5 Tips When Buying Life Insurance for the First Time

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Erie Insurance emphasizes the importance of life insurance during Life Insurance Awareness Month. The company outlines five key points for first-time buyers: understand who you're protecting, buy affordable coverage, consider beneficiaries, choose a financially sound insurer, and evaluate future needs. Erie Family Life has received an 'A' rating from A.M. Best, indicating financial strength. The press release promotes consultation with knowledgeable agents to secure suitable policies. Erie Insurance Group ranks among the top property and casualty insurers in the U.S.

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• Erie Family Life Insurance Company received an A (Excellent) rating from A.M. Best.
• Erie Insurance is among the top 20 property/casualty insurers in the U.S.
• The company operates in 12 states and has over 6 million policies in force.

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• None.

ERIE, Pa., Sept. 6, 2022 /PRNewswire/ -- Major life changes like getting married, starting a family or buying a house are often when people start thinking about buying life insurance. Now, more than ever, people are more concerned with their financial security. Buying a life policy can be a process that sounds intimidating or confusing – but it's also very important.

During this Life Insurance Awareness Month, Erie Insurance shares five points to discuss with your agent when buying life insurance for the first time.

1. Understand who (or what) you are protecting. While anyone experiencing a significant life event like getting married or starting a family often recognizes the need for life insurance, others may not realize they could benefit from it as well. For instance, stay-at-home parents and student loan cosigners could have a definite need for life insurance.
2. Only buy the life insurance plan you can afford. Many people are surprised at how much life insurance they really need to protect the people and things they love most – but they are also surprised at how affordable it can be. If you cannot find a policy that fits in your budget, it's a mistake to forgo any coverage at all. Something is definitely better than nothing.
3. Think through your beneficiaries. A life insurance beneficiary is the person or entity you name in your life policy to receive funds in the event of your passing. Your beneficiary can be a person, business, trust, charity or even your church. And you can have more than one. It's important to make sure you think through who your beneficiaries are and if any proceeds meant to benefit a minor should be held in a trust.
4. Buy from a financially sound company. You want the backing of a financially strong insurer if you or someone you love needs to call on the life insurance policy. A.M. Best, the largest and longest-established company devoted to issuing in-depth reports and financial strength ratings about insurance organizations, gave Erie Family Life Insurance Company a rating of A (Excellent).
5. Consider current and future needs. Don't just consider your current lifestyle, keep in mind your future needs and what those could include for your spouse, children or business (think college expenses, weddings, etc.). By taking in these considerations today, you're investing in the security of your future. Life insurance is less expensive than most people think—and that's especially true when you're younger. 

A knowledgeable and professional insurance agent can offer trusted guidance when it comes to finding the right life insurance protection at the right price. Life insurance with Erie Family Life offers you the right coverage with flexible options, helping you to build a policy now that is adaptable later. Find an ERIE agent near you to learn more about life insurance coverage from Erie Family Life  and to start the conversation.

About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer, 13th largest automobile insurer and 13th largest commercial lines insurer in the United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 19th largest property/casualty insurer in the United States based on total lines net premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force and operates in 12 states and the District of Columbia. News releases and more information are available on ERIE's website at www.erieinsurance.com.

 

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SOURCE Erie Insurance Group

FAQ

What are the 5 tips for buying life insurance from Erie?

Erie recommends understanding who you're protecting, buying affordable coverage, considering beneficiaries, choosing a financially sound insurer, and evaluating future needs.

What rating did Erie Family Life Insurance receive from A.M. Best?

Erie Family Life Insurance received an A (Excellent) rating from A.M. Best.

How many policies does Erie Insurance Group have in force?

Erie Insurance Group has more than 6 million policies in force.

In how many states does Erie Insurance operate?

Erie Insurance operates in 12 states and the District of Columbia.

What position does Erie Insurance hold among U.S. property/casualty insurers?

Erie Insurance is the 19th largest property/casualty insurer in the U.S. based on total lines net premium written.