Roofing insurance claims can be complicated. That’s why it’s so important to have the right homeowners coverage for your roof.
Replacing a roof is one of the most expensive home projects a homeowner will encounter. According to Home Advisor, the 2020 national average a homeowner will spend on installing a new roof is more than $8,000.
While you can save up over months or years to replace an old roof, sudden damage from something like a windstorm doesn’t give you that option. Don’t wait until you need to submit a claim to understand what your policy can – and can’t – pay to replace. Keep reading for general answers to a few common questions. As always, your local Erie Insurance agent can give you more specific information (including a free quote customized just for your home).
How Does Homeowners Insurance Cover My Roof?
Short answer: It depends on your policy — but some offer more coverage than others.
Longer answer: Buying insurance is all about your comfort level with risk. A cheaper policy means you might pay a little less right now, but you could be stuck paying more out of pocket later if you need to file a claim.
With homeowners insurance, there are different ways you can choose to be compensated when you experience a sudden loss that’s covered by your policy. That is known as your “loss settlement option.” Simply put, it’s how your insurance company assesses the cost to rebuild, repair or replace your stuff.
At ERIE, coverage for your roof is factored into the cost to insure your dwelling. Loss settlement options for your dwelling may vary by state, so talk to your ERIE agent to better understand your options.
Common loss settlement options for your roof include:
- Actual cash value (ACV) which factors in the roof’s age and condition to determine how much it’s worth as-is when you file a claim. That’s known as a depreciation amount. When the bill comes in from the roofers, an ACV policy factors in depreciation and only pays up to the amount your roof is currently worth – even if the cost to repair or replace your roof is higher than that.
- Replacement cost which pays to repair the damage to your roof without factoring in depreciation.
- Functional replacement cost is the amount that it would cost to repair or replace the damaged roof with less costly common construction materials and methods which are functionally equivalent to obsolete, antique or custom construction materials and methods.
Other loss settlement options, such as extended replacement cost and guaranteed replacement cost, are also available (and good to have) with your homeowners policy. These are designed to give you an extra cushion if you experience a total loss of your home. Generally speaking, they’re less likely to kick in if you experience a covered loss of only roof damage.
Not sure which loss settlement option you have? You can find your dwelling amount and policy limits on your declarations page. (If you’re an ERIE customer, that’s easy to find in your Online Account.)
So, when it comes to insuring a big investment like your roof – you can see how your loss settlement option can make a big difference in how you can be reimbursed after a loss.
Age of Roof and Insurance
Remember that homeowners insurance is designed to cover the cost of sudden and unexpected damage. Generally, your policy doesn’t cover damage from delayed maintenance or routine wear and tear to an old roof.
If your roof is worn or in poor condition, having a roof covered on an ACV basis could become a big financial burden if you have to file a claim.
For example, let’s say your roof has seen better days. Then, bam! Lightning strikes and your neighbor’s tree falls on your roof. What happens next?
- If it’s insured on an ACV basis: If your roof is damaged near the end of its life expectancy, you’ll likely see a larger deduction for depreciation… but you’ll still get the same bill for what it costs to repair or replace it. That could leave you stuck paying the difference out-of-pocket.
- With replacement cost: There is no deduction for depreciation. This means you may pay a little more in premium for that policy (vs. ACV) –but you won’t be hit with out-of-pocket expenses
One way to make a replacement cost policy more affordable is to increase your deductible. Your deductible is the amount you pay out of pocket after a claim and before your insurance company pays its part.
Ask your insurance agent to show you the cost difference with different deductibles so you can decide which dollar amount is best for your budget.
What Makes ERIE’s Coverage Different?
Each insurance company covers roof damage differently. It pays to understand how your policy works so you don’t run into any surprises after you have to file a claim.
Here are a few factors – known as “provisions” – to look for:
- Roof payment schedule or a breakdown of how your insurance company would pay for a roof claim based on factors, such as the age of the roof. (At ERIE, roof losses are paid based on the loss settlement that you select for your home.)
- Mandatory deductible or an amount that you will have to meet before the insurance company will cover your claim. (ERIE allows you to choose your deductible for your home and property based on what’s comfortable for your budget.)
- Wind or hail deductible or a separate dollar amount that applies to loss caused by wind or hail. Some carriers may require a higher wind or hail deductible without giving you a choice. At ERIE, it is an optional customization that can help lower your premium.
Filing a Homeowners Insurance Claim for Roof Damage
Uncertainty is part of life – but that’s why you have insurance. If you think your roof is damaged and you’re considering filing a claim, here’s what to do:
- Prevent further damage. Once the scene calms down (such as a hailstorm), take action to prevent any further damage to your home and belongings if it’s safe to do so.
- Document what happened. Take photos of the damage and list what was affected. (An updated home inventory can be helpful here.) List any date or timeframe that the event occurred.
- Call your insurance agent. Your agent can explain your options and help you understand if and how to file a claim.
- Know how to spot a scam. Sometimes, fraudulent or dishonest contractors – known as “storm chasers” – show up after severe weather hits. Storm chasers may point out pre-existing damage, create their own damage, or say that there is damage when there isn’t. Learn the signs to spot hail fraud and tips for hiring a reputable contractor.
Homeowners Insurance That Protects You Without Surprises
If you are unsure what your home insurance can cover – and what it can’t – ask your agent. Or you can request a homeowners insurance quote from a local ERIE agent near you
Then relax and enjoy more of what makes you and your family happy knowing that your home, the investments you made in your home and the things you value most are protected.
Posted on 1 March 2021 | 9:00 pm
We bought our first minivan in 2017. When signing the paperwork, I knew my my single, 22-year-old self would have shed a tear.
But I was determined.
Our son was about 18 months old, and we knew we wanted more kids. With our families living an hour or more away, trips to visit grandma and grandpa usually included bags upon bags upon portable cribs upon the favorite toy(s) of the moment. And thanks to my aversion to flying, family vacations became lengthy road trips where we packed everything but the kitchen sink.
My sedan didn’t seem to fit what we needed from a vehicle anymore. So, for my family, buying a minivan was one of the best investments we ever made.
It’s been the same for many others since Chrysler released the first minivans in 1983. Ever since, these reliable kid and cargo movers have remained fixtures of American roadways and school pickup lines, even when the minivan market took a hit with the introduction of SUVs.
Thinking of making the transition to a minivan? You’re in good company. Keep reading for answers to these common questions to find out if the minivan lifestyle is right for you.
Is it Time for a Minivan?
This is a journey that starts with a little self-reflection. Ask yourself questions like:
- How many people do I drive (or will I be driving) on a regular basis?
- Do any of these passengers come with extra luggage? (We’re looking at you, strollers and soccer bags.)
- Do I have enough storage space in my current vehicle? If I don’t, how much more would I like?
- How often do I (or does my partner) have to borrow a larger vehicle to transport large items like furniture, recreational equipment or the gear for my kid’s little league team?
- When passengers ride in my current vehicle, do they feel uncomfortable or “crammed in”?
In short: If you’re feeling tight on space and want to haul groups and gear in comfort… it may be time for a minivan.
What Are the Pros and Cons of Owning a Minivan?
- Sliding doors: For many models, you can use your key fob to open and close them, as well as the back hatch, hands-free. This means less juggling of kids and bags every time you need to open a door. You’ll also save other vehicles from door dings as your children climb in and out of the van in tight parking spaces.
- Space: If you need more room, minivans are a clear choice. They’re a good option when it comes to hauling day-to-day items like groceries, sports equipment and (of course) people. But they also are a smart pick if you transport things like tools or building materials that you want to protect from the elements.
- Accessibility: Minivans have low floors, which makes it easier for people ‒ and any canine companions ‒ to enter and exit. It also makes it easier to load.
- Versatility: With options to stow or remove seats, you can configure the inside of your minivan to fit whatever cargo you’re hauling. So if you have a few kids with you and you need to pick up the new sink and toilet that you ordered for your bathroom remodel, there’s room for everyone.
- Style: Nope – not a typo. Features like leather seats, full-car entertainment systems and sleeker designs are a far cry from the boxy models you probably rode around in as a kid.
- Fuel economy: If you currently drive a sedan, expect to pay more at the pump with a minivan. While strides have been made in recent years to improve gas mileage, they still won’t get as many MPGs as a smaller vehicle or a hybrid SUV (more on that later).
- Choice: Unlike the deluge of available SUVs, the minivan market has a much slimmer offering. (There are currently six 2021 model year minivans on the market). But, with fewer choices to wade through, it could make it easier for you to pick. And remember that buying used is always an option. (See also: Is It Better to Buy a New or Used Car?)
- Size: The extra space and storage is a draw for these vehicles. But, they’re definitely bulkier than a sedan or even a small or midsize SUV. Navigating through tight spaces like parking garages or narrow streets with even smaller parking spaces can be tricky.
SUV vs. Minivan: Which Should I Buy?
When sport utility vehicles (SUVs) and crossovers (CUVs) burst onto the market, their popularity soon eclipsed that of the dependable minivan. Given the sheer number of options, it’s easy to imagine why. But how do the two really compare? It depends on your unique needs and preferences.
- Cargo space: Not only can the seats in minivans be removed or stowed away in the floor, but behind the third row is a deep well for stowing your cargo. So you can easily have a vehicle full of people and still have more than 30 cubic feet of storage space. While there are a number of large SUVs, such as the Chevrolet Suburban, that offer considerable storage space, minivans take the lead once the seats are folded or removed. Winner: Minivan
- Room for passengers: While the seating arrangements inside minivans and three-row SUVs are similar (two bucket seats up front, a three-person bench seat in the middle and another three-person bench seat in the back), minivans have an edge here, too. They have lower floors (sacrificing ground clearance in the process) and more legroom than their SUV counterparts, touting more than 15 additional inches of space. Some minivans also come with bucket seats in the second row. While this may sacrifice space for another passenger, it does offer more room to stretch out. However, if that extra seat is important to your needs, then you’ll need to weigh the options. Winner: Minivan
- Towing: SUVs definitely rank first in this category. The highest towing capacity for any minivan is 3,600 pounds ‒ and for many makes and models it’s even less. So if you’re planning on transporting anything sizable like a travel trailer or a boat, especially if it’s across any large distance, an SUV would be your vehicle of choice. (If you’re planning on hauling and towing heavy loads on a regular basis, a pickup truck is another option. Check out 7 Things to Consider When Buying a Pickup Truck.) Winner: SUV
- All-wheel drive: While only one or two minivans offer this feature, most makes and models of SUVs can be equipped with all-wheel drive, whether it comes standard or at an additional cost. So if you frequently drive on a rough roadway or through inclement weather, it’s something to consider, as an SUV is likely to have better handling. You definitely won’t want to do any off-roading in a minivan. However, adding snow tires can make a huge difference when it comes to winter traction. Winner: SUV
- Visibility: While both SUVs and minivans can come equipped with features like lane safety technologies and blind spot detectors, SUVs ride higher off the roads than minivans and provide better visibility. Winner: SUV
- Fuel costs and economy: Minivans tend to have better fuel economy ratings than SUVs. (Learn what “good gas mileage” means in this related post.) But there are more fuel-efficient hybrid SUVs to consider, and only one hybrid minivan currently on the market. Hybrid vehicles do tend to cost more than their gas-powered contemporaries, though, so do your research to see if you’ll break even or come out ahead with the money you save at the pump. Winner: Tie
- Bells and whistles: Navigation systems. Video screens that drop from the ceiling or reside in seat backs. USB ports. Surround view cameras. Wireless technology. Satellite and HD radio. All of these features ‒ and much, much more ‒ can come equipped in both minivans and SUVs depending on the trim package. Winner: Tie
- Price. Minivans tend to come in at a lower MSRP than three-row SUVs. And that gap widens when comparing the cost difference of top-tier trim packages available. Winner: Minivan
What is the Best Minivan?
The “best” minivan for you will depend on what’s the best fit for your (and your family’s) priorities from the list above.
Cost tends to be a consistent factor when buying any vehicle. If the purchase price of a new minivan doesn’t fit your budget, consider looking into buying used.
Consumer Reports says that a well-maintained “modern” minivan can be driven for up to 200,000 miles ‒ or maybe even more. The company recommends that you do your homework to find a brand that has a proven track record of reliability.
Whether you’re looking at new or used, make sure you factor in safety. The Insurance Institute for Highway Safety (IIHS) recently named the 2021 Honda Odyssey a 2020 TOP SAFETY PICK+. The Toyota Sienna, Honda Odyssey, Chrysler Pacifica and Voyager, and the Kia Sedona also topped Kelley Blue Book’s list of Best Safety Rated Van/Minivans of 2021.
The IIHS also suggests that you look up your potential minivan on the National Highway Traffic Safety Administration (NHTSA) website to make sure it doesn’t have any outstanding recalls. Learn what to do if your vehicle is recalled.
Why is it Called a Minivan?
A “minivan” is simply a small passenger van. The phrase was first coined in 1959, even though (oddly enough) minivans as we know them today didn’t hit the market until 1983. The term helps distinguish these family-oriented vans from the full-size 12- and 15-passenger versions that are still on the market today.
Are Auto Insurance Rates Higher or Lower for Minivans?
When it comes to calculating auto insurance rates, every vehicle is rated individually ‒ regardless of make or body style. These rates reflect a vehicle’s unique characteristics and safety features, as well as the cost of maintenance and repairs. So while there’s no general rule that says minivans cost more or less to insure, safer vehicles do often come with lower insurance premiums. That holds true for all vehicle types with high-tech safety features like camera systems, anti-theft devices, crash warning systems and lane deviation systems.
Insurance for New Minivans
It’s true: Your new vehicle will lose some of its value the minute you drive it off the lot. But that doesn’t mean your insurance coverage should, too.
For just a few extra dollars per month, this auto insurance add-on can protect your new ride. If your new car1 gets totaled, ERIE will pay you the cost to replace it with the newest comparable model year (minus your deductible). (And if you’ve had your car longer than two years, ERIE will pay the cost to replace it with a comparable model that is up to two years newer and up to 30,000 fewer miles than the current mileage of your car, minus the deductible.)
1 Vehicle is considered new when less than two years old. Eligible vehicles must carry both comprehensive and collision coverage and replacement value will be based on a comparable model. The endorsement is sold on a per-vehicle basis, not per policy, and contains the specific details of the coverages, terms, conditions and exclusions. Please note that New Vehicle Replacement and Better Vehicle Replacement do not apply to leased vehicles; only the Auto Lease/Loan Security Protection applies to leased vehicles. When payment is made under new vehicle replacement or better vehicle replacement, auto lease/loan coverage will not apply. Coverage does not include items such as overdue payments and carry-over balances from previous leases/loans, etc. Coverage is not available in all states. Insurance products are subject to terms, conditions and exclusions not described here. Ask your ERIE agent for details.
Posted on 24 February 2021 | 9:00 pm
For safety-conscious drivers, the 2021 Insurance Institute for Highway Safety TOP SAFETY PICK awards represent a wealth of choices.
Each year, the IIHS, a nonprofit research and education organization, conducts tests to determine which vehicles do the best job of protecting people in the most common kinds of crashes — front, side, rollover and rear. Vehicles must also score well in front crash prevention and headlights.
The IIHS awarded winners in 11 size categories, from small cars to large pickups. This year’s number of vehicles on the IIHS list increased by more than 50 percent over 2020, and the cars earning the premium TOP SAFETY PICK+ accolade more than doubled.
What Makes a TOP SAFETY PICK?
Almost every year, the IIHS slightly adjusts its criteria for vehicles to earn either TOP SAFETY PICK or TOP SAFETY PICK+ status. When establishing the criteria for the awards, the IIHS phases in new requirements gradually – first as criteria for the “plus” award, then later for the regular TOP SAFETY PICK award. This gives automakers time to plan ahead and adjust future designs.
Here are a few features you’ll find in this year’s top rated vehicles:
- Headlight improvements: Starting last year, only vehicles with good or acceptable headlights across all trims and packages could earn TOP SAFETY PICK+ status. By keeping this standard, automakers responded by more doubling the vehicles that qualify.
- Front crash prevention: Vehicles are not required to have standard front crash prevention to qualify for the awards, but it didn’t hurt any of the winners. All 49 TOP SAFETY PICK+ winners and 31 TOP SAFETY PICK winners have standard systems that meet the vehicle-to-vehicle requirement. And all but one of the “plus” picks also meet the prevention criterion with their standard systems.
- Crashworthiness: Of course, all award winners need strong performance in all six IIHS crash tests. Last year, the IIHS required a higher standard of “good” in the passenger-side small overlap front test. (In 2019, the lower “acceptable” rating was sufficient to win an award.)
For more details on how IIHS crash tests work (and what they look for), visit the safety ratings page on the IIHS website.
The 2021 TOP SAFETY PICK+ Winners
In all, 90 cars and SUVs earned TOP SAFETY PICK status, including 49 that achieved the elite “plus” distinction. This total represents a marked increase from 2020, when 64 models were named TOP SAFETY PICKs and 23 garnered plus designation.
Volvo paced the field with nine TOP SAFETY PICK+ awards. The Swedish automaker placed four models each in the midsize luxury car (S60, S60 Recharge, V60 and V60 Recharge) and midsize luxury SUV (XC 60, XC60 Recharge, XC90 and XC90 Recharge) categories, while its XC40 also earned the distinction in the small SUV class.
Hyundai Motor Group —which manufactures the Hyundai, Kia and Genesis brands — again led all automakers with 12 overall TOP SAFETY PICKS, including five pluses. The Hyundai Palisade and Nexo, Genesis G70 and G90, and the Kia K5 each earned top marks.
For the full list of winners and ratings, visit iihs.org/ratings.
Insurance for New and Used Cars
Car shopping can represent the perfect time to reconsider your auto insurance. Here are a few related stories from our blog that might provide some helpful insight:
- What Determines the Price of My Auto Insurance?
- What’s Cheaper: Insuring Old Cars or New Cars?
- Do I Have Insurance When I Drive My New Car Off the Lot?
- What to Know Before Trading In Your Car
- Should You Buy a New or Used Car?
Whether you plan on purchasing a 2021 TOP SAFETY PICK, a different vehicle or are sticking with your current set of wheels, a local ERIE agent is ready to help you find the perfect coverage for you. Contact them today to start a conversation.
Posted on 23 February 2021 | 9:00 pm
Just six months after retiring from 32 years on the Richmond, Virginia, Fire Department, Len Archer got a devastating diagnosis from his doctor. He had pancreatic cancer, and he likely had only two to eight months to live.
In an instant, Len, 56, and his wife, Paula, went from planning their retirement to preparing for what appeared to be the inevitable.
At the urging of a friend, Len reached out to Cancer Treatment Centers of America® to see if there was any hope. Within a day, he heard back about a trial study with pharmaceutical company Merck & Co.® But there was a big catch: although Len had health insurance, it would not cover the costly experimental treatment.
Soon after he received his diagnosis, Len vowed that he would not allow the cancer to bankrupt them and leave his wife “living under a bridge” after his death. Now the Archers faced the wrenching choice of draining their savings and selling the dream home they purchased a decade ago, or foregoing the treatment.
That’s when Len’s ERIE agent, Doug Cox, called.
'Literally a Lifesaver'
Doug, who previously worked with Len at the fire department, had heard of his diagnosis. Years before, Doug had issued his friend a life insurance policy. As part of that $150,000 policy, Erie Family Life automatically included an Accelerated Death Benefit Rider* at no additional cost. This rider allows for half of the policy’s value to be used in the event of a terminal diagnosis.
“When Doug called, it was like an angel was talking to me,” Len said. “I had completely forgotten that something like this was available.” The rider provided $75,000 that was quickly deposited in Len’s bank account. The additional money made Len’s decision a no-brainer. He would go forward with the experimental treatment, without being forced to sell his home or drain his savings.
“It was literally a lifesaver,” Len says. “The $75,000 gave us the breathing room we needed to get our finances in order and keep the wolves from the door. We were able to make some financial moves and are doing fine now.”
Remarkably, it’s not just Len’s finances that are healthier than expected. He is currently seeing positive results from the treatment. The cancer has stopped spreading, and doctors are cautiously optimistic that he will be able to add considerable time—maybe years—to his life.
Already, he’s been able to celebrate his granddaughter’s 13th birthday—something he thought he’d never see.
“ERIE put hope in our hearts and gave me a reason to live,” Len says. “Quite simply, Doug Cox and ERIE saved my life.”
Len has become an advocate for a bill proposed in Virginia to help firefighters diagnosed with cancer—an occupational hazard they contend stems from the increasing amount of toxins they are exposed to on the job.
And he’s encouraging everyone he knows to talk to an ERIE agent about life insurance and obtaining this rider as part of their policy.
“Give yourself the peace of mind—and a fighting chance,” Len says. “Call an ERIE agent right now to make sure you have proper life insurance coverage in place. You won’t regret it.”
To learn more about the Accelerated Death Benefit Rider, talk to your local ERIE agent, who can help you consider your options based on your personal situation and help determine what coverage is right for you.
*ERIE® life products and services, provided by Erie Family Life Insurance Company, based in Erie, Pa., a member of Erie Insurance Group, are not available in New York. The rider is available in conjunction with a qualifying life policy. See individual policies for specific coverage details. Certain terms and limitations may apply. Refer to our disclaimer for additional information.
Posted on 21 February 2021 | 9:00 pm
Life insurance is important to protect your family’s financial future. Who you name as a beneficiary can be just as important as your initial decision to purchase life insurance. It’s a big job, which is why it’s important to choose the right person – someone who’s trustworthy and knows what matters most to you.
Your local ERIE agent is here to help you determine the right beneficiary (or beneficiaries) for your unique situation. For general answers to common questions, keep reading.
What is a beneficiary?
A beneficiary is a person or entity designated to receive the funds from your life insurance policy in the event of your death. A beneficiary can be a person, business, trust, charity, church or even a school. And an insurance policy can have more than one beneficiary, as well.
When selecting a beneficiary, a policy owner should select someone with “insurable interest” in the life of the insured. Insurable interest generally means that the beneficiary will incur some type of loss should the life insured pass away. Those with insurable interest often include, but are not limited to:
- Spouses, domestic partners, fiancés or common law spouses
- Divorced spouses (if there is a financial dependency, such as children or a property settlement specified in a divorce decree)
- Legal guardians with permanent custody
- Business partners (Learn more about key person life insurance and business continuation)
Why do I need a beneficiary?
Naming a beneficiary lets your insurance company know who should receive the policy benefit upon your passing. At Erie Family Life, we require our policyholders to name a beneficiary when purchasing life insurance.
If a beneficiary is not named, your family could have to go through probate court before receiving any insurance funds. This process delays the benefit payment, while subjecting your loved ones to a complicated and costly legal process as they grieve.
How to choose a beneficiary
Choosing a beneficiary depends largely on how you’d like your life insurance 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. And if you choose a charity, the funds will go toward a cause close to your heart.
In short, who you choose as a beneficiary is dependent on your values and lifestyle. Here are some answers to common questions about beneficiaries to help you make your decision:
- What if my beneficiary dies?
In the event you outlive your beneficiary, you should always call your insurance agent to update your policy. And ideally, you should always name a primary and contingent or secondary, beneficiary. Naming a contingent beneficiary makes it clear who should receive your insurance benefit if a primary beneficiary is deceased.
- What if my beneficiary is a minor?
If you name a minor as a beneficiary, you should also name a guardian – someone who can manage the insurance funds until they turn 18. If you don’t want to name a guardian, you can always name your estate or living trust as the beneficiary, then include instructions on how the insurance money should be used. But when it comes to estate planning and wills and trusts, you should consult a legal and or tax professional.
- What if I don’t have any children?
Your life insurance beneficiary should be a person or entity that you are comfortable naming as the beneficiary of your life insurance proceeds. If your beneficiary is a person, that individual should have an insurable interest in your life. An important part of choosing a beneficiary is making sure the funds are used in a way that honors your wishes.
- What if I want to leave money to a charity, school, or church?
Your local ERIE agent can help you determine a way to honor your charitable wishes while making sure your family is protected, too. If you decide to name a charity as a beneficiary, it’s recommended that the amount should be consistent with an established pattern of giving or support.
- Can you choose a pet as a beneficiary?
This isn’t as far-fetched as it may sound. Some people have left small fortunes behind to their pets. However, most insurance companies, including ERIE, won’t let you name a pet as a beneficiary. If you’re concerned about protecting your furry friends, name a trustee that will care for them after you’re gone.
What do I do after selecting a beneficiary?
After you find the right fit, you can inform your beneficiary of their new role.. Here’s how to put them in the best position possible:
- Discuss your policy. No one likes talking about death. But it’s important to have a conversation with your beneficiary. You may want to discuss who your insurance company is and where they can find your policies when you pass. You can advise your beneficiary of why you chose them and what your final wishes are. Be prepared if they suggest an alternative or need more information.
- Update your information. When your funds are being distributed, any inaccuracy in policy documents can slow down the payment process. List your beneficiary with up-to-date contact information including an address, phone number and his or her relationship to you. This goes for organizations, too.
- Review your policy frequently. As your priorities change, so will your policy. Review your policy at least once a year and after significant events like the birth of a child, death of a beneficiary, marriage or divorce. Update your beneficiaries as needed and make sure your funds are in the right hands based on your current situation.
Protect the ones you love
Your life insurance policy should reflect what you value most. Choosing the right beneficiary is as personal as choosing the right coverage. That’s why we’re here to help you do both.
At ERIE, we know life is not a one-size-fits-all scenario. Each family dynamic is unique and we’re here to provide you with specialized guidance when it comes to protecting the people who matter most to you. Ask us how we can help protect your legacy. Find a local agent to learn more about life insurance* from Erie Family Life.
*ERIE® life products and services, provided by Erie Family Life Insurance Company, based in Erie, Pa., a member of Erie Insurance Group, are not available in New York.
Posted on 15 February 2021 | 9:00 pm