ERIE, Pa., Sept. 7, 2017 /PRNewswire/ -- If you
recently got married, are expecting or just had your first child,
or purchased a new home, you may be thinking about buying life
insurance. In honor of Life Insurance Awareness Month, Erie
Insurance is sharing seven tips for anyone who is considering
purchasing life insurance for the first time.
1. Understand who (or what) you're
protecting. Major life changes like getting married, starting
a family or buying a house are often when people think about buying
life insurance for the first time. To get a rough idea of how much
you should consider, check out Life Insurance Calculator
offered by Erie Insurance.
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.
An insurance agent can help you figure out who and what
you need to protect.
2. Buy what you can afford. Some people forgo
purchasing life insurance for fear they cannot afford it. Start
with what you can afford, and add to it over time. The good news is
that life insurance is probably more affordable than
people may think.
3. Consider your beneficiaries. A life
insurance beneficiary is the person or entity you name in your
policy to receive funds. Your beneficiary can be a person,
business, trust, charity or even your church. And, you can have
more than one. Carefully consider who your beneficiaries will be
and if any proceeds meant to benefit a minor should be held in
trust.
4. Get a will. Having a will can help ensure
that life insurance proceeds are properly dispersed.
5. Do business with a financially sound company. You
want to know your insurance company will be there when you need it.
Erie Family Life Insurance Company is celebrating its
50th anniversary this year and holds an A (Excellent)
rating from A.M. Best, a respected provider of financial ratings
for insurance organizations.
6. Learn about life insurance. While
an insurance agent can help you navigate the world of
life insurance, it also helps to have a working knowledge. These
articles are a good starting point.
7. Work with a licensed insurance agent. A
knowledgeable and professional insurance agent can offer
trusted guidance when it comes to finding the right life insurance
protection at the right price. Talk to an Erie
Insurance agent to learn more about your life insurance
options and to get a free quote.
About Erie Insurance
According to A.M. Best Company,
Erie Insurance Group, based in Erie,
Pennsylvania, is the 10th largest homeowners insurer and
12th largest automobile insurer in the
United States based on direct premiums written and the 15th
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 5
million policies in force and operates in 12 states and the
District of Columbia. Erie
Insurance Group is a FORTUNE 500 company.
News releases and more information about Erie Insurance Group
are available at www.erieinsurance.com.
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SOURCE Erie Insurance