About Life Insurance Options
Level Term :: Universal Life The purchase of an auto, boat or RV or home improvement and student loan expenses may signal the need for quality affordable life insurance to protect your family. The Level Term Series from Erie Family Life offers four different plans from which to choose. Each one offers low premiums, a valuable conversion feature and coverage periods ranging from 1 year to 20 years or longer.
- Annual Renewable Term - This plan is designed to cover larger short term obligations or to cover multiple loans.
- 5 Year Renewable/Convertible Term-An excellent choice for short-term obligations, such as auto, boat or consumer loans. The plan may be renewed to meet longer term needs as well.
- 10 and 20 Year Convertible Term - These plans are especially useful for personal, home improvement and recreational vehicle loans ranging from 10 to 20 years.
Policy Features
- Minimum Policy Size is $20,000* ($50,000 for Annual Renewable Term)
- Rate Classifications: Tobacco and Non-Tobacco
- Issue Ages:
| Annual Renewable Term |
Ages 15-70 |
| 5 year Renewable/Convertible |
Ages 15-60 |
| 10 Year Convertible |
Ages 15-60 |
| 20 Year Convertible |
Ages 15-50 |
You can convert any term policy to a permanent plan at any time during the policy period, without evidence of insurability. ** We guarantee this privilege regardless of changes in future health, occupation or hobbies. Erie Family Life does not impose hidden restrictions or conditions that would prevent Policyholders from exercising the conversion option.
The Accelerated Benefit Rider is a feature of all Level Term policies. The rider permits early payment of up to 50% of the death benefit (up to a maximum aggregate payout of $250,000) to any insured who is diagnosed as being terminally ill and expected to die within 12 months.
Available Optional Benefits
- Waiver of Premium Disability Benefit Rider (ages 15-55)
- Accidental Death Benefit Rider (ages 15-60)
- Spouse/Child Rider
- Dependent Children Rider
Your ERIE Agent can provide you with details on how to use these optional benefits to meet your specific needs.
What is universal life lnsurance Universal life insurance provides financial security for your family or business by combining the best features of term and permanent life insurance. It includes life insurance protection with an account value that earns tax-deferred interest. It can also be adjusted to meet your changing needs. Choose the amount of protection you want and design a premium schedule to match your budget.
Why Buy Universal Life?
- To fund your childrens' education.
- To provide financial support for your dependents,
- To supplement your retirement income,
- To satisfy business obligations,
Erie Family Life offers two universal life plans. ERIEflex is our traditional Plan, while ERIEflex2 is designed for individuals who need larger amounts of protection. With either plan, cash values can be borrowed or withdrawn for emergencies or to take advantage of financial opportunities.
Policy Features
Mininum Policy Size
ERIEflex $20,000 ($10,000 for age 55 and older)*
ERIEflex2 $100,000 ($50,000 for age 55 and older)
Rate Classifications
ERIEflex Non-Tobacco, Tobacco
ERIEflex2 Select, Non-Tobacco, Tobacco
Issue Ages
15 days through age 85 for each plan
Death Benefit Options
Option A (Level)
Option B (Increasing)
Interest Rates
Both plans credit a guaranteed minimum interest rate for your lifetime.
Both plans earn a current interest rate if higher than the guaranteed minimum,*
*The current rate reflects market conditions and is subject to change, ERiEflex2 provides a higher interest rate than ER/Ef/ex and includes an additional bonus rate when the net account value is at least $5,000,
Other Available Options
- Waiver of Premium Disability Benefit Rider
- Accidental Death Benefit Rider
- Guaranteed Insurability Rider
- Spouse/Children's Term Insurance Rider (ERIEfiex only)
- Children's Term Insurance Rider
- Additional Term Insurance Rider
- Other Insured Term Insurance Rider
Your ERIE Agent can provide details on how to use these options to meet your specific needs.
The Accelerated Benefit Rider is automatically included without cost on all ERIEfiex and ERIEfiex2 policies. This rider pays up to 50% of the death benefit (up to a maximum aggregate amount of $250,000) to any insured who is diagnosed as being terminally ill and expected to die within 12 months of diagnosis.
All interest credited to your ERIEflexsM or ERIEfiex_M policy accumulates tax-deferred and the death benefit paid to your beneficiary is federal income tax free. An annual report will keep you up-to-date on the performance of your policy.
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