The primary purpose of life insurance is to provide capital to your dependents after you die. The money is an important financial resource. It can help cover funeral costs, pay the mortgage, provide funds to run the household and ensure that your dependents aren’t burdened with debt.
Erie Family Life’s line of competitive life insurance products* can provide financial security for you and your family. Our agency can help you every step of the way.
Types of Life Insurance
There are two basic types of life insurance: temporary and permanent.
- Temporary needs include home mortgages, short-term debt reduction,
family income and educational expenses that can last from as little as one year
to 30 years.
Term insurance provides affordable coverage for a specified number
of years. It is the most cost-effective way to cover costs for loved ones left
behind. There are a variety of plans ranging from an annual renewable term (1-year
plan) to a level term plan that could last 10, 15, 20 or 30 years.
- Permanent needs include those that last for your entire life, or
potentially for periods of 15 years or more. Unlike term, permanent life insurance
builds a cash value that increases the longer the policy is in force. Permanent
needs may include final expenses and funds to cover estate taxes and retirement
The proper coverage can make all the difference when it comes to the loved ones you leave
behind. We will help you every step of the way.
*Erie Family Life products are not available in New York.