LIFE & MORE

Life Insurance

A life insurance policy is a contract with an insurance company.  In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death.

Life insurance is typically chosen based on the needs and goals of the owner.  Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage. 

Term life insurance is designed to provide financial protection for a specific period of time, such as 10 or 20 years.  With traditional term insurance, the premium payment amount stays the same for the coverage period you select.  After that period, the policy may offer continued coverage, however, the premium payment rate is substantially higher.

Whole life insurance is a type of permanent life insurance designed to provide lifetime coverage.  Because of the lifetime coverage period, whole life usually has higher premium payments than term life.  Policy payments are typically fixed, and, unlike term, whole life has a cash value, which functions as a savings component and may accumulate tax-deferred over time.

Universal life insurance is another type of permanent insurance also designated to provide lifetime coverage.  Unlike whole life insurance, universal life insurance policies are flexible and may allow you to raise or lower your premium payment or coverage amounts throughout your lifetime.  Due to it's lifetime coverage, universal life typically has higher premiums.

Term Life

Proceeds can be used to replace lost potential income during working years.  This can provide a safety net for your beneficiaries.

Whole Life

Can be used as an estate planning tool to help preserve the wealth you plan to transfer to your beneficiaries.

Universal Life

Used as part of a flexible estate planning strategy to help preserve wealth to be transferred to beneficiaries.  Also used as long term income replacement, where the need extends beyond working years.

Did you know?

Death benefits from all types of life insurance are generally income tax-free.

Retirement

Whatever retirement means to you, one of our expert insurance advisors can help you with a plan. Whether just starting your career, have been in the workforce for some time or own a business with employees to think about, having a retirement savings plan in place can help your retirement goals become a reality.

Options for saving for retirement include several savings plan options to help you and, if applicable, your employees save money for retirement.  From annuities to Individual Retirement Accounts (IRAs) and life insurance policies, our advisors can offer several plan options and assist in determining what is right for you.

Umbrella Liability Insurance

An umbrella insurance policy is extra liability insurance coverage that goes beyond the limits of the insured's homeowners, auto or watercraft insurance.  

 

This type of policy provides an additional layer of security to those who are at risk of being sued for damages to other people's property or injuries caused to others in an accident.  It also protects against libel, vandalism, slander and invasion of privacy.

Identity Theft Recovery Coverage

With identity recovery coverage, you don't have to go it alone.  Erie Insurance offers coverage for a low annual fee and designed to help you restore your credit in the event of identity theft or fraud.  Included is help from your own dedicated case manager who will walk you through the process step-by-step.

A few things a case manager could help with include; contacting  the fraud departments, ordering copies of your credit report, closing accounts, writing letters, providing legal referrals and even keeping detailed records.​

With Erie's coverage you could get help with covered costs associated with:

  • Lost wages

  • Re-filing applications for loans, grants or other credit instruments

  • Certain legal fees

  • Ordering credit reports

  • Notary fees

Medicare Supplement

A Medicare Supplement insurance plan can help you pay for medical costs that may not be covered by Medicare.

Choosing a Medicare Supplement insurance is an area one of our expert insurance Advisors can assist with.  

Health care expenses can add up and be a burden, particularly if you are on a fixed retirement income.  Health care and out-of-pocket costs for Medicare participants are on the rise, therefore, the need for supplemental insurance is greater than ever.

Here are a few reasons to enroll in a Medicare Supplement plan:

  • It helps pay the portion of approved expenses not covered by Medicare.

  • With no network, you can choose any doctor or hospital that accepts Original Medicare.

  • Coverage could be guaranteed if you enroll in the first six months of Medicare Part B eligibility.

  • Coverage is guaranteed to renew each year (unless you fail to pay premiums, make untrue statements or commit fraud).

Contact us today and let one of our expert insurance Advisors go over a Medicare Supplement insurance policy with you.

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