5 Tips When Buying Life Insurance for the First Time
September 23, 2020 by Erie Insurance Group
ERIE, Pa., Sept. 21, 2020 /PRNewswire/ — Major life changes like getting married, starting a family or buying a house are often when people start thinking about buying life insurance. It can be a process that may sound intimidating or confusing – but it’s also very important.
During this Life Insurance Awareness Month, Erie Insurance shares five points to discuss with your agent when buying life insurance for the first time.
- Understand who (or what) you are protecting. While anyone experiencing a significant life event like getting married or starting a family often recognizes the need for life insurance, others may not realize they could benefit from it as well. For instance, stay-at-home parents and student loan cosigners could have a definite need for life insurance.
- Only buy the life insurance plan you can afford. Many people are surprised at how much life insurance they really need to protect the people and things they love most – but they are also surprised at how affordable it can be. If you cannot find a policy that fits in your budget, it’s a mistake to forgo any coverage at all. Something is definitely better than nothing.
- Think through your beneficiaries. A life insurance beneficiary is the person or entity you name in your life policy to receive funds in the event of your passing. Your beneficiary can be a person, business, trust, charity or even your church. And, you can have more than one. It’s important to make sure you think through who your beneficiaries are and if any proceeds meant to benefit a minor should be held in trust.
- Buy from a financially sound company. You want the backing of a financially strong insurer if you or someone you love needs to call on the life insurance policy. A.M. Best, the largest and longest-established company devoted to issuing in-depth reports and financial strength ratings about insurance organizations, gave Erie Family Life Insurance Company a rating of A (Excellent).
- Consider current and future needs. Don’t just consider your current lifestyle, keep in mind your future needs and what those could include (a spouse, children or business). By taking in these considerations today, you’re investing in the security of your future. Life insurance is less expensive than most people think—and that’s especially true when you’re younger.
A knowledgeable and professional insurance agent can offer trusted guidance when it comes to finding the right life insurance protection at the right price. Life insurance with Erie Family Life offers you the right coverage with flexible options, helping you to build a policy now that is adaptable later. Find an ERIE agent near you to learn more about life insurance coverage from Erie Family Life and to start the conversation.
Erie Insurance Group
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer and 12th largest automobile insurer in the United States based on direct premiums written and the 16th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has more than 6 million policies in force and operates in 12 states and the District of Columbia. Erie Family Life Insurance Company is rated A (Excellent) by A.M. Best Company. Life insurance policies not written in New York state. Erie Insurance Group is a FORTUNE 500 company.
News releases and more information about Erie Insurance Group are available at www.erieinsurance.com.
SOURCE Erie Insurance Group