Term Life Insurance can be a very important tool in your family's financial future. Term insurance is the
lowest cost form of life insurance. Term insurance is the perfect tool for covering debt like mortgages
larger loans in the event of a death to one of the heads of household. Most Term insurance provides a death
benefit for a fixed term such as 10, 15, 20 or 30 years.
With Erie most of these policies are fully
convertible until the term is up. This means you are eligible to convert the policy to a permanent type
life insurance policy with Erie without having to go through the underwriting process. This feature could
possibly be very important in the event that insured develops cancer or has some other life threatening
illness that would hinder them from getting life insurance in the future at a reasonable cost if at all.
The insured could apply for a whole life policy and it is guaranteed to be issued current age but with
rate class that most closely matched his or her current rating class.
There are some important features and additional coverages that may be important:
Accelerated Death Benefit - If the insured is terminally ill and life expectancy is 12 months or less,
the rider will pay up to 50 percent of the death benefit of the policy with a maximum aggregate
payout of $250,000 per insured. This option is automatically included.
Premium Waiver Benefit – This rider allows insurance protection to continue, with no further premium
payment necessary, if you become totally disabled for more than six months.
Children's Term Insurance Rider - This rider provides term insurance in units (1 unit equals $1,000
of coverage) on each covered child with a maximum coverage of 10 units per policy.
Personal