Life Insurance

A $250,000 policy costs as little as $16 per month.^* Get a life insurance quote today.

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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?

Consider your budget and your reasons for getting life insurance when determining which type of life policy is best for you. Do you want to make sure your income is replaced in case you die before you retire? Or do you need coverage no matter when you pass? Explore these quick tips for narrowing down your options.

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POLICY TYPES

Term life

Term life insurance with a term of 10, 15, 20, or 30 years makes sense if:

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

Example: You're married, in your 20s, and a new homeowner with a 30-year $250,000 mortgage. You get a 30-year term life insurance policy with $250,000 of coverage and name your spouse as the beneficiary. In case you pass away in the next 30 years, they can use the death benefit to pay off the mortgage and cover other costs.

Final expense

Final expense or burial life insurance makes sense if:

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

Example: You're 55 and planning for your retirement years. You want to make sure your loved ones don't have to pay for your burial and funeral costs when you pass away, so you estimate your final expenses and purchase an affordable policy for that amount.

Short-term (one year)

One year of term life insurance coverage makes sense if:

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

Example: You are 25, have a child, and aren't sure where to start with life insurance. You decide to get one year of highly affordable coverage so you can decide if you want to commit to a longer-term policy.

Whole life

A permanent, whole life insurance policy makes sense if:

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

Example: You have long-term dependents that will rely on you until you pass away, so you purchase whole life insurance to make sure they can claim the death benefit no matter when you die.

Universal life

A permanent, universal life insurance policy makes sense if:

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

Example: You want to make sure your kids are covered even if you die well into your senior years. While universal life has higher costs, fees, and risks than whole life, you can afford it and you like the potential of an adjustable premium or a no-cost policy.

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.

DID YOU KNOW?

According to the 2023 Insurance Barometer Study, over half of survey respondents guessed that a 20-year, $250,000 term life insurance policy for a healthy 30-year-old would cost $500 per year or more. But the average cost is actually much lower — under $200 per year. Case in point, don't put off buying life insurance because you think it'll be too expensive. Get a quote and see for yourself how affordable it can be.

Common questions about life insurance

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.

What age should you buy life insurance?

Generally, the younger you are the more affordable your coverage will be, but you can find life insurance that fits your financial needs at almost any age. Besides age, you should consider buying life insurance if you have a family or debt that your estate would be responsible for. Learn more about when to get life insurance.

What does life insurance cover?

Your beneficiaries can use the death benefit from your life insurance policy for any expenses they have. Some common uses for these funds include paying for funeral services, child tuition, mortgage payments, and other everyday expenses that would be a considerable burden with the loss of your income. Others may use their life insurance to leave an inheritance for their children and to settle any debt their estate holds once they pass away.

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

Insurers typically require a medical exam when buying a traditional life insurance policy. The exam allows them to evaluate your physical health and medical history, determining the overall risk of issuing a life insurance policy to you. However, there are other types of life insurance that don't require a medical exam , called simplified or guaranteed issue life insurance. These may be a good option if you have health conditions that make you ineligible for traditional life insurance.