If you have a family to protect, a sound life insurance program is the perfect solution. There are two basic types of life insurance needs: temporary and permanent.
Temporary needs include home mortgages or short-term debt reduction, family income and educational expenses and can last as little as one year or last 20 to 30 years or longer. Term insurance is the most cost effective method of insuring many short-term needs. There are a variety of plans to choose from, ranging from an annual renewable term (1 year plan) to a level term plan that could last 5, 10, 20 or 30 years.
Permanent needs include those that last for your entire life or potentially for periods of 15 years or more. Permanent insurance needs include final expenses, funds the cover estate taxes and retirement savings protection. Permanent and universal life plans are ideally suited for meeting these goals.
The primary purpose of life insurance is to provide cash for your family in the event of your death to ensure that they can remain in their home and continue to maintain an adequate standard of living. There are a number of factors that determine the cost you pay for life insurance including:
Our business is also to help people save money for retirement. With so many different retirement saving plan options, it can be a little overwhelming trying to decide which plan is right for you. No matter how far along you are in your financial planning, ERIE can help.
An Annuity is still the only financial instrument that allows you to set up a guaranteed income stream that you cannot outlive. We offer a CD type of annuity with a guaranteed tax differed interest rate for 3,5, or 7 years depending on the term you choose.