Don’t Let These 7 Reasons Hold You Back from Buying Life Insurance
Are you like the majority of Americans who don't have life insurance1, but say that they know they need it? With the price of everything from home to college and grocery to daycare costs rising, it’s more important than ever to get life insurance to help protect your loved ones.
According to the 2022 Insurance Barometer Study, from Life Happens and the financial and insurance organization LIMRA, 2 in 5 parents say they are barely or not at all financially secure. It’s crucial to be prepared with life insurance on your household breadwinner, as 44% of survey takers said they would feel financial hardship in less than six months if something happened to them.
While cost is certainly a major factor (and it takes the top spot in our list below), some of the other reasons might resonate with you also.
- It’s too expensive. Cost is the number one reason people don't have life insurance. The same study shows that women specifically cited expense as a roadblock to purchasing life insurance, even though they recognized its importance more than men (44% vs 38%). Life insurance is probably more affordable than you think—and there are lots of ways to bring the price into your comfort zone.
- I have a health condition. The good news is that having a health condition doesn't automatically disqualify you from getting life insurance. If you overcame a serious condition in the past or if you are managing a condition with the help of a medical professional, you can still be covered.
- I don’t have any kids. There are many reasons people with no children still need life insurance. Just a few include providing for a financially dependent spouse or another family member, having the money to pay for a funeral or being able to pay off a loan that has a cosigner. Life insurance can also help you leave a gift to a religious, educational or charitable organization near and dear to your heart.
When you purchase life insurance, consider adding a Guaranteed Insurability Option (GIO) rider2 which lets you increase your protection in the future, when you may have children or other reasons to increase coverage. By purchasing the GIO rider with your initial Erie Family Life policy, you’ll be able to increase your life insurance coverage over time without having to answer medical underwriting questions. - I don’t work outside of the home. If you stay home to care for kids or other family members, it may require hiring someone to replace all that you do. And that could be pricey, so definitely consider buying life insurance as a way to cover those additional expenses.
- I have a policy through work. If you have a group life insurance policy through work, you still need your own personal one. A work policy may not go with you if you switch jobs or retire.
- I’m not sure what I need. Most people don’t—but your ERIE agent is there to help you. Erie Family Life offers options like term life insurance that’s designed to last for a specific period of time and permanent life plans designed to last a lifetime. Your agent can recommend one that works with your life and budget. You can also get an idea of how much life insurance you need by using our handy life insurance calculator.
- I don’t have the time. Life is busy, which is why Erie Family Life offers e-signature on life insurance policies to make the process easy and convenient. You can also consider ERIExpress Life3, which can provide between $10,000 to $500,0004 worth of coverage that can be effective the same day as your application. There are no doctor's visits or complicated forms—just a simple application with only a few medical questions.
A Life Policy for Every Situation
Talking about life insurance probably isn't the easiest conversation to have, but it’s too important to put off. You can trust your ERIE agent to make the conversation as easy as possible, and advise you on finding an affordable policy to help you protect your loved ones.
ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York). The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.
The insurance products and rates, if applicable, described in this blog are in effect as of January 2024 and may be changed at any time.
Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions.
The insurance products and services described in this blog are not offered in all states. ERIE life insurance and annuity products are not available in New York. ERIE Medicare supplement products are not available in the District of Columbia or New York. ERIE long term care products are not available in the District of Columbia and New York.
Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.
Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.
Posted on 23 April 2024 | 9:00 pm
Can Dash Cams Save You Money on Your Insurance?
In times like these, we’re always looking for ways to save a little extra, right? This leads many of us to seek out what we can do to add some more discounts onto insurance policies and cut down on some recurring monthly expenses. While, in general, insurance companies do not offer a discount on auto policies for having a dashcam, there are some surprising perks to having one that could save you a lot of money!
What is a Dashcam?
So, what exactly is a dashcam and why would you want one? While often referred to as dashcams, their full name is dashboard camera. As the name suggests, these are small cameras that mount directly to your vehicle’s dashboard or windshield.
These cameras are designed to monitor images and sound both inside and outside the vehicle, depending on the model you choose of course. Dashcams used to be used solely in police vehicles and semi-trucks, however, they are becoming rather popular in private vehicles.
Not All Dashcams are Created Equal
Like most things on the market, dashcams come in a wide variety of models, brands and host a range of different features. And like all other things this causes them to range in price from a hundred dollars to well over several hundred dollars for higher-end models.
Many dashcams offer HD or even 4k video capabilities for crystal clear images, which is one of the most important features to look for. Many dashcams have removable SD cards that store the videos and overwrite the oldest as it fills while others upload their data to a cloud storage which is accessible through your phone on mobile apps.
All dashcams record on a continuous loop and most offer an impact detection feature where they start recording if they sense an impact. Higher-end versions can backtrack the recording a few seconds before the impact to try to capture the entire moment. These higher-end models can also come with parking motion sense recording even when they are turned off and things like GPS tracking of time, location and speed.
What Are the Benefits of Having One?
Okay, so how could something that doesn’t offer you any insurance discounts still save you some money? Well, think of it as an impartial witness.
“Dash cameras provide non-biased evidence of what occurred that led up to an accident.” said Bob Buckel, vice president of personal auto, Erie Insurance. “Our memories can get skewed after a collision, so having this evidence can assist the insurance company with understanding what factors may have contributed to the accident.”
Sometimes it is not always perfectly clear what happened just from looking at the damage on the vehicles. Sometimes witnesses memories lapse or recall things out of order in a moment of high stress. And, unfortunately, sometimes people lie. Having a dashcam allows claims experts the chance to see what happened, exactly as it happened. This helps insurance companies to settle claims faster.
This benefit of being an impartial witness is not exclusive to just accidents you are personally involved in. Your dashcam can help someone else if it happens to see what happened in an accident that happened near you. Your footage can settle a claim and save someone else the extra hassle.
Dashcams Come With an Extra Level of Security
Dashcams can also act as a general deterrent, which can help you avoid any claims or out of pocket cost for damage from theft or vandalism on your vehicle. Seeing a dashcam mounted in a vehicle can be more than enough to sway the intentions of a would-be thief under the fear of the camera catching them and uploading the footage to a cloud storage.
Another hidden benefit comes from the side effects of having a camera monitoring your vehicle that we mentioned above, people drive more consciously! If you have a teenager that often drives your vehicle, it can help encourage safer driving habits. Let’s face it, we all are on our best behavior when we know someone is watching, same mentality applies with a dashcam!
In the long run, a dashcam could prove to be worth the upfront investment, not only in assisting with closing claims quickly, but also for general peace of mind and a sense of security over your vehicle. While we can’t promise to have eyes on your vehicle 100% of the time, we can offer better peace of mind and outstanding coverage with an Erie Insurance policy serviced by a local agent that cares. To learn more, contact your local ERIE agent or start a free online auto quote.
ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York). The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.
The insurance products and rates, if applicable, described in this blog are in effect as of January 2024 and may be changed at any time.
Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions.
The insurance products and services described in this blog are not offered in all states. ERIE life insurance and annuity products are not available in New York. ERIE Medicare supplement products are not available in the District of Columbia or New York. ERIE long term care products are not available in the District of Columbia and New York.
Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.
Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.
Posted on 21 April 2024 | 9:00 pm
What Is Cash Value Life Insurance?
Understanding different types of life insurance policies and their unique benefits will help you choose the right option for you and your family. Term life insurance provides coverage for a limited amount of time and/or amount of benefit. Term insurance has no cash value.
In contrast, whole life insurance1 is coverage that is in place your entire life, and it offers unique benefits, including the ability to accumulate cash value, which can be used to your advantage in a variety of financial scenarios.2
Let’s look at the features of cash value whole life policies, explore loan options and consider how term life insurance conversion may help you secure lower rates on a whole life policy.
The Benefits of Cash Value Whole Life Policies
Cash value whole life insurance is a type of permanent life insurance that not only provides a death benefit but also allows you to build cash value over time. This cash value component offers several advantages:
- Flexible access to cash with tax-deferred growth. The cash value of a whole life policy grows tax-deferred, meaning you won't have to pay taxes on the growth unless you make a withdrawal from the funds.3
- Guaranteed cash value. While ERIE does not offer this option, some whole life policies offer the opportunity to earn dividends, which can be used to increase the policy's cash value or death benefit.
- Potential for future reduced premium payments. Through the use of Reduced Paid-Up or Extended Term Non-Forfeiture options, you can use the cash value to pay for coverage reducing your overall out-of-pocket expenses.4
Use Life Insurance While Alive
Whole life insurance policies offer the opportunity to take out loans against the cash value, providing a flexible source of funds for various purposes. Some examples of how you might use a whole life policy loan include:4
- Paying off high-interest debt. You can use a loan from your whole life policy to pay off credit card balances or other high-interest loans, potentially saving money on interest payments.
- Funding a child's education. The cash value of a whole life policy can be used to help cover tuition costs or other educational expenses.
- Investing in a business. A loan can be used to invest in a current business or to start a new venture.
- Supplementing retirement income. The cash value can be used to add to retirement income, providing a source of funds during the golden years.
Loans can be taken against the cash value of the policy, not the policy’s death benefit. Cash value is not paid to beneficiaries; rather, beneficiaries receive the policy’s death benefit amount minus any loans and withdrawals you’ve made against the cash value.
Term Conversion: Lock in Lower Rates Now
Term life insurance is a popular and affordable option for many people, particularly people in their 20s to 40s. However, as you age, the cost of term life insurance increases. By converting a term life policy to whole life insurance, you can lock in your lower rates — based on your current age and the assigned risk class on your term policy — and take advantage of the cash value benefits whole life policies provide.5
Term-to-whole-life conversion can be particularly beneficial for those who anticipate needing life insurance for the long term and want to secure lower premiums. The conversion process is easy, especially if you already have a term insurance policy with ERIE Insurance. No need for a medical exam; your Erie Insurance agent can help you make the jump.
Yes, your premiums will increase. Whole life policies are more expensive than term policies as a result of the cash value whole life policies accrue. That’s why it is important to talk to an agent to ensure the policy you select matches your lifestyle, age and financial needs.
Boost Your Cash Value Policy
Whole life insurance can be customized. At Erie Insurance, in addition to selecting a policy limit, you have the option of choosing ERIE Whole Life Protector and ERIE Whole Life Accumulator coverage. Both policies offer a guaranteed rate of cash value growth, meaning you can predict the minimum cash value your policy will have over time.
ERIE Whole Life Protector, a cash value policy, offers guaranteed coverage for the life of your policy and includes coverage that can cover final expenses, unpaid debt and supplemental retirement income or leave an inheritance to loved ones.
ERIE Whole Life Accumulator expands on the benefits of Whole Life Protector and builds higher cash value over time.
These policies offer a range of benefits and features designed to help you secure your financial future and provide peace of mind for you and your family.
How much life insurance do I need?
Most people know they need life insurance, but it can be confusing to know how much is “enough.” To make it easier for you to start a conversation with an Erie Insurance agent, use our Life Insurance Calculator to see the amount you may need based on your age, dependents, debt levels, income and savings.
Whole life insurance offers a multitude of benefits and financial flexibility through its cash value component. By understanding the various loan options, term conversion and specific products offered through Erie Insurance, you can make informed decisions and secure your financial future.
ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York). The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.
The insurance products and rates, if applicable, described in this blog are in effect as of January 2024 and may be changed at any time.
Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions.
The insurance products and services described in this blog are not offered in all states. ERIE life insurance and annuity products are not available in New York. ERIE Medicare supplement products are not available in the District of Columbia or New York. ERIE long term care products are not available in the District of Columbia and New York.
Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.
Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.
Posted on 18 April 2024 | 9:00 pm
The Surprising Business Risks You May Not Think About
Risk control consultants are the preventative care professionals of business insurance. They can help you detect potential hazards to your business’s well-being and help you understand what actions you can take to keep things healthy.
Good news: Qualifying customers who have business insurance with ERIE have access to customized risk control services. That’s just one more way we’re looking out for you. Learn more: How an ERIE Risk Control Consultant Can Help You
We asked our team of risk control consultants here at ERIE for an insider’s perspective on what consultants look for - and the surprising things they find.
How to Manage Business Risk
To get things started, let your ERIE agent know that you’re interested in focusing on risk control for your business. ERIE’s professional consultants can offer many resources to help, including a walk-through for businesses who qualify. They’re looking for ways for you to mitigate risks by identifying potential loss exposures and providing information on solutions you can implement to control and/or eliminate them.
ERIE’s consultants have specialized areas of knowledge – property, commercial auto, workers’ compensation, products liability and construction/contracting – to better meet customers’ needs.
Their keen eyes are quick to spot things you might expect, such as fire protection. However, there are a few less obvious risks that are equally as common and – in some cases – on the rise.
Types of Risk Your Business Could Face
You know the ins and outs of your business better than anyone. So, what might a risk control consultant be able to see that you might not?
Here are a few surprising trends Risk Control has noticed:
- Lack of commitment from management. There are multiple rules and regulations, depending on the industry, that aim at providing safe workplace environment. A recent OSHA study found that non-fatal workplace injuries cost businesses more than $1 billion a week.
With that in mind, ERIE’s risk control team say the first thing they notices is management controls to determine the commitment to workplace safety. It’s an important thing consultants look at, noting that often companies that have management support tend to have better safety records and also tend to be more productive.
- Data breaches caused by your company. According to the Insurance Information Institute, credit card fraud and employment-related fraud are two of the top five ways consumers fall victim to identify theft. It’s the area of risk our risk control team say they see grow the fastest. Having iron-clad cyber security safeguards against hacks and the right coverage is the best way to prevent your company from experiencing, or potentially causing, a data breach.
Related Reading: Cyber Insurance: Protecting Small Businesses form Social Engineer Fraud
- Employees distracted behind the wheel. The Insurance Institute for Highway Safety’s distracted driving study found that 64% of fatal crashes during 2021 were caused by just general distraction like daydreaming. Drivers of commercial vehicles are no exception to this scary statistic and our risk control team has seen a spike in commercial auto claims, which can affect your insurance rates and everyone’s safety. Does your business employ a no cell phone policy for your drivers? If your drivers have to use GPS, is it hands-free?
- Placing agreements with the “out-of-sight, out-of-mind” philosophy. Legal agreements are often filled with legal terminology containing arcane language. Contracts can become even more confusing when they determine what risks a service provider, subcontractor or other party assumes during a business agreement. Contractual risk transfer is an important protective measure that may save a business money and time in the event of litigation.
The ERIE Approach to Risk Control
Providing preventative plans addressing these risks and more is where ERIE’s risk control consultants shine. Here are some examples of the support they may offer to business customers at no additional fee:
- Access to Resources. For qualifying ERIE customers, consultants offer a wide range of risk control services, including OSHA Outreach Training Programs, customized written safety programs and disaster planning resources from The Insurance Institute for Business & Home Safety.
- Support that isn’t just for the big guys. ERIE offers follow-up consultations to help businesses, whether you’re a large business with multiple employees, or a small business just getting your feet wet. If you want follow-up assessments or training for your business, ask your agent how ERIE can help.
- A close working relationship with your ERIE agent. Your local ERIE agent is a business owner in your community, just like you. They know what it takes to keep a small business running—and what you need to protect it.
Schedule your risk assessment today. Contact your local ERIE agent to get started.
Risk control consultants are the preventative care professionals of business insurance. They can help you detect potential hazards to your business’s well-being and help you understand what actions you can take to keep things healthy.
Good news: Qualifying customers who have business insurance with ERIE have access to customized risk control services. That’s just one more way we’re looking out for you. Learn more: How an ERIE Risk Control Consultant Can Help You
We asked our team of risk control consultants here at ERIE for an insider’s perspective on what consultants look for - and the surprising things they find.
ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York). The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.
The insurance products and rates, if applicable, described in this blog are in effect as of January 2024 and may be changed at any time.
Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions.
The insurance products and services described in this blog are not offered in all states. ERIE life insurance and annuity products are not available in New York. ERIE Medicare supplement products are not available in the District of Columbia or New York. ERIE long term care products are not available in the District of Columbia and New York.
Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.
Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.
Posted on 16 April 2024 | 9:00 pm
What to Know When Driving Through a Work Zone
Who hasn’t been zipping along when all of a sudden traffic slows to a halt?
When it does, you can bet on one of two things: There was an accident or there’s construction.
What To Do in a Work Zone
Road work is often the culprit in the warmer months. You probably already know that it’s important to stay at or below the posted limits when you’re in a work zone, not to mention, many states will ticket you for speeding in a construction zone. Yet there are a few other tips worth keeping in mind in order to keep you, your car and workers safe when you’re driving through a work zone.
- Check ahead for delays. Visit your state’s department of transportation website or tune into a radio station that reports on the traffic to get a head’s up on expected delays. You can then consider avoiding a work zone by getting the scoop and mapping out a different route before you leave home.
- Reduce distractions. It goes without saying that you shouldn’t be driving distracted or playing on your phone. Extra attention is needed when driving through a work zone, so lower the radio or turn it off altogether.
- Merge when it's safe. When traffic is moving at highway speeds and there aren't backups, it makes sense to move sooner to the lane that will remain open. Otherwise, many states recommend drivers merge alternately into the lane, or in a "zipper fashion." Research what’s appropriate where you are before driving.
- Leave lots of room between vehicles. You should be able to count out at least two seconds from when the car in front of you passes an object and when you do.
- Never pass on the shoulder or drive across the median. This puts workers in danger—and is often illegal.
- Keep your cool when it comes to tailgaters. No one likes a tailgater. If you get one behind you, resist the urge to lay on the brakes. Instead, pull over and let the speed demon pass. If that’s not possible (or you’re just plain not willing to pull over), turn your headlights on and off a few times to warn the tailgater. At night, it’s okay to give your brakes a light tap.
You never know how long it can take to make it through a work zone. So do your best to relax and to stay alert until you’re in the clear.
Unfortunately, accidents do happen in work zones. Having the right auto insurance coverage can make all the difference when you need it. A local Erie Insurance agent can help you review your policy or get an auto insurance quote.ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York). The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.
The insurance products and rates, if applicable, described in this blog are in effect as of January 2024 and may be changed at any time.
Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions.
The insurance products and services described in this blog are not offered in all states. ERIE life insurance and annuity products are not available in New York. ERIE Medicare supplement products are not available in the District of Columbia or New York. ERIE long term care products are not available in the District of Columbia and New York.
Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.
Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.
Posted on 14 April 2024 | 9:00 pm