Richard Baker took care of himself. He and his wife, Dee, both worked out regularly — and had even run some marathons. They were vegetarians, non-smokers and only had a rare drink on special occasions.

In his mid-50s, Richard felt and looked healthy right up until the moment when doctors discovered a cancerous football-sized tumor that had stealthily grown on his kidney.

“I am a biology professor, so I don’t sugarcoat things,” Dee said. “The minute I heard the diagnosis, I knew he was a dead man walking.”

Amid the crushing news was one silver lining. The Bakers were well prepared for the unexpected with life insurance from Erie Family Life.

PLANNING AHEAD FOR PEACE OF MIND

In 2014, the Bakers had worked with their ERIE Agent, Joe Miller, to make sure they had enough life insurance coverage to provide financial security for the surviving spouse and their two young daughters.

“Richard was more than a customer, he was a good friend,” Joe said. “It was extremely humbling to play a part in putting together a plan for this man to take care of his family in his absence. Unfortunately, I can’t replace the great dad, the husband, the son. But we were able to take away a lot of the potential financial hardship for those he left behind.”

The Bakers were motivated to get life insurance, in part, by the fact that each had lost their fathers at a young age.

“I was 7 when my dad died and my girls were 7 and 9 when Richard died, so I have been on both sides of this,” Dee said. “We were both very pragmatic when it came to life insurance. So many people operate in a vacuum assuming bad things won’t happen to them. We knew they could.”

A SECURE FINANCIAL FUTURE

Of course, knowing what could happen didn’t make experiencing it any easier. Richard received the diagnosis in May 2018. While he underwent treatments to provide him some more time, he passed away on Thanksgiving Day 2020. He was at home, Dee at his side.

“Even when you have things in order, the first year after your spouse passes away is an absolute nightmare,” Dee says. “You are so distraught and mentally and emotionally tapped out from being a caregiver to someone with a terminal illness. I can’t imagine how much worse it would have been if I also had to worry about a financial struggle.”

The Bakers had been wise with their money, focusing on living debt free and making investments. That discipline, along with the life insurance money, has put Dee in a position of knowing she and her daughters have a secure financial future.

The life insurance money for the girls was put into a trust that they can access at age 30. Dee is able to make withdrawals to cover expenses such as braces and, eventually, college tuition.

She received the payout from the policy almost immediately after Richard’s death with minimal paperwork and no waiting and wondering when the money would be distributed.

DON’T PUT OFF THE CONVERSATION

While sharing her story is painful, Dee takes every opportunity to urge friends, family and colleagues to take action now to make sure they have adequate life insurance coverage.

“A lot of people don’t want to have those conversations. They don’t want to deal with their own mortality,” Dee said. “I get that, it’s not a pleasant conversation, but it is one you need to have.

“My message to people is make sure you have your ducks in a row and your back porch clean. I know people in similar situations who have no life insurance and it’s a real struggle. Becoming a single parent is hard enough without having to worry about if you have enough money to make it and provide for your family.”

Life isn’t one-size-fits-all – and neither is life insurance.

Planning for the future can feel exciting and scary at the same time. Whether you’re buying your very first policy or planning for the next chapter of your legacy, it’s common to have questions.

Here are some common questions you might be wondering. (Want a more personalized answer – or a quote? Talk to your local ERIE agent.)

1. How much life insurance do I need, anyway? A number of factors – including your age, debts, monthly expenses and number of children – can influence how much life insurance you may need to comfortably plan for your future. A local insurance professional like an ERIE agent can give you a free quote based on your unique needs. As a general rule of thumb, the experts at LifeHappens.org recommend purchasing a policy worth 10 to 15 times your gross income. Try out our free life insurance calculator for a private, no-obligation estimate you can do right at home.
2. Isn’t life insurance really expensive? Purchasing an insurance policy worth hundreds of thousands of dollars may sound like an expensive proposition. But the truth is, life insurance is more affordable than you may think. With Erie Family Life, a $250,000 life insurance policy could cost less than $15 a month¹.
3. Do I need a medical exam to purchase life insurance? Not always, but do expect to answer certain questions. Generally speaking, it’s more likely you’ll need an exam as your age and/or the amount of coverage requested increases. For some life insurance policies, your insurer will require a brief medical exam, more commonly referred to as a paramedical exam. It’s similar to a basic physical. A paramedical exam professional will measure vitals like your height, weight, temperature and blood pressure. You’ll also have to have blood drawn and a urinalysis test completed.
4. Can I purchase life insurance without a health exam? Not all life policies require you to get a paramedical exam. Life policies below $100,000 typically require you to only complete an application (with the help of your agent) before it is reviewed by an underwriter². Looking for more coverage? Ask your local agent about ERIExpress Life. If you’re between the ages of 18-55, you may be able to get an instant-issue term or whole life policy with up to $500,000 in coverage by answering several application questions without having to complete a life insurance paramedical medical exam ².
5. Why should I think about life insurance if I’m young and healthy? Life insurance is a smart purchase at any age. Even if no one depends on your monthly income, a life insurance policy will cover your funeral expenses and debts — including student loans. And there’s another advantage of purchasing a policy at a young age: lower rates. Because insurers price policies based on risk (and young people have a far lower mortality rate than older groups), your rates are generally less expensive if you’re young and healthy. Buying a policy when you’re young and healthy makes it easier for you to buy more coverage in the future. Plus, you’ll have a policy (locked in at a great rate) now, should you ever need it.
6. I have a policy through work. Isn’t that enough? As part of an overall benefits package, many employers offer some form of life insurance coverage to their employees. Since this coverage is typically paid for by the employer, it’s a great benefit to have. But it’s still wise to hold your own personal life insurance policy. There are a few reasons for this. First, the coverage provided by your employer might not be enough to support your family in the event of your death. Employer-provided life insurance often covers you for a low set amount — like $50,000. Additionally, your coverage will be lost if you take another job or find yourself unemployed. Read more in our related story on why it matters to have life insurance outside of work.
7. I don’t work outside the home. Why should I think about life insurance? Being a stay-at-home parent is a full-time job. And while your work may not generate an income, it does significantly reduce your household expenses. Think of all the extra costs associated with child care, transportation and meal preparation that would be incurred if you were no longer around. Just because you don’t bring home a paycheck doesn’t mean you aren’t making a significant contribution to your family’s bottom line. Read more about life insurance for stay-at-home parents.
8. What’s the difference between term and permanent life insurance? Term life insuranceprovides coverage over a fixed period of time. Term life insurance is a cost-effective option to provide protection for the loved ones you leave behind. With this type of policy, you can select a term that will cover you when you need it most — such as the time it will take your children to reach adulthood. Permanent policies, such as whole life policies, provide coverage over your entire lifetime.² That means your family and beneficiaries are covered for the duration of your life. Whole life insurance accumulates cash value, too, providing you the option of borrowing against it in the future.³
9. I’m a rock climber. Can you still cover me? Assessing risk is a key component of underwriting a life insurance policy.  Dangerous hobbies — like skydiving, rock climbing or vehicle racing — make you inherently riskier to insure. However, just because you’re an adrenaline junkie doesn’t automatically mean you can’t get life insurance. Before giving you a quote, your insurance agent may ask you to fill out a written questionnaire to understand more about your hobby. In many cases, you’ll still be able to get insurance. Just expect to pay a little extra to account for the additional risk.
10. Can I “stretch the truth” a little in my life insurance application to get a better rate? When applying for a life insurance policy, you’ll get asked questions about your occupation, health, family medical history and potentially risky hobbies. While your answers to these questions may impact your insurance rates, you should always answer them truthfully.  Misrepresenting your health status or other important information in your application could result in negative consequences that might affect your coverage.
11. Couldn’t my family just crowdfund my final expenses if I pass away unexpectedly? Websites like GoFundMe provide a platform for users to ask for online donations to cover funeral and burial costs, or to fund other memorial wishes in honor of a loved one who passed. But crowdfunding is no substitution for life insurance. Unlike a life insurance policy, the amount of money you’ll raise is totally unpredictable — and may be further reduced by fees and taxes.
12. What is a life insurance beneficiary? A beneficiary is a person or entity designated to receive the funds from your life insurance policy in the event of your death. Your beneficiary can be a person, business, trust, charity, church or even a school. An insurance policy can have more than one beneficiary.
13. How do I choose a beneficiary? Choosing a life insurance beneficiary depends largely on how you’d like your life insurance benefit to be used upon your death. If you have young children, naming a spouse or close family member you trust as your beneficiary and memorializing your wishes may be one way to provide for your children’s care in your absence. Grown children could use the insurance benefit to help pay for college. Ask your ERIE agent about how to leave your benefit to a charity, school or church. In those cases, it’s recommended to have your gift be consistent with an established pattern of giving or support. Read our related article on how to choose a life insurance beneficiary.
14. Could I be the beneficiary of a long-lost life insurance policy? It’s estimated that $1 billion in benefits from forgotten and lost life insurance policies are sitting unclaimed in America. In light of that statistic, it’s possible you could be a beneficiary to a life insurance policy that you’re unaware of. Organizations like the National Association of Unclaimed Property Administrators, which operates missingmoney.com, allow you to conduct a quick search online. Learn more in our related blog story on how to locate a lost life insurance policy.
15. I don’t have kids. Why should I think about life insurance? The need for life insurance isn’t limited to parents. Whether you’re entering adulthood or nearing retirement, everyone can benefit from owning a life insurance policy. Beyond providing for children, a life insurance benefit can be used to cover expenses like funeral costs or pay off any outstanding debts.