5 Tips When Buying Life Insurance for the First Time

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Erie Insurance emphasizes the importance of life insurance during significant life changes, such as marriage or starting a family. In conjunction with February's Insure Your Love Month, it offers five essential tips for first-time buyers: understanding protection needs, budgeting for insurance, selecting beneficiaries wisely, choosing a financially sound insurer, and considering both current and future needs. Erie Family Life Insurance Company holds an A (Excellent) rating from A.M. Best. Erie Insurance ranks among the top insurers in the U.S., offering over 6 million policies across 12 states.

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• Erie Family Life Insurance Company rated A (Excellent) by A.M. Best.
• Erie Insurance ranks as the 12th largest homeowners insurer in the U.S.
• More than 6 million policies in force, indicating a strong customer base.

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• None.

ERIE, Pa., Feb. 24, 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. It can be a process that may sound intimidating or confusing – but it doesn't have to be.

February is Insure Your Love Month and Erie Insurance shares these 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. Ask your local Erie Insurance agent  about ERIExpress Life.* You could get a policy by answering several application questions without having to complete a paramedical medical exam.
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 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 (a spouse, children or business). 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. 

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 learnmore 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 12th 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 16th 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. Erie Family Life Insurance Company is rated A (Excellent) by A.M. Best Company. Life insurance policies not written in New York state. Erie Insurance Group is a FORTUNE 500 company.

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 five tips for buying life insurance from ERIE?

The five tips include understanding who or what you are protecting, only buying what you can afford, thinking through your beneficiaries, buying from a financially sound company, and considering current and future needs.

What financial rating does Erie Family Life Insurance Company have?

Erie Family Life Insurance Company is rated A (Excellent) by A.M. Best.

How many policies does Erie Insurance have in force?

Erie Insurance has more than 6 million policies in force.

What is the ranking of Erie Insurance in the U.S. market?

Erie Insurance is the 12th largest homeowners insurer and the 13th largest automobile insurer based on direct premiums written.

What month is designated as Insure Your Love Month?

February is designated as Insure Your Love Month.