Buying life insurance is not like any other purchase you will make. When you pay your premiums, you’re buying the future financial security for your family that only life insurance can provide. Among its many uses, life insurance helps ensure that, when you die, your dependents will have the financial resources needed to protect their home and the income needed to run a household. It can also provide the income necessary to provide childcare and help with the many household duties in the event of the death of a caregiver.

Choosing a life insurance product is an important decision, but it often can be complicated. As with any major purchase, it is important that you understand your needs and the options available to you.

Why do I need Life Insurance?

Life insurance is an essential part of financial planning. One reason most people buy life insurance is to replace income that would be lost with the death of a wage earner. The cash provided by life insurance also can help ensure that your dependents are not burdened with significant debt when you die. Life insurance proceeds could mean your dependents won’t have to sell assets to pay outstanding bills or taxes. An important feature of life insurance is that there is no federal income tax on proceeds paid to beneficiaries.

Several of the life insurance products offered by ERIE Family Life Insurance Company include:

• Term Insurance
• Whole Life Insurance
• Universal Life Insurance
• Variable Life Insurance