It was time to secure a life insurance policy and somehow you ended up stumbling across Erie Insurance Company. Now, you’re wondering if this is the best option for you to choose as protection for your loved ones. When it comes to finding the right insurance company you have to look at different factors such as company rating, financial strength, plan quality and of course customer reviews before you pull a trigger. You should also always, always check how any particular insurer stacks up against competition regardless if you’re purchasing a home, auto or a life insurance policy. Luckily for you that we come in, here at InsureChance we have completed 100’s of review and work with top insurers to help you find the best one. So let’s dig deep and see what Erie Insurance Company is all about.
About Erie Insurance Company
This company was started by two agents back in 1925 with a focus on providing insurance policies for automobile cover. Of course like all big companies they did really well and it was only a matter of time until they added other products with life insurance being one of the last ones 40 some years later. Unlike, other big insurers this carrier is offered in less than 20 states and if they are in your state you can secure a policy through their network of indy agents.
Let’s take a look at the company’s overall strength and rankings. When it comes to insurance companies we refer to a rating agency known as A.M. Best and they have given Erie an “A+”. Yes, this is a similar grading system to schools! This rating simply lets you the consumer know that the company has kept enough reserves to pay out claims and withstand economic downturns. Oh, and they are also a fortune 500 company ranking 382 on the list. Erie has also been awarded the J.D. Power Award for customer satisfaction 5 years in a row for Auto Insurance. What happened to life insurance award though? Not sure and this is quite a common mistake a lot of individuals make by thinking that their auto and home provider is going to do the same job with life insurance and let me tell you that’s rarely the case.
When reviewing their website I did see a large focus the company has on giving back by encouraging their employees to contribute along with charitable gifts in an effort to battle hunger and homelessness. Giving Network is the name of their branch that focuses on helping the less fortunate and ones affected by sudden losses. The giveback culture is live and well withing Erie Insurance Company, personally, I have a soft spot for companies that do this but I’m still going to be vigilant with their overall performance in this review.
*As far as the company’s financials, age, history and charitable giving I got to say that they are definitely a solid company and you will not have to worry about them being a fly by night.
Erie Life Insurance Plan Offerings
Erie Insurance Company has a ton of different types of insurance products but you landed here after researching their life insurance plans so let stick to it. You can get both term and permanent types of life insurance options with Erie. Just a quick summary term policy is designed to provide coverage for a specific time period in your life and has a shelf life but this is also the reason why it is very affordable. Permanent life comes in a form of whole life or universal life and has an ability to accumulate cash value with lifetime protection but there is always a but don’t you hate that, it costs 4 to 6 times more than term. Here is a quick summary of their Term, Whole, and Universal Life Plans:
Term Life
- Ideal for people looking for simplicity and affordability
- You can secure a 5, 10, 15, 20 or a 30-year plan option. The longer the term the higher the cost.
- Coverage amount can be as high as you want but if you need less than 90k you can get it without an exam. (If you need a no exam we have carriers that do it up to 500K)
- The plan is a level which means that the rate and death benefit are fixed and not subject to change.
- Conversion privilege included so you can convert your term plan into one of their permanent plans with guaranteed insurability as long as you do prior to age 70 or term expiration.
Whole Life
- Ideal for people looking to have life insurance for their entire life with a guarantee on the premiums staying the same.
- This plan provides protection until age 100 at which point the policy matures.
- The premiums and the death benefit are fixed so you won’t have to worry about that.
- Coverage amount can be as high as you want but if you need less than 90k you can get it without an exam.
- Accumulates guaranteed growth on the cash value which you can borrow from in the future.
Universal Life
- Ideal for people looking to have lifetime cover but a higher chance for savings growth.
- Similar to a whole life insurance policy but with much more flexibility in the premium payment and face amount.
- Designed to provide lifetime protection but with a higher potential for cash value accumulation.
- Offers guaranteed payments and death benefit along with the ability to utilize cash value.
*There is nothing bad to say about their products since they are solid and there is a variety of options for different people with various circumstances.
Service
Erie Insurance Company had service is their primary focus and they maintained this mission to this day. Their company tagline is “Above all in Service” which is no surprise why they have so many awards from different rating organizations. We have also reviewed their website and it is up to date with an online portal for existing policyholders where you can make a payment, file a claim or do a variety of other things.
As far as the voice on the web they do have a few hundred negative reviews and angry clients from various review sites. Although we don’t like when companies have negative reviews we must consider that they have 100’s of thousands of policyholders and the ratio is quite small. Typically, the angry clients are a result of the agent not explaining things clearly or the consumer not doing their due diligence.
*Their service is great but they do have some angry clients out there so not perfect but still good when looking at the overall ratio.
Our 2 cents
By now you probably know more about Erie Insurance then some of their employees. At the end of the day, I have to say that I think Erie Insurance Company is great and definitely a good choice for many clients but they do have two shortfalls. One being I personally don’t feel comfortable after reading some of the client’s reviews since they are very upset and I think even though it’s a few hundred out of 100’s of thousands the company should try and really improve or address these concerns. Second thing is that I truly believe that you can get a much better deal with a company that has a stronger focus on life insurance like Banner Life, Prudential, Protective, Principal or many others. This is primarily because a company that specializes in life insurance has better underwriting for people with preexisting conditions and from our experience buying life insurance from a carrier that does most of their business in auto and home results to higher rates.
*Overall Erie is a great insurance carrier but only choose them for life insurance if they can beat rates of life insurance giants. (click here for quotes)
Work with Us!
The secret to getting the best deal on your life insurance policy is working with an independent agency that is not loyal to any one company. Now, when working with an independent agency be sure to see a printout or a screen share of all the companies that are available to you to ensure you’re getting the best rate. Another reason this is quite important is that each company will look at your overall health and lifestyle differently so the rates are going to vary per individual. Here at InsureChance, we work with over 60 top rated life insurance companies and provide a completely pressure free informative sales process. Besides life insurance rates are fixed by the law so they are the same everywhere and our service is absolutely free to you. If you’re ready for the next step simply use one of our comparison tools to request an application or call us at 888.492.1967!
