Here’s an obvious statement: day-to-day living costs add up fast.That’s why life insurance is so important.It allows you to protect your loved ones when you’re gone.

Think of the impact of losing not only your income but all the other contributions you make to the family.The idea of life insurance is to make sure your family can continue with the lifestyle they have, should you pass away unexpectedly and can no longer contribute financially.With life insurance from Erie Family Life, your policy’s death benefit can cover these expenses and more.

It’s an added layer of protection that can help your loved ones move forward without facing long-term financial hardships in the process.What Life Insurance Options Are Available? When it comes to life insurance, the two most common types of policies are: Many people consider permanent life insurance as part of a long-term protection strategy.That’s because certain types of permanent life insurance accumulate cash that you can borrow against, if needed.2 There are many types of life insurance, but term life is a common choice for first-time buyers.

So, let’s do a deep dive into term life and how it works.How Long Does Term Life Insurance Last? If you’ve decided to buy a term life insurance policy, you’re probably wondering how long your coverage should last.The answer? It depends on your unique life situation.

ERIE offers a range of options, including 5-, 10-, 15-, 20- and 30-year term life insurance.Your local ERIE agent can help advise you on specific coverage amounts and how long you may need life insurance based on your situation.You may want to consider: How Much Life Insurance Do I Need? Now that you’ve figured out the term length that’s right for you, you’ll need to decide how much coverage you need.

In general, the best term life insurance policy is one that lines up with the financial obligations you’ll want to cover.This could include: Need help doing the math? Check out ERIE’s Life Insurance Calculator to estimate the right coverage amount for you.What Happens When My Term Life Insurance Expires? With many term life insurance policies, your coverage simply expires at the end of the term.

There is no refund of your premiums, and no death benefit is paid.This is why term life insurance costs less than whole life policies.Other term life policies guarantee you a certain rate for a certain amount of time, called a “level premium period.” Once that period ends, your coverage continues… but at higher rates that generally increase each year.

In some cases, you might be eligible to purchase another term life policy using your current age and health status.Good news: If you’re an ERIE Customer and want to continue your coverage at the end of your term, you have options.We allow you to convert your term policy to a permanent life plan, which provides coverage for your whole life – not just a few more years.

And we guarantee this conversion privilege regardless of your health issues, occupation or hobbies.3 To learn more about converting a term life insurance policy, talk to your ERIE Agent.Why Should I Buy Life Insurance Through ERIE? At ERIE, we pride ourselves on offering affordable and flexible life insurance coverage to meet the unique needs of your family.In addition to a range of term life and whole life policies, we also provide: Find the Right Balance You shouldn’t have to choose between your budget and your family’s security.

With just-right coverage and flexible life insurance options, we can help you build a policy that’s affordable now and adaptable later. Contact us today to get a life insurance quote started today.  ERIE insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York).  The companies within the Erie Insurance Group are not licensed to operate in all states.Refer to the company licensure and states of operation information.The insurance products and rates, if applicable, described in this blog are in effect as of January 2024 and may be changed at any time.  Insurance products are subject to terms, conditions and exclusions not described in this blog.

The policy contains the specific details of the coverages, terms, conditions and exclusions.  The insurance products and services described in this blog are not offered in all states.  ERIE life insurance and annuity products are not available in New York.  ERIE Medicare supplement products are not available in the District of Columbia or New York.  ERIE long term care products are not available in the District of Columbia and New York.  Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.A better insurance experience starts with ERIE.

Haven’t heard of us? Erie Insurance started with humble beginnings in 1925 with a mission to emphasize customer service above all else.Though we’ve grown to reach the Fortune 500 list, we still haven’t lost the human touch.Contact Drake Insurance today to experience the ERIE difference for yourself.