Erie Insurance Life Insurance Review
Erie life insurance is a life insurance carrier based in Erie, PA. The company was founded in 1925 and offers life insurance products in 12 states (and Washington, DC).
Erie life insurance FAQ
What types of life insurance products does Erie life insurance offer?
Life insurance companies typically offer a wide variety of life insurance options. One of the best ways to save money on life insurance products is to avoid unnecessary coverage. Only purchase life insurance policies and riders you actually need.
Here is a brief description of life insurance options Erie life insurance offers.
- Term Life Insurance - This is the simplest type of life insurance policy. Term life insurance policies are payable if the insured person dies within a specific period of time, such as 5, 10, or 30 years.
Erie life insurance offers term lengths ranging from 5 to 30 years.
- Level Term Life Insurance - These are term life insurance policies that have the same fixed premium and payment amount through the duration of the life insurance policy.
- Whole Life Insurance - Whole life insurance policies remain in force for the policyholder's entire life, provided premiums are paid. They have a tax deferred cash value, meaning the cash value will not be taxed until funds are withdrawn.
- Universal Life Insurance - This type of universal life insurance policy guarantees a fixed death benefit and an investment account. The cash value of the investment account will vary depending on the portfolio's performance.
As well as the basic coverage types mentioned above, Erie life insurance company also offers the following life insurance policies:
- Group Life Insurance - Erie life insurance offers some of its life insurance policies as a group benefit to employees who meet certain eligibility requirements, such as having worked for a month in the company. Typically, these term life insurance policies can only be adjusted or purchased after a qualifying life event, such as marriage or the birth of a child, or during an open enrollment period.
What is the financial strength rating of Erie life insurance?
The financial strength rating of life insurance companies scores its ability to pay contracts and life insurance policies.
SuperMoney gives Erie life insurance
an A+, which is the highest available rating we give to life insurance companies.
SuperMoney's financial strength rating is primarily based on the average score from insurance rating agencies.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website
may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking
on links posted on this website.
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.