Life Insurance
Our philosophy is to remind each of our customers of the importance of life insurance. If they die today, what impact would it have on those closest to them? We can drastically help ease both the financial and emotional burden that occurs with an untimely death.
Erie Insurance offers two different types of life insurance: Term Insurance and Permanent Insurance. Term Insurance pays a death benefit only if you die within the term specified by the policy. Permanent Insurance pays a death benefit regardless of when you die. Permanent Insurance is naturally more expensive than Term Insurance.
Some features of a Term Life Insurance policy include:
- 10, 20 or 30 year guaranteed level premium period
- Different rate classifications for different risks (e.g. smokers vs. non-smokers)
- An option to convert the policy from term to permanent insurance during the policy period or until age 70, whichever is earlier
- Conversion privilege is guaranteed regardless of health, occupation or hobbies
- Minimum policy size of $100,000
Some features of a Permanent Life Insurance policy include:
- Guaranteed death benefit with an account value that earns tax-deferred interest
- Guaranteed minimum 4% interest rate for your lifetime
- Different rate classifications for different risks (e.g. smokers vs. non-smokers)
- Issuing ages of 15 days up to age 85
- Minimum policy size of between $10,000 and $100,000 depending on age and type of policy
Erie offers some very competitive life insurance rates and gives discounts on a Auto and Homeowners Policy for having life insurance with The Erie Insurance Group.
If you have any questions regarding any of these coverages, please give us a call.
