
While it only operates in 12 states around the country, Erie Insurance has built a lot of popularity and reputation across the entire 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 need to go back in time and find out how this company started. Erie Insurance Company opened its doors in 1925 as Erie Insurance Exchange after a long 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 main priority of the company. 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 with intentions to offer life insurance to consumers. Currently, the company has earned A.M. Best's rating of A (Excellent) which is determined by a respected financial rating provider for insurance organizations.
Erie Life Insurance Covers
The founder of Erie, H.O. HIRT's main goal was to provide Policyholders with protection that was nearly as perfect as humanly possible 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, clear mortgages, and also replace your income in case you were the breadwinner in the family.
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 old 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 is a rider that allows you to get 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 terms, this cover is the combination of 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 the coverage whenever you see fit making it more flexible.
ERIExpress Life
This policy provides an alternative to term insurance cover 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 that come with the term policy and whole life insurance policyErie insurance company is a good life insurance company due to its affordable, flexible, and highly beneficial insurance covers. While it does offer coverage to super-wealthy individuals, it has not forgotten the low-income earners and its payment options provide a lot of efficiency in insurance. Erie's over 13,000 agents provide the needed information and suggest the best policy depending on your needs and income status.