies with their famous “Flo” commercials and catchy slogans but is just one of many other companies. They offer more car services than life insurance products which make them not very competitive in prices for life insurance compared to their competitors. You have plenty of options when it comes to life insurance so don’t just go with this company because you find “Flo” attractive or maybe because they have so many commercials you may think that this well-known company will do great for our family. We always recommend our clients to shop around before they make a final decision on a company because this way you can ensure that you are getting the best possible quote. If you realized maybe this isn’t the company you want to receive coverage from and don’t know what to do next, don’t worry because as an independent life insurance agency we provide more than enough companies to pick from. Here at InsureChance, we work with over 60 top “A” rated companies and also offer a lifetime guarantee in which differentiates us from our competitors, the guarantee is that if you have any questions or want to readjust your policy years later we are here to help! Give us a call if you have any questions or concerns