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 a matter of minutes. Policies are underwritten and serviced by Fidelity Life.
Policies start at $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.
*$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.