Progressive Insurance® and Fidelity Life Launch One-Year, Short-Term Life Insurance
MAYFIELD VILLAGE, Ohio and CHICAGO, Oct. 26, 2021 /PRNewswire/ -- Progressive Insurance, in collaboration with Fidelity Life, is introducing RAPIDecision Life One℠, a new one-year term life insurance product designed for first time life insurance buyers and those looking for life insurance coverage without the long-term commitment.
With RAPIDecision Life One℠ consumers can get a quote online by answering five basic health questions. No medical exam or phone call is required, and if approved, customers can get coverage in just minutes. Policies are underwritten and serviced by Fidelity Life.
Policies start at just $7 per month,* and consumers can select from coverage options ranging from $50,000 to $200,000. At the end of the policy term, customers have the option to purchase a new one-year term policy or explore longer term options.
"Our research uncovered an unmet need among younger consumers interested in quick, quality coverage, at an affordable price and without a medical exam, so that's what we delivered," said Laura Zimmerman, Fidelity Life Chief Marketing Officer. "Developed with millennial consumers in mind and individuals valuing flexibility, the product offers a range of coverage options, and provides philanthropic-minded consumers the option to name a charity as a beneficiary."
"Short-term life insurance gives people considering life insurance for the first time a chance to familiarize themselves with the product before committing to a longer-term policy," said Drew Purcell, Progressive Business Development Leader. "Getting coverage is quicker and simpler than the typical life insurance process, but still provides ample coverage that could help named beneficiaries cover the costs of things like personal loans, child care, or everyday expenses."
Progressive and Fidelity Life have a long history of delivering new products and services designed to make it faster and easier for consumers to get the coverage they need. In 2018, the companies collaborated to offer RAPIDecision® Life, a longer duration term product, to qualified consumers all online. Now, they've combined Fidelity Life's track record of life insurance innovation with Progressive's deep understanding of customer needs and preferences to create a new life insurance solution designed especially for first-time life insurance buyers.
To learn more about RAPIDecision Life One℠ visit https://www.progressive.com/life/1-year-short-term-life-insurance/
Progressive InsuranceSM is a trademark of Progressive Casualty Insurance Corporation. RapidDecision® and RapidDecision Life OneSM are trademarks of Fidelity Life Assocation. All rights reserved.
*7/month rate applies to males (ages 30-32) and females (ages 39-41), non-tobacco users, for $50,000 of coverage. Lower rates available for females. Rates are for information purposes, do not constitute an offer of insurance and, along with policies, subject to underwriting approval.
The Progressive Group of Insurance Companies makes it easy to understand, buy and use car insurance. Progressive offers choices so consumers can reach us whenever, wherever and however it's most convenient - online at progressive.com, by phone at 1-800-PROGRESSIVE, on a mobile device or in-person with a local agent.
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the third largest auto insurer in the country, a leading seller of motorcycle and commercial auto insurance, and one of the top 15 homeowners insurance carriers.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.
About Vericity Inc.
Vericity, Inc. (Nasdaq: VERY), through its subsidiaries, Fidelity Life Association and eFinancial, LLC, is a leader in direct-to-consumer life insurance solutions. As an innovator in product design and distribution, the company makes life insurance affordable and accessible for middle market consumers. With national call centers, digital and digitally enabled sales and underwriting processes, quick policy issuance, and an emphasis on products not medically underwritten at the time of sale, it is easier for customers to get the coverage they need at a price they can afford. For more information, visit www.vericity.com.
About Fidelity Life Association
Founded in 1896, Fidelity Life, has a long history of helping everyday families achieve greater financial security. With a legacy of service and innovation, including first-to-market automated processes and patented products like RAPIDecision® Life and LifeTime Benefit Term, Fidelity Life makes it faster, easier, and more affordable for customers to get life insurance coverage. To learn more, visit www.FidelityLife.com
SOURCE Progressive Insurance