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    What is life insurance?

    Purchasing life insurance allows you to provide a financial 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.

    What you need to get a life insurance quote

    To quote life insurance, you generally need to know:

    • How much coverage you need, considering your current income, debts, and ongoing expenses your family would need to pay for if you pass away
    • Your medical history, as well as basic health info such as your height, weight, and any medications you take
    • The medical histories of your immediate family members
    • Your current income and net worth

    How much life insurance do I need?

    According to eFinancial, a common recommendation is to carry life insurance with a death benefit that's 7 to 10 times your annual income, but that doesn't take into account your unique financial situation. Use our life insurance calculator to get more precise with how much life insurance you need.

    Types of life insurance

    Life insurance policies generally fall into two categories: term and permanent.

    • Term life policies last a set timeframe (1, 10, 15, 20, or 30 years) and are typically more affordable. Many people choose term life insurance so they can support their loved ones in case they 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 life policies last your entire lifetime, have cash value that grows, and are generally more expensive.

    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 associated 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.

    Common questions about life insurance

    What age should you buy life insurance?

    What does life insurance cover?

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

    Do I need life insurance if I already have a policy through my work?

    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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