AUTO & LEISURE

HOME & PROPERTY

LIFE & MORE

BUSINESS

AUTO & LEISURE

HOME & PROPERTY

LIFE & MORE

BUSINESS

Life Insurance

HOME

HOME

Jason and Amy are raising a family while paying down their mortgage. Whatever happens, they don’t want their children to lose their home or be burdened with their debt.

Jason and Amy purchased 30-year term life insurance policies to pay off their mortgage. Their wish is to have the home passed down to their children. 

Provides coverage of a fixed death benefit amount for a specific period of time.

FINAL EXPENSES

FINAL EXPENSES

David is the primary wage-earner for his family and worries about a time he might not be there anymore. He wants to ensure his family isn’t burdened by costs for his funeral or unpaid medical bills.

David purchased a permanent life insurance policy from Erie Family Life to provide the funds necessary to pay final expenses. He feels better knowing it might help ease their pain during a stressful time.

Guaranteed protection with flexible coverage amounts and payment options.

INCOME & DEBT

INCOME & DEBT

John and Lisa each contribute to their household of seven. They want to make sure the income they provide today is there for the family should something happen to either of them.

20-year term life plans from Erie Family Life put John and Lisa’s concerns to rest. Each policy can be used to help pay off debt and pay the monthly bills in order to maintain the family’s lifestyle. 

Provides coverage of a fixed death benefit amount for a specific period of time.

EDUCATION

EDUCATION

James and Mary are proud of their daughter who is in college. They hate to think about it, but what if something was to happen to her? Could they pay off the student loans they cosigned?

College loan protection coverage can protect James and Mary from the added heartache of paying college debt. The 20-year term life insurance policy they selected can be used to pay off student loans.

Provides coverage of a fixed death benefit amount for a specific period of time.

RETIREMENT

RETIREMENT

Like many of us, Michael is looking for a safe way to ensure his dreams of a comfortable retirement become reality. He is planning to save for the future and wants to guarantee an income during his retirement years.  

Michael wasn’t sure where to start so he talked to his local ERIE agent. Erie Family Life offers several retirement savings options like annuities, Individual Retirement Accounts (IRAs) and life insurance planning for businesses. 

Use a combination of annuities and IRA’s to provide a steady income stream that you can't outlive.

ESTATE PLANNING

ESTATE PLANNING

Barbara has worked hard to build a good life and wants to leave behind a legacy that matters. She would like to establish a plan that would help her family financially and ensure charitable gifts to her favorite organizations. 

Barbara purchased a permanent life insurance policy from Erie Family Life that will provide for her family and her favorite charities. It offers guaranteed cash value accumulation and a guaranteed death benefit.

Combines the affordability of term insurance with the long-term security of permanent life insurance.

BUSINESS

BUSINESS

Karen and Susan are business partners who put their heart and soul into making sure their business thrives. They want to be prepared in case something should happen to one of them or to a key employee.

Karen and Susan talked to their ERIE agent about how to use life insurance for smart business planning. They purchased a universal life policy to provide funding for a buy-sell agreement and key person protection.

Erie Family Life provides insurance solutions for business owners to keep a business going if tragedy strikes.

CALCULATE YOUR NEEDS

How much would you need to leave behind?

Estimate your coverage needs with our life insurance calculator. Fast, private, and no obligation to send to an agent.

FACTS OF LIFE INSURANCE

It's more affordable than you think.

Why buy life insurance?

It can cost around

$310k

to raise a child to age 17.1

IT can COST Around

$8k

for a modest funeral.2

IT can COST Around

$14.24

per month for $250,000 in life insurance through ERIE.

According to 2022 statistics from the Brookings Institution. Cost applies to middle-income family with two children and does not include college. 

According to 2021 data provided by the National Funeral Directors Association.

Compare

See how different types of Life Insurance stack up.

LIFE INSURANCE OPTIONS

WHAT IT IS

WHO IT'S FOR

Term Life

Select from a 10-, 15-, 20- or 30-year plan to protect.

People who need cost-effective protection for loved ones left behind.

Whole Life

Protection with premiums and coverage that are guaranteed to remain the same for your lifetime.

People who need a permanent life insurance solution that is fully guaranteed.

Universal Life

Entire life protection; includes a policy cash value with flexible payment schedule.

People who need:

ERIExpress Life

Easy-to-get, easy-to-afford life insurance with coverage up to $500,000 with a simple application process and faster approval time.

People who need affordable life insurance and protection for loved ones left behind

LIFE INSURANCE OPTIONS

LIFE INSURANCE OPTIONS

Term Life

WHAT IT IS

WHAT IT IS

Select from a 10-, 15-, 20- or 30-year plan to protect.

WHO IT'S FOR

WHO IT'S FOR

People who need cost-effective protection for loved ones left behind.

LIFE INSURANCE OPTIONS

LIFE INSURANCE OPTIONS

Whole Life

WHAT IT IS

WHAT IT IS

Protection with premiums and coverage that are guaranteed to remain the same for your lifetime.

WHO IT'S FOR

WHO IT'S FOR

People who need a permanent life insurance solution that is fully guaranteed.

LIFE INSURANCE OPTIONS

LIFE INSURANCE OPTIONS

Universal Life

WHAT IT IS

WHAT IT IS

Entire life protection; includes a policy cash value with flexible payment schedule.

WHO IT'S FOR

WHO IT'S FOR

People who need:

LIFE INSURANCE OPTIONS

LIFE INSURANCE OPTIONS

ERIExpress Life

WHAT IT IS

WHAT IT IS

Easy-to-get, easy-to-afford life insurance with coverage up to $500,000 with a simple application process and faster approval time.

WHO IT'S FOR

WHO IT'S FOR

People who need affordable life insurance and protection for loved ones left behind

See related stories from our blog

Term vs. Whole Life Insurance: Which Do You Need?

I Have Life Insurance Through Work. Isn’t That Enough?

Buying Life Insurance for the First Time? Then Read These 8 Tips

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About Erie

Erie Insurance Group has earned A.M. Best's rating of A+ (Superior). Erie Family Life Insurance Company has earned A.M. Best's rating of A (Excellent). A.M. Best is a respected provider of financial ratings for insurance organizations. Such rating refers only to the overall financial status and is not a recommendation of the company.

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Life Insurance Coverage Calculator

1. About You

Age

-

Relationship

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Children

-

Final expenses

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Income

-

Mortgage

-

Student loans

-

Other debt

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Monthly expenses

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Education

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Other education

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Inheritance

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Other benefits

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Other assets

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How old are you?

How much would you need for final expenses?

This covers funeral costs and/or medical expenses not covered by health insurance. $15k is an average, but you might need more (e.g., your family would need to travel for a funeral).

What is your personal annual income?

We'll use this to help determine your monthly expenses.

How much do you owe on your mortgage?

What's the total amount of student loan debt you're responsible for?

This includes existing student loans from a spouse/partner and/or children.

How much other debt do you have?

How much would your family need for added expenses, per month?

Consider expenses like food, utilities, transportation, plus extras like vacation. (Mortgage or other debts are covered separately.)

How many years would they need this added monthly income?

*Source: Collegeboard.org

How much would you like to contribute?

What's the total amount you would like to leave?

How much do you already have in life insurance?

For example: a policy provided by your employer.

Do you have other assets that could be used to cover expenses?

For example: savings accounts, stocks, bonds, CDs, etc.

Your results.

Based on your responses, here's the estimated amount of coverage you may need to keep your loved ones protected:

Your calculations.

Your options.

Term life is cost-effective protection for a specified amount of time. Term doesn't build up cash value. Whole life provides protection as long as you live (premiums must be paid) with a guaranteed level premium. Universal life is a flexible policy with variable premium payments. Typically for people who need college savings, estate planning, business planning, or additional retirement savings. There is cash value.

What's next?

Your agent can help you choose the policy that best fits you and your family's needs.

This calculator is a planning tool designed to assist you. The results and explanations generated by this calculator may vary due to your input and assumptions. Erie Insurance does not guarantee the accuracy of the calculations, results, explanations, nor applicability to your specific situation. All projections are hypothetical and we recommend you use this calculator as a guideline only. For a more accurate and detailed analysis specific to your circumstances and needs, contact an ERIE agent or other financial professional.

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Email Agency

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