PLANNING OPTIONS
Final Expenses will be encountered by someone after your death. How do you want to plan, reducing that burden?
- Savings Account
- Certificates of Deposit
- Pre-Paid Funeral Home Program
- Annuity Funds
- Life Insurance Death Benefit
This focus does not address continuing income and lifestyle for your survivors.
LIFE INSURANCE ADVANTAGES
Life Insurance is less likely to get mixed in with other savings…and spent before the need arises for Final Expenses.
Life Insurance proceeds are not subject to ordinary income tax.
Death Benefits are payable to a beneficiary, which you can change as you see fit –
- A trusted loved one
- A trust
- An institution
- A designated financial trustee
ERIE FAMILY LIFE
Erie Family Life polices outlined here feature –
- Permanent insurance
- Develop Cash Value
- Minimum $25,000(1) Face Amount
WHOLE LIFE
- Issue Ages 15 Days – Age 85
Example: Woman, Age 45, Non-Tobacco, Good Health
- Wants a Final Expense policy
- Pays $560 Annually for Life
o Other pay plans avail.
- Immediate $35,000 policy
20-PAY WHOLE LIFE
- Issue Ages 15 Days – Age 70
Example: Woman, Age 45, Non-Tobacco, Good Health
- Wants a Final Expense policy
- No premiums in retirement years (planned for Age 65)
- Pays $798 Annually, 20 Years
o Other pay plans avail. - Immediate $35,000 policy
SINGLE PREMIUM UNIVERSAL LIFE
- Issue Ages 15 Days – Age 85
Example: Man, Age 65, Non-Tobacco, Good Health
- Has $20,000 in CDs & Savings
- Instead, pays single $20,000 Premium
- Immediate $50,927 Policy
NSS LIFE
NSS Life policies outlined here feature –
- Permanent Insurance
- Issues Ages 0-95
- Minimum $5,000 Face Amount
- Develop Cash Value
- Eligible for Dividends
WHOLE LIFE
Example: Man, Age 45, Non-Tobacco, Good Health
- Wants a Final Expense policy
- Pays $426 Annually for Life
o Other pay plans avail. - Immediate $20,000 policy
20-PAY WHOLE LIFE
Example: Man, Age 45, Non-Tobacco, Good Health
- Wants a Final Expense policy
- No premiums in retirement years (planned for Age 65)
- Pays $547 Annually, 20 Years
o Other pay plans avail. - Immediate $20,000 policy
SINGLE PREMIUM WHOLE LIFE
Example: Man, Age 65, Non-Tobacco, Good Health
- Has $11,560 in CDs & Savings
- Instead, pays single $11,560 Premium
- Immediate $20,000 Policy
SINGLE PREMIUM WHOLE LIFE PAID OVER 3 YEARS
Example: Woman, Age 60, Tobacco User, Good Health
- Trying to put aside funds
- Goal is to save $1,760 per year over 3 years = $5,280
- Instead, pays $1,760 per year Premium for 3 years
- Immediate $10,000 policy
https://www.erieinsurance.com/life-insurance/whole-life