A $250,000 policy costs as little as $16 per month. * Get a life insurance quote today.
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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.
We partner with eFinancial to provide you with a range of life insurance options, suitable for any budget or specific coverage need. Whether you need short-term coverage while between jobs, or want to give your family long-term financial security, Progressive Life Insurance by eFinancial has an affordable policy waiting for you.
To quote life insurance, you generally need to know:
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.
Life insurance policies generally fall into two categories: term and permanent.
Explore the types of life insurance we offer:
Term. Popular and affordable, traditional term life insurance is for protecting your loved ones in case you pass while they still depend on your income. Get coverage for 10, 15, 20, or 30 years.
Final expense. Also known as burial insurance, it's designed to cover your funeral, health care bills, and other costs after you pass away. It's an affordable policy with no medical exam.
Term. Starting out with life insurance or have a temporary need? This unique policy provides one year of inexpensive coverage. There's no medical exam so you can quickly get a policy online.
Permanent. The most popular permanent policy, whole life provides coverage for your entire life at a fixed premium. Plus, it builds cash value at a fixed rate over time, which you can borrow from.
Permanent. Universal life lets you change your payment and death benefit amount over time. Its cash value depends more on the market than whole life and can grow into a no-cost policy.
See more types See less typesConsider 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.
Term life insurance with a term of 10, 15, 20, or 30 years makes sense if:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Many employers offer basic group life insurance to their employees, but it may not be enough to fully cover your family. You may also lose your group policy if you leave your company. You can buy your own supplemental life insurance policy to fill any coverage gaps and ensure you always have protection even when changing jobs.
Have additional questions? Progressive Answers is your resource for all things insurance. See all our life insurance tips and resources.
How does life insurance work? Explore an easy, five-minute guide to life insurance
How does life insurance pay out? Learn how life insurance payouts work in different scenarios when the insured passes.
What is a life insurance rider? Browse the different riders that can be added to a life policy Types of life insurance explained Learn what's different about the policy types so you can choose 
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Certain term life insurance policies for Arizona, Georgia, Indiana, Louisiana, Maryland, Michigan, Missouri, Ohio, Pennsylvania, Tennessee, Texas and Virginia residents are underwritten by Progressive Life Insurance Company.
Progressive Advantage Agency, Inc. refers all other consumers seeking life insurance to Efinancial, LLC for placement with insurers offering that coverage. eFinancial and the insurers are not affiliated with Progressive. PAA and Progressive are not responsible for insurer or coverage selections, policies issued, claims, the content or operation of others' websites, or how others handle or use your information. Information you provide to others is subject to their privacy policies and website terms of use, and may be shared with us.
PAA receives compensation from eFinancial or its affiliate that may vary based on the number of applications taken by eFinancial and the policy you buy. Contact us for more details.
Price, coverage, and coverage terms and conditions may vary between insurers. Availability may vary by state.
Progressive Advantage Agency, Inc. (PAA) will transfer you to Efinancial, LLC for placement with insurers offering this coverage. eFinancial and the insurers are not affiliated with Progressive and are solely responsible for their websites, products, and services. Information about you is subject to their privacy policies and may be shared with PAA and its affiliates for their marketing and other uses. PAA receives compensation from eFinancial or its affiliate that may vary based on the number of applications taken by eFinancial and the policy you buy. Contact us for more details.
Price and coverage may vary by insurer. May not be available in all states. PAA (CA Lic #0F50053, TX Lic #1394132) is domiciled in Ohio and has its principal place of business at 6300 Wilson Mills Road, Mayfield Village, Ohio 44143.
This material is for informational purposes only and should not be considered tax or legal advice. Please consult a professional advisor for any tax and/or legal advice to fit your particular circumstances.
* Life insurance rate quotes referenced in eFinancial's materials are based on a composite of participating carriers’ best-published monthly premium rates for 10-year, term life policies with face amounts of $250,000 as of 6/8/2022. Unless noted otherwise, the comparison rates are made for male, preferred plus, non-tobacco user, and female, preferred plus, non-tobacco user – age 19-34. Rates and products available may vary by state. All policies are subject to underwriting approval. Also, the rates and time taken to purchase a policy vary by product. Quotes are provided for information purposes only and do not constitute an offer of insurance.
† Progressive Life Insurance's Flexible policy is a term life policy that allows the insured to request an increase in the coverage amount within the first 10 years of the policy for the following covered life events: marriage, divorce, adding a child to your family through birth, adoption or marriage, or purchasing a home. Coverage amount increases must be between $25,000 and $200,000 (in $1,000 increments), and are subject to overall policy and company limitations. Coverage amount increase requests require proof of the qualifying life event but do not require a new application, medical exams or testing, or a new medical questionnaire. With the health status freeze feature, the new increased coverage amount will be rated at the age and health status of the insured at the time of the initial policy application. Coverage amount decrease are subject to Progressive Life's minimum coverage amount.
