Progressive Life Insurance offers life insurance that covers funeral and burial expenses.
They also have an insurance policy that helps you pass on money to your decedents. This is called Asset Enhancer II. Why is this important to know?
Well, throughout your life, you have had insurance for your house, car, health, etc. Now you can have insurance to help pay for end-of-life expenses.
While thinking about death is a sobering thought, it is a reality. We are all going to have to deal with it sooner or later.
I'm grateful and thrilled to know that I have God's Insurance Plan of Salvation so I don't have to be fearful of the unknown future.
But there are a lot of expenses involved when someone passes on to the next life. Wouldn’t it be nice to know that there is a way to handle such costs?
This way, you can leave more money to your children (assuming you get along with them) and less worry about your funeral and burial expenses.
Senior Tribute is the name of one of the Progressive Life Insurance packages available. This program can help cover death-related expenses, including administrative and probate costs. You do not even need a medical examination to attain this important coverage.
With Senior Tribute, your payments will never rise, and your coverage will never lessen. Your cash values accrue on a tax delayed basis and have a certainty of a 4.5% interest rate yearly. Death benefits are completely tax-exempt.
Progressive Life Insurance offers two different Senior Tribute packages. These products are available in the following states:
*Products and benefits differ from state to state.
Senior Tribute I offers an instant full death benefit. Senior Tribute I also has a guaranteed cash value. If your death occurs while you are covered by the policy, the named beneficiary receives the death benefit minus any unpaid fees.
Depending on your age and the state where you reside, benefits vary from $2,500-$35,000. (Only customers residing in New Hampshire or New Jersey are eligible for this product.)
Senior Tribute II offers a tailored death benefit. If you die during the first three years of having the policy, the benefit will equal all of your payments and an additional 10% interest.
If you die due to an accident, Progressive Life Insurance will pay the full benefit. As with Senior Tribute I, Senior Tribute II benefits range from $2,500-$25,000. Again, this is based upon your age and the state in which you live.
Both policies offer an Accidental Death Benefit Rider. This makes your death benefit twice as much if you die due to an accident. Your benefits will be three times as much if the accident is because you were riding in a bus or plane.
In addition, Asset Enhancer II, an estate policy from American Progressive, is also worth investigating. It will make sure that your estate can increase in value by turning it into a death benefit that is federal income tax-free.
American Progressive also has a long-term health care program that saves you money if you need nursing home or assisted living care. This money is simply taken from the accelerated death benefit portion.
Just remember, as with Senior Whole Life, your premiums will never rise with Asset Enhancer II. It also guarantees that your cash value can build at a tax-deferred rate, that you will be able to borrow money at cash value, and that you have an option in payment plans for your premiums. These payment options can last beyond 25 months.
This policy also offers unique benefit riders in an ongoing paid format. These products are available in the same states as Senior Health I.
Again, products and benefits change from state to state, so be sure to check with yours. You can get a Progressive insurance quote for free and compare prices with other companies in your state. In fact, I highly recommend that you check with Efinancial and compare quotes before making your final decision.
Also, you may also want to consider setting up a special policy for your children or grandchildren with Gerber Life that can provide them with some great advantages.