It’s a fact: There is a 25% chance that a healthy 65-year-old man will live to age 92 and a healthy 65-year-old woman will reach age 94.  At the same time, and average funeral costs $6500 or more, not including cemetery costs.  With people living longer and funeral expense continuing to rise, will your life insurance be there when you need it?

What is “PERMANENT” life insurance?

Permanent life insurance provides guaranteed life insurance protection for your entire life while term life insurance provides coverage for a limited time(i.e., 10, 20 ,30 years).  Unlike term, permanent life insurance builds cash value that increase the longer the policy is in force.

Erie Family Life offers two permanent life products that provide lifetime protection – a simplified issue plan that requires only six questions and a fully underwritten plan.  Each offers two options – a 20 Pay option  where the policy is paid up in 20 years and a whole life option where the premium is paid to the age 100.

What is “TERM” life insurance?

Term life insurance provides coverage at guaranteed premiums for  10, 15, 20, or 30 years.  There is no cash value. This product is like leasing a vehicle, at the end of the term the policy expires.  All term plans are fully convertible to any form of permanent insurance currently being offered by the company for conversion.  Coverage may be converted during the level premium period or prior to age 70, whichever comes first.

What is “Youth” Life Insurance?

20 Pay life, where the policy is paid up in 20 years is an excellent starter policy for infants, children and teens. 

What is an "ANNUITY?"

How does Erie Family life's CD-type annuity work?

A CD-type annuity provide features hat combine the best of two products: CDs and annuities.  Like a CD, the interest rate is guaranteed for a specific period of time.  With ERIE's CD-type annuity, the initial rate of interest is guaranteed for 3,5, or 7 years.  After that, the accumulated value will earn a competitive interest rate, and the surrender charge will expire.  Annuities guarantee retirement income that cannot be outlived.

How does ERIE's Flexible Premium Deferred Annuity work?

A Flexible Premium Deferred Annuity (FPDA) allows you to make regularly scheduled payments.  You can choose from our popular chek-matic plan, or  direct bill monthly, quarterly, semi-annually or annually.  You may make additional payments at any time.

What tax advantage does an annuity offer?

In most situations, interest earnings are tax deferred until they are taken out of the annuity.  This is different from bank CDs and other investments where the interest may be taxed each year.

Many annuities have an upfront fee or sales charge.  With Erie Family Life, 100% of your investment begins earning interest immediately.  Our surrender charge applies depending on the plan selected and begins on the date the annuity is issued.  Once the surrender charge expires, there is no surrender charge at all.