If you’re interested in purchasing life insurance, you should consider the following:
Plus if you’re under 40, you likely qualify for (and should strongly consider) adding a Guaranteed Insurability Option (GIO) rider2 to your life policy. The GIO rider allows you to increase your life insurance coverage as you age and remain locked in at the healthier rate class secured by your younger (and wise beyond your years) self.
Life insurance and health conditions might sound intimidating or confusing — but they don’t have to be. Your best course of action is to talk with a professional like your local ERIE agent. They are knowledgeable and can give you guidance on which life insurance plans make sense for you and your family — and won’t break the bank.
Hollie Britten and Amanda Austin contributed to this story.
1Life Happens® & LIMRA. (2021). Insurance Barometer Study. Wood, S., Leyes, M. & Scanlon, J.
2Guaranteed Insurability Option rider is subject to underwriting approval. Not available on all plans. Issue ages 0-40. Talk to your local agent for rider specifics option dates, availability, terms and conditions. Additional cost applies. The original purchase of GIO rider is subject to underwriting.
Whether you’re a young adult, stay-at-home parent or a retiree, you likely have a need for life insurance.
But wading through multiple policy options, benefit amounts, premiums and riders can be overwhelming. Does whole life or term life make more sense at this point in my life? Do I need $50,000 in coverage, $500,000 or even more? (Hint: visiting ERIE’s life insurance calculator may help.)
Combine that with concerns about health conditions you may have and it’s enough to deter a lot of folks from even exploring their options.
A 2021 study1 from Life Happens found that 7 in 10 Americans say they “personally need life coverage”, yet only 52% of American adults actually have some type of life insurance coverage. One of the reasons often cited for not having it is that people wrongly assume they won’t qualify. (Check out ERIE’s list of five more reasons why people hold off buying life insurance.)
In reality, many common and manageable conditions won’t disqualify you from being approved for a policy. It varies by insurer and may affect the cost of coverage, but many companies will grant coverage to people with:
Haven’t heard of us? Erie Insurance started with humble beginnings in 1925 with a mission to emphasize customer service above all else. Though we’ve grown to reach the Fortune 500 list, we still haven’t lost the human touch.
Contact NorthGroup Insurance today to experience the ERIE difference for yourself.