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Life Insurance

How Much Does Life Insurance Cost?

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It’s a universal fact: everyone needs life insurance. Whether you’re a student, parent (single or married) or empty nester, life insurance can help protect the life you’ve built for yourself (or a future, if you purchase life insurance for a child). So, what’s preventing you from getting a policy today? Aside from the general discomfort many get when discussing life insurance, presumed cost is often the top reason holding people back from obtaining life insurance.

According to the 2023 Insurance Barometer Study conducted by Life Happens and LIMRA, people think that life insurance costs three times more than it really does. So, what does this mean for you and your monthly budget? It depends on a number of factors.

Factors affecting the cost of life insurance

Just like with auto insurance, several factors impact your life insurance premium price. While some are obvious, others might not be, including:

  • Age: Generally, the younger you are, the healthier you are so your premiums will likely be cheaper.
  • Health: We already touched on this above, but good health will help lower your monthly cost. Bear in mind, life applicants typically pay more if they’re tobacco users. If you have a chronic health condition, that doesn’t necessarily disqualify you from being eligible for a life policy. Talk to an agent to explore your options.
  • Lifestyle: Engaging in more dangerous hobbies (like skydiving or scuba diving) can cause premiums to rise.
  • Sex at birth: Women tend to live longer than men on average, so their premiums are often slightly lower.
  • Type of policy: Premiums are typically  lower for a term life insurance policy (available in 10-, 15-, 20- or 30-year plans) than a whole life insurance policy.
  • Amount of coverage: Life insurance coverage amounts range from $10,000 up to $10 million. Most of us probably won’t need that much, but you can expect to pay less in premiums for a lower coverage amount than a large one.

Lock in your good health

Life has a funny way of throwing curveballs at you when you least expect them. That’s why ERIE offers the Guaranteed Insurability Option (GIO) rider for added peace of mind. It locks in your good health and great rate at the time your policy goes into effect. It allows you to increase your life insurance coverage easily when qualifying life events occur like getting married, buying a home and having a child.

Additionally, you have the opportunity to purchase more coverage because of your GIO rider at certain ages, starting at age 25 and going up to age 46 (basically every three years). The most coverage you can add at each point is $250,000, and an overall $1million cumulatively.

More affordable than you might think

For around what you pay for Netflix, you could have the protection of a life insurance policy. For example, a healthy 30-year-old male purchasing a 10-year term policy with $250,000 in coverage could pay less than $15 a month.

If you’re looking for an easier, more simple way to obtain a life insurance coverage, consider an ERIExpress Life policy. An ERIExpress Life policy gives you the protection you need through a simple application process, no physical medical exam and a faster approval time.

To help you figure out how much coverage you might need, use ERIE’s life insurance calculator.

Protection for your life and loved ones

Life insurance doesn’t have to be super costly. What you pay will depend on a variety of factors including how much and what length of coverage you want. A discussion with an ERIE agent can help you decide on the coverage that best fits your needs.

LIMRA is a large trade association supporting the insurance and related financial services industry by helping them understand industry trends, develop talent, inform strategies and create solutions that help advance the industry.

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Heavy Rain

How Should I Drive in Heavy Rain?

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It starts with a few innocent raindrops on the glass.

At first, you might not even bother to turn on the windshield wipers. But judging from the dark skies and rolling thunder, you know it’s just the beginning.  Before long, your car is under assault from a rapid barrage of descending beads, leaving a blurry barrier on the windshield while the wiper blades swing at full speed trying to whisk rain away.

You’re caught in a deluge on the highway—and it can be a pretty scary feeling, even for the most skilled drivers. Besides being a nerve-racking experience, driving in heavy rain can easily lead to hydroplaning.

So how can you drive safely in heavy rain? Here are six tips to keep in mind:

  • Take some extra precautions. This means slowing down and observing the three-second safe driving rule drivers need to abide no matter the conditions. (In case you need a refresher, the three-second rule says you should pick a landmark that the car in front of you just passed and count to three, making sure a full three seconds passes before you cross the same spot to ensure you are a safe distance from the car in front of you). This is especially important when following large trucks and buses, since the water sprayed from their tires may hit your windshield and limit your vision.
  • Maintain your visibility. Turning your headlights on is an easy way to drive safely in heavy rain. Flip on your lights whenever a weather condition threatens your vision. This includes heavy rain as well as fog. If conditions are especially bad, consider turning on your four-way flashers.
  • Stick to paved surfaces. Driving off-road during wet conditions jeopardizes the traction your tires have on paved surfaces because mud and other debris can collect on them. You should also avoid traveling through puddles or open-water areas – their depth may surprise you.
  • Stay in your vehicle during lightning storms. If the weather outside has become too bad to continue driving or if your car breaks down during a thunderstorm, make sure you stay in your vehicle. Your car provides you with insulated protection against a nearby lighting strike. You won’t enjoy this protection standing out in the open.
  • Don’t drive in flooded areas. Just 12 inches of rushing water can carry away most cars, and just 2 feet of water can do the same to SUVs and trucks. It’s no wonder over half of all flood-related drownings occur when vehicles drive into flood waters, according to the CDC. So. if you have to ask yourself whether you can drive through a flooded road, you already have your answer.
  • Stay home if possible. Sometimes the simplest safety measure is the most effective. Unless you absolutely have to travel, stay in when heavy rains are in the forecast. Unfortunately, in spite of all the precautions we take, accidents can still happen in rainy conditions. And in those situations, having the right auto insurance coverage can make all the difference when you need it.
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Long Term Care

Is a Long-Term Care Policy is Right for You?

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Even though it’s not something we like to think about, long-term care may be necessary at some point in your life. Maybe you have a heart attack, stroke or bad accident and need care suddenly, or maybe you develop a chronic illness as you get older.

Private health insurance or Medicare may not pay for the long-term services you or your loved ones require. That’s why having a plan and factoring in the long-term care options should be an essential component of your financial plans.

Find out how much you know about long-term care and if it’s the right policy for you by taking our long-term care quiz. This five-question quiz will help you better understand long-term care and why it’s important to consider.

Then, talk to your ERIE agent about a Long-Term Care Accelerated Death Benefit Rider from Erie Family Life Insurance Company. Your agent can go over your options based on your personal situation and help determine what coverage is right for you.

 

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Life Insurance

Protecting Your Family with ERIExpress Life

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You’ve covered the electrical outlets, read the reviews for every crib, and learned more about car safety ratings than you ever wanted to know. We all go to great lengths to protect our families, but what about getting life insurance? With ERIExpress Life, protecting your family’s financial future has never been easier.

Keep reading to see why ERIExpress Life could be the perfect fit for your life insurance needs.

Who Needs Life Insurance?

If you have people who depend on you, you need life insurance. Even though it’s hard to think about a day when you might not be there for your family, it’s important to plan for.  Life insurance1 can help your loved ones with expenses like:

  • Mortgage or rent
  • Auto loan or other debts
  • Medical bills
  • Education costs
  • Final expenses

What is ERIExpress Life?

ERIExpress Life is the easy-to-get, easy-to-afford life insurance that gives you the protection you need with a simple application process, no physical medical exam2 and a faster approval time.

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Long Term Care

What is Long-Term Care Insurance?

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It’s not something you want to think about, but most of us will need long-term care at some point in our lives. In fact, according to the U.S. Department of Health and Human Services (HHS), once a person reaches age 65, they have almost a 70% chance of needing some type of long-term care services in their remaining years.1

The need for care may develop suddenly after a major health event like a heart attack, stroke or injuries from a car accident. Or it could develop gradually as you age. Either way, planning ahead with a long-term care policy from ERIE FAMILY LIFE INSURANCE COMPANY can help protect you and your family from the high costs of long-term care.

Wondering whether long-term care insurance is right for you? Here are answers to some of the most common questions about long-term care insurance.

What is Long-Term Care?

The phrase long-term care is an umbrella term used to describe a wide range of services that are necessary to meet someone’s health or personal care needs over an extended period of time.

These services could be medical, such as care provided through home health care or a nursing home. But long-term care services can also assist people with normal daily activities, such as dressing, bathing and using the bathroom. It can even include community services such as meals, adult day care and transportation services.

What is Long-Term Care Insurance?

Assistance with either medical or personal care needs comes with a cost. According to HHS data, the average home health aide costs about $20 an hour and a private room in a nursing home runs an average of $7,968 each month.2

Long-term care insurance is designed to help you cover costs such as these. It makes money available to pay for the personal care you need, including assisted living, home health care or a long-term care facility.

Does Medicare Cover Long-Term Care?

Medicare is designed to cover medically necessary care for people age 65 and older, such as hospital stays and doctor visits. But aside from short nursing home stays following a hospitalization or services specifically prescribed by a doctor, most long-term care is considered “custodial care.” That means it won’t be covered by Medicare or private health insurance – potentially leaving you 100% responsible for the bill. Medicaid may provide limited long-term care resources, but only after all your personal assets have been depleted.

How Much is Long-Term Care Insurance?

There are several types of long-term care insurance available on the market. You can buy a standalone long-term care insurance policy, but this coverage can be expensive and require substantial underwriting.

At Erie Family Life Insurance Company, we offer what’s called a long-term care accelerated death benefit (LTC) rider3 as an optional add-on to qualifying Whole Life insurance policies. This rider allows your life insurance to provide financial support if you need hands-on daily care from a nurse or a health aide for long periods of time.

In many ways, this coverage offers the best of both worlds: financial security for your family if you pass away, and protection from the high costs of long-term care if you need it. When you add a LTC rider to a Whole Life policy, you’ll have the convenience of working with one company and paying one premium. Both our Whole Life and Long-Term Care premiums are guaranteed and will not increase. And because it’s an add-on to your life insurance, this valuable coverage may cost less than you think.

How Does Long-Term Care Insurance Work?

At Erie Family Life, our long-term care rider keeps you in the driver’s seat by providing flexible access to a portion of your policy’s death benefit when you need it.

Here’s how it works:

  • A licensed health professional certifies your eligibility for long-term care benefits under the policy.
  • You choose a monthly distribution of 2, 4 or 8 percent of the policy death benefit (must be at least $1,000).
  • Erie Family Life sends a check each month to use as you see fit.

You can collect monthly payments as long as you meet the eligibility criteria as laid out in your policy.4

What Are the Eligibility Requirements for Long-Term Care Insurance?

Under our long-term care rider, your benefits are triggered when a licensed health professional5 certifies that you are unable to complete at least two activities of daily living independently, such as bathing, dressing, eating, using the bathroom or moving in or out of a bed.6

What Does Long-Term Care Insurance Cover?

With a long-term care rider from Erie Family Life, you’ll have the flexibility to use your money for what you need, as long as you continue to meet the eligibility criteria outlined in your policy. You can use your benefit to pay for anything from home health care and meal deliveries to an assisted living, adult day care or skilled nursing facility. We’ll send your check each month without strings attached – no expenses to qualify or receipts to submit.

Are Long-Term Care Benefits Taxable?

Generally, any payments made from your long-term care insurance policy will not be taxed as income. But because tax laws vary from state to state, you should consult a tax attorney or accountant to make sure.7

Is Long-Term Care Insurance Worth it?

Like any type of insurance, determining whether long-term care insurance is “worth it” will depend on your personal financial situation. We’ve already established that 70% of older adults will need some type of long-term care during their lifetime1 – and that out-of-pocket expenses may vary depending on if you have a long-term care plan and what it covers.8 So unless you’ve built up a significant net worth and can comfortably afford to finance your own long-term care, you’ll likely find long-term care insurance to be well worth the investment.

Protection That’s There When You Need it

Life insurance is about making sure your family is taken care of when you’re gone. But Erie Family Life’s long-term care rider can take care of you while you’re here, too. Call your local ERIE agent today to get a no-obligation quote, and learn how planning now can help protect your family from the high costs of long-term care later.

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Why People Buy Life Insurance

Why People Buy Life Insurance

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Before you get life insurance coverage, you should understand why you need it. While there are many reasons to buy life insurance, the most common reasons include:

  1. Final expenses: Final expenses refer to any expenses related to someone’s passing. This can include a casket, funeral, preparations, memorial service, cremation and more. Life insurance for final expenses is worth considering—after all, the National Funeral Directors Association reports that the median price of a funeral with a casket is around $7,850. Families without enough funds are forced to cut back on the service or ask friends and family for donations. Some families have turned to crowdfunding to help cover the cost. A modest term life insurance policy can unburden your loved ones by taking care of these expenses.
  2. Income replacement: Your loved ones depend on your income to meet daily needs for food, medical care, utilities, car payments and much more. There are also future costs like a child’s college education or contributions you would have made toward a surviving spouse’s retirement. If you pass away without a means for replacing your income, their standard of living could be in serious jeopardy. Having a life insurance policy in place can help provide financial security and the ability to maintain your current lifestyle (especially if you stay home with young children). How much life insurance you need is based on two factors: your salary and the number of years until you retire. An insurance agent will also account for any other factors such as Social Security benefits, your partner’s income, your debt and your savings. Always aim to buy the amount you really need—but also remember that something is better than nothing when it comes to life insurance coverage. (Spoiler alert: it’s more affordable than you may think!)
  3. Paying off a mortgage: A mortgage is often the biggest single line item in a person’s budget. Could your family afford your home’s mortgage without your paycheck in the picture? If not, an already sad situation would be compounded by the family possibly losing the house they love. This could also mean your children could no longer attend a school in their current district or maintain the friendships they currently have. Life insurance can pay off an outstanding mortgage so your family can enjoy the home they love without the burden of outstanding payments.

These are the three most common reasons people purchase life insurance. Yet there are many other reasons for buying life insurance, such as building or leaving an inheritance, saving for retirement, protecting student loan co-signers and more.

Life Insurance=Love Insurance

February is Insure Your Love month and the campaign is coordinated each year by Life Happens.

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