We’ve all heard the Progressive Life Insurance commercial that declares, “Think Easier, Think Progressive.”
With a slogan like this, you may be led to believe that they offer the best deals in town!
…but Progressive is a home and auto specialist!
Hmmm…………Makes me wonder how they stack up in the life insurance arena!
To sum things up in one word, I say: BEWARE…
Here are 3 reasons great reasons you should steer clear of Progressive Life Insurance, and 5 tricks to save on your life insurance premiums!
Quick Guide / Table of Contents:
Progressive Life Insurance – There Are Serious Red Flags
The first red flag I noted, is the fact that Progressive is a multi-line insurance company. Which means they sell all different types of insurance – such as home, auto etc.
Their motto is…
“Get Insurance for almost anything you need”
…unfortunately, this includes life insurance.
Now, to be honest, I can’t comment on all the other lines of insurance they carry. From what little I know, Progressive has a pretty solid reputation.
But, I can say with confidence that their reputation for life insurance doesn’t follow suit.
So, what’s the deal?
Our focus is life insurance. So, we are in a pretty good position to review the Progressive Life Insurance offering.
Did you know there is going to be a big move toward automating every aspect of customer service? Yep!
Prudential is already moving toward Artificial Intelligence and anticipates a 30% drop in agent calls because they are using a chatbot called askPRU.
We still offer personalized service!
Prudential estimates that approximately 30% of its financial consultants’ queries received by its contact center consultants today can be answered by askPRU. With frequently-asked questions channeled to the chatbot, Prudential’s Contact Center consultants will be able to focus on handling more complex inquiries and provide a better service to its Financial Consultants and customers. Fintech, Prudential Singapore Expects 30% Drop in Agent Calls to Call Center
What about the Progressive Life Insurance Website?
Hmmm, yet another red flag.
The Progressive Life Insurance page starts off with a “Get a Quote” search engine. Sadly, this is really just a sticky web that catches people who don’t know a lot about life insurance.
Come on, it’s quick and easy. Chances are you simply want to jump right in to get a quote.
NOT SO FAST!
I’ve got 3 major reservations about purchasing Progressive Life Insurance and I am going to share them with you right now!
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3 Reasons to Steer Clear of Progressive Life Insurance
1. Progressive Doesn’t Really Sell Life Insurance!
How can a life insurance company not really sell life insurance?
Okay! Here’s the secret… if you look at the first line on their introduction it says “Progressive Advantage® life insurance (powered by Efinancial)…”
Well, you won’t find out unless you read further and even then you may be left with the impression that it’s a tool that generates quotes.
The simple truth is that Efinancial is a LIFE INSURANCE CALL CENTER!!
Progressive life insurance company is frankly a LEAD GENERATOR for Efinancial.
So the name, Progressive Life Insurance, is somewhat misleading. Progressive isn’t a life insurance company and doesn’t have life insurance agents at all.
They have a business arrangement with Efinancial.com where they get a fee for referrals or a percentage of the commission. I’m not sure exactly how this business arrangement works – but the point is…
…PROGRESSIVE DOESN’T REALLY SELL LIFE INSURANCE!
This is a serious wake-up call.
When you click on “Get a Quote”, you’re immediately taken to Efinanacial.com.
Once you start the quote process – your relationship with Progressive ends.
The agent you’re speaking to works for Efinancial – NOT PROGRESSIVE!
I personally think this is very misleading.
It’s not that Progressive is doing anything wrong – but most people don’t realize they’re doing business with E-Financial – a company that they’ve likely never heard of.
Neither Efinancial nor the life insurers they represent have any affiliation with Progressive at all.
The agents at Efinancial know their business because they’re licensed – BUT the problem with Call Centre agents is that they have to write a certain number of policies each and every day.
So they’re inspired to generate serious numbers as opposed to working with clients on an individual basis.
So let’s check out the life insurance companies they represent.
Yep, they are some of the best – that being said, the number of companies they work with is only a small fraction of what’s out there.
You want to work with an agent that has access to dozens of insurers. That’s how you get the best possible rates.
Also, call center agents only provide assistance until you sign on the dotted line.
Once the sale is made they are done with you. Don’t expect any follow up because they are already processing the next application.
Ok, I hear you – but maybe their products are terrific.
Well, this brings me to the next red flag!
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2. Progressive/Efinancial Life Insurance is Limited
Check out the Progressive Life Insurance page. This is where you’ll find more information about their products.
So they offer a selection of Term and Permanent products.
The thing is, they really only offer Term and No-Medical Exam life insurance through the limited number of companies that Efinancial represents.
Hey as you know I am a term life insurance supporter.
It’s a terrific product and works best for most Americans – BUT if you’re a high-income earner, business owner or have a large estate, this won’t suit you at all.
I bet you thought Progressive Life Insurance offers Permanent Life Insurance. So what’s going on here?
Well to put it in a nutshell, call center agents don’t really have the time to take you through all the intricacies of these types of Permanent Life Insurance products.
This is because they are quite complicated and they want to generate quick and easy sales.
The thing is, life insurance can be complicated and you want an agent who knows all the ins and outs of the products that fit your personal circumstances.
If you have questions, you want an agent who can talk you through the application process.
As I said, E-Financial agents do know what they are talking about, so it’s likely that they can provide answers, but will they be good at looking into alternative solutions that fit YOUR needs?
…AND what if you hit a snag when you go in for your medical exam?
You might end up getting hit with a much higher quote than what you thought you’d be paying.
Independent Agents Save you serious money
Truthfully, a Call Center agent isn’t going to go to bat for you with the underwriter.
In other words, they won’t try to re-negotiate or get you a better deal. You need an independent agent for that.
Not to mention the fact that the products offered through various insurers vary significantly. Just about every company has its own take on Whole Life and Universal Life insurances.
You really need someone who understands the nuances so they can save you some serious money. Again this is best suited to independent agents.
Ok, Chris, I hear ya, but they offer no-medical-exam insurance and that appeals to me!
That’s all well and good, but you’ll be applying through a questionnaire, which means you won’t be talking to an actual person. Life insurance is VERY personal.
The BEST way to get affordable rates is to work with someone who has been around the block. Someone who is familiar with the underwriting guidelines and can find you a great deal.
…and what if you are declined? Then what?
This brings me to the 3rd RED FLAG…
3. If you’re elderly or Have a Medical Condition Progressive isn’t for you
If you’re young and healthy, it’s likely you are going to whip right through the application process with Efinancial.
….and the good news is, you’ll probably get a pretty decent quote.
I’m not going to say it’s going to be the cheapest, but it will be in the ballpark.
That’s because ALL LIFE INSURERS LOVE YOUNG AND HEALTHY APPLICANTS!
The wrench in the works comes when if you have pre-existing issues or medical conditions such as:
- Old Age
- Diabetes, Crohn’s’ disease, cancer, etc.
- A life-threatening condition
- Weight issues
- High blood pressure or hypertension
- A family history that contains serious medical conditions
- A high-risk occupation or hobbies
- Psychological or psychiatric conditions
- Require specialized insurance coverage
- Need business life insurance
Believe you me, this list is just the tip of the iceberg. There are a whole host of personal and medical issues that may get you declined.
This is another reason why you want to avoid Progressive Life Insurance – because you have no way of knowing what you are getting into and whether it’s the best situation for YOU.
Sadly, most people simply don’t know anything about the underwriting process that life insurers use, so you may end up paying way too much money.
Life insurance is a long term investment. You want a quality product at a rate that won’t break the bank.
Forget Progressive – Let Us Help You
We take life insurance seriously and SO SHOULD YOU!
Folks – next to your mortgage, a life insurance policy is one of the biggest lifetime investments you’ll make!
If you don’t do it right, it can COST YOU THOUSANDS OF DOLLARS!
We know the insider secrets that will get you the best possible premiums.
How do we do this? Well, we know all the insurers and keep abreast of their ever-changing guidelines. We also LOVE life insurance. This is a passion, not just a business for our agents.
We can save you 10% – 70%! Yep, all of this is available to you for simply contacting our superstar agents.
Now, I’m going to show you 5 ways that we leave Progressive Life Insurance in the dirt – and how we’ll save you a LOT OF MONEY.
There are many different types of life insurance — all of which have additional options and variations, and it can be confusing and overwhelming for many consumers. However, when it comes to buying life insurance, it’s really important to get it right. The Business Insider, 4 Smart Things Everyone Under 40 Should do with their Money
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Avoid the Lump Sum Payment Option
Lump sums are overrated.
How many commercials have you seen that advertise the benefits of a “Tax-Free Lump Sum”?
NOPE! Here’s why…
Choosing a policy with a lump sum option will cost you more money – and I’m talking anywhere from hundreds and to even THOUSANDS of dollars!
Who knew? Well to give you some insider information, most insurers offer an “Income Stream Option”.
This means that instead of your beneficiaries receiving a lump sum, they will receive a partial lump-sum PLUS an income stream that will be spread over the next couple of decades or so.
Here’s how it works…
Let’s say you’re 35 and need a $750,000 Term policy and you choose to go with a 20-year term.
If you opt for the lump-sum payment, your premiums are going to cost roughly $818 per month.
If you choose the income stream approach instead, your beneficiaries will receive $150,000 lump sum immediately. Then for the next 20 years, they’ll also receive $2,500 per month.
AND – There’s a definite upside for you – because you opted for the income stream, your monthly premium will be reduced to $629.00 per month!
This is A SAVINGS OF 23% – OR TOTAL OF $3,780 DOLLARS OVER 20 YEARS!
I’m not finished just yet… if you decide to extend the income stream for an even longer period– you can save even more!
You aren’t gonna get that sort of money savings tip from a call-center agent!
Buy Multiple Policies for Multiple Purposes
What’s the first thing that you do when you are thinking about buying life insurance?
Well, you’ll likely sit down to calculate how much money you’ll need to cover debts and provide enough money for your loved ones should you die.
“Well, I think I’ll get a $1,000,000 policy and that’ll take care of everything.”
GREAT! But a hefty $1,000,000 policy, will cost you roughly $805 per year. If you hold that policy for 30 years, comes to an outlay of $24,150 to be exact!
Let’s break this down into needs – they probably look a little bit more like this:
- $500,000 policy for 30 years to cover income replacement
- $350,000 policy for 20 years to cover your mortgage
- $150,000 for 5 years to cover the cost of college education for 2 kids.
If you purchase 3 separate policies – which we refer to as “layering” your policies in this biz – these 3 policies will only cost you $740 per year!
Right off the bat, you are going to save $65.00 per year!
….and down the line you end up saving more because you’ll no longer need the $150,000 coverage for your kids when they graduate from college. This is a savings of $92.00 per year!
Further down the line – the savings grow when you drop $350,000 in coverage because you’ve paid down your mortgage in 20 years. Whew! Now that’s a savings of about $198.00 per year!
The bottom line? You’ll end up paying a total of $17,924 over your 30-year term. The savings is a stunning $6,225.30!
Hmmm, do you think the call center agents at Progressive’s partner site Efinancial are going to tell you about this MONEY SAVING tip!? I have my doubts!
We Specialize in Pre-Existing Health Conditions
You might do ok if you are young and healthy and go through Progressive’s affiliated call center agents. But, what if you do have a health condition?
…and it doesn’t have to be serious. It can be anything from carrying some extra weight, high blood pressure and/or cholesterol, diabetes, Crohn’s, to a past history of cancer.
The underwriting guidelines used by each of the 850 insurers in America are very “DIFFERENT.”
There are many companies that are very conservative and won’t even consider a whole host of health conditions.
But here’s the thing folks – medical treatments are improving the lifespan of people every day.
Often it takes a lot of time for life insurers to adopt new ways to underwrite health conditions that reflect these new treatments. Thankfully this is not the whole story.
Other insurers are on top of their game and change their underwriting approach to reflect new medical advances sooner than other companies.
There are insurers out there that are very lenient for certain health conditions and yet even these companies can vary.
Our agents dig right into the underwriting guidelines of these companies to find you the best deals.
Sometimes, a change in rating is based on a few pounds extra pounds, a birthday, or a few points here and there on your cholesterol and blood pressure readings.
Did you know there are as many 14 – 16 rating levels used by insurers?
…and the shocking part is – EACH CHANGE IN RATING CAN COST YOU AS MUCH AS 25% MORE IN TERMS OF THE PREMIUMS YOU’LL PAY!
So, if we can find that sweet spot with a particular insurer, your premiums may tumble by as much as 25%! A simple call to here can really line your pockets.
Seniors Don’t Do Well With Progressive Life Insurance
Folks – people are living longer and longer these days!
Which means more and more seniors are beginning to realize they need their life insurance to last longer than they may have originally thought.
There are so many reasons they need additional or continued protection – possibly they still have an outstanding mortgage, business debts or maybe the remarried and have new dependents to consider.
Now, what many seniors don’t know is that a small portion of life insurers actually give you a better break on your premiums simply because of your age. That’s right!
I bet you think that packing on a few more pounds or having slightly elevated cholesterol in your later years knocks you out of contention for great rates.
…and you might be right when it comes to SOME INSURERS!
But here, we know which companies are lenient when it comes to seniors with your particular circumstances.
It all goes back to the rating system that we talked about in the previous money-saving tip.
By knowing which companies are more lenient in their underwriting guidelines, we may be able to save you 25% on what you pay simply by finding a company which has more liberal guidelines for seniors.
Save Money – Buy MORE insurance!
“Chris, how the heck can I save money by buying MORE life insurance?” It sounds completely illogical!
You are never going to get this money-saving tip from Progressive’s call center, I can tell you that right now.
You see it’s rather simple and very few agents are going to fill you in, but the life insurance business is highly competitive.
That being said, what they really compete very heavily for is certain amounts of life insurance. Focus is specifically placed on face values of $100,000, $250,000 and $500,000.
But what if you only need $200,000 or $450,000 in coverage? Why go up to $250,000 or $500,000 – because let’s face it it’s gonna cost you more…
Because companies are in such heavy competition for the same monetary values, they actually offer discounts to get your business.
If you opt for $200,000 in coverage, it might cost you $269.00 per year.
If you splurged for the $250,000 policy, which is one of the coverage amounts in heavy competition you might only end up paying $238.00 per year.
It’s crazy but you get more coverage for less money! Neat!
Why You Should Trust Us
…and you know what ladies and gentlemen? I’ve got a lot more tricks up my sleeve!
If you call us today we can show you how to save money on your premiums and trust me, these aren’t strategies you are going to find at Progressive Life Insurance.
The simple truth of the matter is, we give incomparable personalized service.
A call center can’t offer our standard of client interaction and follow up. Our independent life insurance agents take the time necessary to understand your needs to find the best possible insurer.
We will be with you through the whole underwriting process, so you won’t be hit with any surprises.
You Won’t Find Better Prices
With a little preparation, you’ll be shocked to see how much we can lower your premiums. Did you know there are things you can do prior to your medical exam to improve your results?
Yep! We will help you get ready for the big day.
What if the company you choose declines you? Don’t worry, we will take the time to find you a better fit.
There are so many different companies and approaches. Don’t let pre-existing medical conditions deter you!
With us, you’re a client for life! We’ll be there to answer your questions and help you adjust your needs as they change – because they most certainly will.
We take great pride in providing the finest customer service you will find anywhere.
Forget Progressive Life Insurance. We can do better!
If you want the best policy at the lowest cost then call Huntley Wealth Insurance Services at 888-603-2876 right now.
For more of the top providers of coverage, check out our list of the Best Life Insurance Companies.
*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.