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Choice Select a policy type

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    What is life insurance?

    Purchasing life insurance allows you to provide a safety net for your loved ones in case you pass away. A life insurance policy is a contract stating that, as long as your premium is paid and the policy is active when you die, your beneficiaries can receive a death benefit payout to be used however they like — for final expenses, paying off outstanding debt, and even everyday costs.

    Types of life insurance products

    Life insurance policies generally fall into three categories: term, permanent, and final expense. Once you understand the difference, you can easily determine which is right for your beneficiaries' needs and your budget.

    • Term policies last a set timeframe (often 1, 10, 15, 20, or 30 years) and are affordable. They're typically for supporting your loved ones in case you pass away unexpectedly. In some states, we also offer a "flexible term" policy via Progressive Life Insurance Company — it allows you to adjust your coverage amount (up or down) without having to re-apply or get a new policy.
    • Permanent policies last your entire lifetime, have cash value that grows, and are more expensive.
    • Final expense policies are a more affordable type of permanent life insurance with a lower death benefit that's designed to cover your end-of-life costs.

    Explore the types of life insurance we offer.

    Which life insurance policy is right for me?

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    Term life

    • You support a partner, spouse, or children
    • You're paying off debt, like a mortgage
    • Your loved ones depend on your income

    Final expense

    • You're between 50 and 85 years old
    • You want an affordable policy
    • You only want your funeral and other final expenses covered

    Short-term (one year)

    • You want to try out life insurance
    • You only want temporary coverage
    • You're in between jobs and temporarily without employer-provided coverage

    Whole life

    • You want to be covered no matter when you pass away
    • You want the cash value feature and the option to take out a life insurance loan
    • You want a fixed premium and hands-off cash value growth

    Universal life

    • You want to be covered no matter when you pass away
    • You want the potential of a zero-cost policy or an adjustable premium
    • You want the benefit of cash value and can afford the higher fees and risks associate with universal life's cash value growth setup

    How much does life insurance cost?

    Generally, the younger and healthier you are, the more affordable your life insurance can be — starting at just $16 per month through Progressive Life by eFinancial.* Coverage options begin at $5,000 and go up to $2 million or more through eFinancial. Through Progressive Life Insurance Company, coverage options range from $50,000 to $1 million.

    Keep in mind that permanent life policies generally cost more than term life policies. And the longer a term policy lasts, the more you'll pay. Learn more about how much life insurance costs and compare term life insurance rates through Progressive Life by eFinancial to find a policy that fits your needs and budget.

    eFinancial works with highly rated life insurance companies to help bring you competitive rates and a variety of simplified life insurance options, such as RAPIDecision® Life — giving you the possibility to purchase life insurance with no exam. Progressive Life Insurance Company also offers term life policies that don't require a medical exam.

    Common questions about life insurance

    How much life insurance do I need?

    What age should you buy life insurance?

    What does life insurance cover?

    Are there any medical exams required to purchase a life insurance policy?

    Learn more about life insurance

    Have additional questions? Progressive Answers is your resource for all things insurance. See all our life insurance tips and resources.

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