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 by providing five essential tips for first-time buyers. Key points include understanding who or what is being protected, ensuring policy affordability, carefully selecting beneficiaries, choosing a financially sound company, and considering both current and future needs. Erie Family Life Insurance holds an A (Excellent) rating from A.M. Best, reflecting its financial stability. As a FORTUNE 500 company, Erie is a major player in the insurance market, offering over 6 million active policies across 12 states and Washington D.C.

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• Erie Family Life Insurance rated A (Excellent) by A.M. Best.
• Erie Insurance is a FORTUNE 500 company with over 6 million policies in force.
• Offers flexible life insurance options that adapt to future needs.

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• None.

ERIE, Pa., Sept. 21, 2020 /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'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 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. 

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.

Erie Insurance Group
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 11^th largest homeowners insurer and 12^th largest automobile insurer in the United States based on direct premiums written and the 16^th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, 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 about Erie Insurance Group are available at www.erieinsurance.com.

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SOURCE Erie Insurance Group

FAQ

What are the tips provided by Erie Insurance for first-time life insurance buyers?

Erie Insurance shares five tips: understand who or what you are protecting, buy an affordable plan, think through your beneficiaries, choose a financially sound company, and consider current and future needs.

What is the rating of Erie Family Life Insurance by A.M. Best?

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

How many policies does Erie Insurance Group have in force?

Erie Insurance Group has over 6 million policies in force.

In which states does Erie Insurance operate?

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

What positions does Erie Insurance hold in the U.S. insurance market?

Erie Insurance is the 11th largest homeowners insurer and the 12th largest automobile insurer in the U.S. based on direct premiums written.