Is Erie A Good Life Insurance Company?

While it only operates in 12 states, Erie Insurance has built a lot of popularity and reputation across the nation. With over 95 years in the insurance business, the company has been able to keep ahead of its competition, with over 90% of its customers staying with them year after year. Miller Hanover Insurance provides Erie insurance and discusses why Erie has the best life insurance policy in the market.

The History Of Erie Insurance Company

To understand one of their best insurance policies, we must go back and find out how this company started. Erie Insurance Company opened its doors in 1925 as Erie Insurance Exchange. After 3 months and 20 days, it took the cofounders to raise capital and get 90 stakeholders on board.

In three years, Eries had grown, opening a second branch outside Erie with customers being attracted by their exceptional customer care that ensured the customer was the company's main priority. Coupled with innovative insurance covers, Erie was blowing up, and their reputation influenced their growth outside Pennsylvania.

The Erie Family Life Insurance Company was formed in 1967 to offer the intentioners life insurance. The company has earned A.M. Best's rating of A (Excellent), determined by a respected financial rating provider for insurance organizations.

Erie Life Insurance Covers

The founder of Erie, H.O. HIRT, whose main goal was to provide policyholders with nearly as perfect as humanly possible protection and achieve this at the lowest cost possible. This goal remains and reflects on all the policies they offer.

Term Life Insurance

This cover allows you to choose the amount of time from 5, 10, 15, 20, or 30 years, together with the coverage amount you want to leave behind for your loved ones after you have died. Although you could choose a period to be covered, this cover can be extended to cover the whole of your life while still paying the recurring unchanging premium agreed upon during the purchase.

This cover can help your family cover your funeral costs, pay off debt and precise mortgages, and replace your income if you were the family's breadwinner.

Whole Life Insurance

This policy covers your family for the rest of your life. Whole life insurance has numerous benefits that include;

• Unchanging premiums - Once you start paying a set premium, it will not change even when your health deteriorates.
• You can borrow from your coverage - This cover allows you to borrow some cash value to ensure you can survive whenever life becomes unpredictable.
• It can cover nearly everyone - This cover can be purchased for a 15-day baby to an 85-year-old regardless of their health status.
• Accelerated death benefit free - This cover is unique as it allows for an optional accelerated death benefit at no extra cost. This rider will give you cash from your policy to help you live through a terminal illness.
• $10 million coverage amount - This policy allows you to be covered from $10,000 up to $10 million, which is unheard of in any other permanent life insurance.

Universal Life Insurance

This cover is similar to whole life insurance as it covers your family for your lifetime with a growth in cash value, which can be withdrawn or borrowed whenever needed. In other words, this cover combines the affordability of term insurance and the longevity of the whole life insurance, making it the perfect fit for breadwinners of the family who might have a terminal illness.

Unlike whole life insurance, it allows you to alter your premium and coverage whenever you see fit, making it more flexible.

ERIExpress Life

This policy provides an alternative to term insurance coverage and whole life cover to people looking for a quicker application process that requires no medical exam, as applicants are only required to answer short health questions. It provides coverage for $10,000 to $ 50,000 with all the benefits of the term and whole life insurance policies.

Erie Insurance Companysurance company due to its affordable, flexible, and highly beneficial insurance covers. While it offers coverage to super-wealthy individuals, it has remembered low-income earners, and its payment options provide a lot of efficiency in insurance. Erie's over 13,000 agents give the needed information and suggest the best policy depending on your needs and income status.