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
Lifestyle Continuation Expenses also need to be considered. Without your income and presence, how will your loved ones continue their current standard of living?
Key considerations include –
- Mortgage Expense
- Education Savings
- Retirement Planning
- Car & Other Consumer Loans
- Long-Term Care of a Relative
Group Life Insurance from an employer is a great benefit. But it typically ends when your employment ends.
Social Security Survivors’ Benefits have limits to consider –
- $255 Funeral Expense
- Income Payments to Widows or Widowers, subject to income limit test
o Under Age 60 with minor children
o Over Age 60
LIFE INSURANCE ADVANTAGES
Life Insurance is less likely to get mixed in with other savings…and spent before the need arises.
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 –
- Inexpensive Term Insurance
- No Cash Value
- Minimum $25,000 Face Amount
- Monthly EFT Premium Plans
5-YEAR ERIE LIFE-SENSE TERM
- Issue Ages 18 – 65
Example: Woman, Age 45, Non-Tobacco, Good Health
- Pays $13.47 Monthly
- Immediate $50,000 policy
10-YEAR LEVEL TERM
(15 /20/30 Year Plans Available)
- Issue Ages 18 – 70 (10 Year)
Example: Woman, Age 45, Non-Tobacco, Good Health
- Pays $18.11 Monthly
- Immediate $100,000 policy
30-YEAR LEVEL TERM
(10 /15/20 Year Plans Available)
- Issue Ages 18 – 50 (10 Year)
Example: Man, Age 30, Super-Select Non-Tobacco Rate Class
- Pays $27.41 Monthly
- Immediate $250,000 policy
NSS LIFE
NSS Life policies outlined here feature –
- Inexpensive Term Insurance
- Minimum $10,000 Face Amount
- No Cash Value
- Monthly EFT Premium Plans
o $10 Monthly Minimum
10-YEAR RENEWABLE LEVEL TERM
- Issue Ages 16 – 50
Example: Man, Age 45, Tobacco User, Good Health
- Pays $17.73 Monthly
o Policy Years 1-10 - Pays $30.62 Monthly
o Policy Years 11-20 - Pays $72.43 Monthly
o Policy Years 21-30 - Immediate $25,000 policy
20-YEAR LEVEL TERM
- Issue Ages 16 – 50
Example: Man, Age 30, Preferred Non-Tobacco Rate Class
- Pays $10.71 Monthly
- Immediate $75,000 policy
https://www.erieinsurance.com/file-insurance/about