Review of Erie Family Life Insurance Company
Review of Erie Family Life Insurance Company
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Review of Erie Family Life Insurance Company

Our Take

Available in just a few states, Erie Family Life Insurance Company sells group and man or woman whole, term, and conventional existence guidelines. If you stay in one of the states where Erie sells coverage, you can purchase up to $10 million in insurance, making the insurer an awesome preference for excessive-income families who want to offer lengthy-lasting economic protection to their beneficiaries.Secure your family’s future with the reliable coverage offered by Family Life Insurance Company, providing financial protection and peace of mind.

Pros and Cons

Pros

  • High insurance quantities available
  • Accelerated loss of life gain included
  • Coverage available without a clinical exam

Cons

  • Only available in pick states
  • Life coverage have to be purchased via sellers
  • Limited facts on line

Key Takeaways

  • Erie Family Life Insurance Company sells term, whole, and regularly occurring existence rules
  • Some rules encompass riders like accelerated loss of life advantages at no introduced cost
  • The organisation is licensed to sell life insurance in handiest 11 states
  • Erie additionally sells car, house owners, renters, Medicare complement, and business coverage plans
  • All of its guidelines are offered through impartial insurance agents

Company Overview

Erie Family Life Insurance Company is a subsidiary of Erie Insurance. Founded in 1925 in Erie, Pennsylvania, Erie Insurance is a Fortune 500 organization with over 6,000 employees.

Erie gives lots of coverage merchandise, inclusive of car, house owners, renters, and business coverage guidelines. Through the Erie Family Life Insurance Company, Erie additionally sells term, complete, and normal lifestyles coverage coverage.

A small insurer, the Erie Family Life Insurance Company is certified to promote life insurance in just eleven states. While different corporations promote lifestyles insurance guidelines on line or over the cellphone, Erie’s regulations are best available via impartial sellers.

The Erie Family Life Insurance Company is not certainly one of our top-rated life coverage businesses. You can review our list of the excellent lifestyles insurance groups for what we think are higher options.

Pros Explained

  • High insurance quantities available: Some lifestyles coverage agencies have pretty low coverage limits, which include a most dying gain of $500,000. Erie Family Life Insurance Company offers guidelines with as much as $10 million in coverage.
  • Accelerated demise advantage included: With maximum insurers, an elevated loss of life benefit rider comes at an extra fee. With as a minimum a few and potentially all of Erie’s regulations, this rider is blanketed and doesn’t increase your rates.
  • Coverage available without a scientific exam: Erie’s ERIExpress plan lets in you to arise to $500,000 in coverage, without having to undergo the trouble of a medical examination.

Cons Explained

  • Only available in select states: Erie is a fairly small life coverage company licensed in Washington, D.C., and 11 states: Illinois, Indiana, Kentucky, Maryland, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wisconsin. If you live in some other country, you’ll should buy coverage from a exclusive enterprise.
  • Life insurance need to be bought via sellers: While a few businesses permit you to buy coverage over the phone or thru their websites, that’s now not the case with Erie. To purchase a policy, you ought to touch an insurance agent. Erie retailers paintings solely on commission, in order that they have economic motivation to guide you towards sure products.
  • Limited records on line: Erie doesn’t include very lots facts approximately its to be had plans or riders on-line. Instead, it encourages clients to touch an agent for information approximately insurance info, prices, riders, and charges. The limited statistics can make it hard to compare its plans to other businesses’ regulations.

Note

The Erie Family Life Insurance Company is a fairly small organisation. In 2021, its annual premiums best totaled over $268 million. By contrast, Northwestern Mutual—the largest writer of person lifestyles coverage based on direct premiums written—had over $17.7 billion in annual lifestyles charges.

Available Plans

The Erie Family Life Insurance Company sells institution and character time period, complete, and commonplace lifestyles policies. While most of its regulations are completely underwritten, its ERIExpress software offers simplified difficulty guidelines and that don’t require a scientific examination.

Erie has 4 lifestyles insurance alternatives:

Term Life Insurance

If you’re searching out a easy, cheap plan, term lifestyles insurance may be for you. Term lifestyles rules offer a death benefit for a specific period of time. If you pass away at some point of the coverage’s term, your beneficiaries will receive a lump-sum demise benefit.

With the Erie Family Life Insurance Company, you may pick a term of 5, 10, 15, 20, or 30 years. If you purchase term existence insurance and later decide you need a everlasting existence insurance policy, Erie permits customers to convert their policies to complete or normal life guidelines irrespective of their health.Secure your family’s future with the reliable coverage offered by Family Life Insurance Company, providing financial protection and peace of mind.

Whole Life Insurance

Unlike the temporary insurance that time period existence guidelines provide, entire existence insurance gives you permanent protection. Whole lifestyles policies can also acquire coins fee, supplying you with the choice of borrowing against that fee afterward to cowl essential costs.Secure your family’s future with the reliable coverage offered by Family Life Insurance Company, providing financial protection and peace of mind.

With an Erie complete life plan, you may stand up to $10 million in coverage, leaving your beneficiaries a extensive benefit to provide for his or her lengthy-term desires. Whole life policies are available to people a long time 85 or younger.

Universal Life Insurance

Like whole lifestyles guidelines, everyday life insurance lasts to your lifetime and can develop coins fee. However, regular plans are more flexible than entire life insurance. You can regulate your premiums and your dying gain if your price range or desires alternate, and you may borrow or withdraw your cash cost while you want it.

ERIExpress Life

ERIExpress Life is an choice customers can use to buy both term or complete insurance without a clinical exam. To follow, customers actually solution some health questions. Eligible candidates can get $10,000 to $500,000 of term or entire life coverage.

Available Riders

When you purchase a lifestyles coverage policy, maximum companies provide coverage riders. By making use of riders, you could get additional coverage, purchase coverage for own family individuals, or use a part of your dying benefit to pay for fees if you become sick. While riders commonly fee more, they may be a valuable addition to your policy.Secure your family’s future with the reliable coverage offered by Family Life Insurance Company, providing financial protection and peace of mind.

The Erie Family Life Insurance Company gives the subsequent riders:

Accelerated Death Benefit

If you become terminally unwell and feature a life expectancy of two years or much less, the accelerated death benefit rider lets in you to apply a number of your policy’s advantage amount while you’re still living. The elevated dying advantage rider is covered at no extra cost.

Waiver of Premium

If you become disabled this rider lets in you to maintain your policy in pressure with out paying the charges. It is available to those between 18 and 60 years antique.

Guaranteed Insurability

With the assured insurability alternative, you should purchase extra insurance at special stages of your existence without having to reply scientific underwriting questions.

Long-Term Care Rider

Available to whole and universal lifestyles policyholders, the long-time period care rider can provide you with economic support if you require care from a nurse or fitness aide after an twist of fate or infection.

Customer Service

The Erie internet site is barebones in terms of schooling and coverage information. For information about Erie’s rules or to find out facts approximately its pricing, you ought to touch certainly one of Erie’s unbiased insurance agents.

While Erie’s internet site is restricted for potential customers, its services for current policyholders are tons more sturdy. Policyholders could make bills online, begin a claim, and download essential bureaucracy.

Erie launched has an app for clients to manipulate their rules from their phones. Available for each Android and iOS gadgets, policyholders can view and send plan documents, make payments, view beyond statements, and contact a local Erie agent.

If you need help along with your coverage, you may contact customer support at 800-458-0811, Option 3. You also can send an electronic mail. Customer support is to be had Monday thru Friday from eight a.M. Until five:30 p.M. EST.

Complaint Index

The National Association of Insurance Commissioners (NAIC) collects all of the complaints customers post and uses them to calculate businesses’ grievance ratios. The ratios are a degree of the quantity of lawsuits submitted relative to the employer’s share of the coverage marketplace.

The enterprise popular for grievance ratios 1.0. If a agency has a ratio above 1.Zero, meaning customers submitted extra court cases than the NAIC predicted for a business enterprise of its length. Likewise, a organization with a ratio under 1.Zero obtained fewer complaints than predicted.

As a small insurer, very few customers have submitted court cases about the Erie Family Life Insurance Company.

In 2021 Erie Family Life Insurance Company’s complaint index become zero.23 that’s plenty better than common. It acquired just two lawsuits. In 2019 and 2020 matters were even higher, Erie Family Life Insurance Company received no complaint in either year for an index of 0.00.

Third-Party Ratings

When you buy lifestyles coverage, you want to understand that the agency is financially sound and able to pay out any claims if the worst need to manifest. AM Best is a credit score rating company that evaluates coverage organizations’ financial balance.

In 2021, AM Best affirmed Erie Family Life Insurance’s A (extraordinary) rating, while Erie Insurance Group obtained an A+ (Superior) rating. In the press launch announcing the ratings, AM Best mentioned Erie’s stability sheet energy, big unbiased agent network, and massive market share in its home states as its intent for the rankings.

J.D. Power does not include Erie in its existence insurance studies because of the enterprise’s extraordinarily small market proportion and confined geographic variety.

Cancellation Policy

As with other coverage companies, you’re entitled to a “unfastened look” period of generally 10 and probably as long as 30 days. During that time, you could cancel your policy and get a complete refund. Once the unfastened appearance length ends, how cancellations are treated is depending on the kind of insurance you’ve got.

With time period existence insurance, you may cancel at any time with out penalty. However, Erie gained’t refund the rates you paid.

With complete and customary lifestyles regulations, there can be a give up charge. However, you can get some of your amassed coins fee if you’ve held your policy for several years earlier than canceling.

To quit your policy, contact your Erie insurance agent.

Price

The Erie Family Life Insurance Company doesn’t have a charge calculator or rate chart on its internet site. The only way to get facts on its pricing is to request a quote from an insurance agent. However, Erie does nation on its website online that $250,000 of time period existence insurance may be as low as $14.24 a month.

As with different lifestyles coverage agencies, Erie calls for you to pick both “male” or “woman” whilst you observe for insurance. Being nonbinary doesn’t disqualify you from getting lifestyles insurance. However, you need to be conscious that most coverage corporations haven’t updated their underwriting strategies to reflect a contemporary attention of gender problems.

Competition

The Erie Family Life Insurance Company gives numerous existence insurance alternatives, excessive insurance, and a couple of non-obligatory riders. However, the organisation is handiest certified in 11 states.

If you live outside of Erie’s provider regions, take into account Northwestern Mutual, the largest existence insurer within the u . S .. The organization has many distinct existence insurance alternatives and multiple elective riders you could use to customize your coverage. Northwestern Mutual additionally has an wonderful recognition for customer support. In the J.D. Power 2021 U.S. Individual Life Insurance Study, Northwestern Mutual was ranked 1/3 out of 21 corporations based on its customer support, product services, and pricing.

Northwestern additionally has received remarkably few court cases from clients; in 2021, its complaint ratio turned into simply 0.03, well beneath the enterprise average. It also stands proud from Erie in that policyholders may qualify to acquire dividends. In 2022, Northwestern Mutual paid $6.Five billion in dividends.

Erie Family Life Insurance CompanyNorthwestern MutualMarket ShareVery smallLargest in the U.S., nine.5p.CNumber of Plans5At least 5Dividends for 2022None$6.5 billionWellness Program Discounts/Quit Smoking IncentivesN/AN/AService MethodAgentsAgentsAM Best RatingA (Excellent)A++ (Superior)Complaints Trend0.230.03

FINAL VERDICT

If you live inside one of the eleven states in which the Erie Family Life Insurance Company is certified to promote life insurance, you may rise up to $10 million in insurance. It’s a great option for those with excessive incomes or younger families that might want a considerable amount of economic help if the breadwinner wasn’t there to provide for them. However, Erie’s service vicinity is restricted, and you have to go through agents to get facts or to use for insurance. If you’re searching out a extra direct manner to get insurance, you’ll ought to follow with every other business enterprise.

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Methodology

Our reviews of life insurance companies are primarily based on a quantitative methodology that analyzes each insurer on their balance and reliability, customer support, claims experience, variety of product strains, and price. We examine the terms of every form of policy provided—along with available coverage quantities, non-compulsory riders, and premium fee options—with that of different predominant lifestyles coverage companies. Lastly, we examine how the business enterprise is rated with the aid of 1/3-party groups to decide its reliability and typical recognition.

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