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Final expense insurance is a perfect alternative to traditional life insurance, because it is more affordable, no medical exam is required, and premiums will not increase over time. In addition, final expense insurance can provide funds to your family within 24-48 hours of your passing whereas traditional life insurance plans can take weeks to pay out. This instant, short-term monetary relief can be crucial for staying current with mortgage payments and covering day-to-day living expenses.
No longer a luxury, final expense insurance is a necessity. So what are you waiting for? Give yourself and your loved ones peace of mind today.
You may want to consider investing in an annuity as part of your long-term financial strategy if:
- You’re in a higher tax bracket and want to defer additional income.
- You’ve reached your deductible limit on all your retirement accounts and wish to save more for retirement.
Erie Insurance Life Insurance Calculator
There are a variety of life insurance policies that we can provide. The kind of policy you choose depends on your needs. These products are continually changing and we can provide you with the latest information and policies available!
Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.
Term Life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.
Individual Long-Term Care
Rising life expectancy means that the potential need for “long-term care” grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.
Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to “spend down” most of your assets on health care.
Imagine the worst case scenario. A fatal accident today would force your loved ones to immediately experience financial hardship. On top of your final expenses, the mortgage is due, but your family has no way to pay it without your income. They haven’t even had enough time to grieve and now they have to deal with the impending tragedy of foreclosure.
Like most life insurance, mortgage protection insurance eases the financial burden of your loved ones. It is an affordable way of ensuring that your home is paid for no matter the circumstances. Cancer, stroke, heart attack, injury, death… your family will never be in jeopardy of losing its home as long as you put a custom mortgage protection insurance plan in place.
Life Insurance FAQs
Life insurance is a safe, simple way to guarantee that the people who depend on you now will be taken care of after you’re gone. Beneficiaries receive a tax-free cash payment that ensures their standard of living and way of life does not suffer. Please, don’t make a tragic situation even worse by failing to plan now. If you are the primary earner in your household, life insurance is not an option. It’s a responsibility.
Contact your Polesky Insurance Agency agent to discuss your life insurance options today.
While experts disagree on the exact formula for income replacement, most estimate that, at a minimum, a person needs coverage equal to six times their annual income. Ultimately, the only “wrong” answer is no coverage at all.
Contact your Polesky Insurance Agency agent today, and they can assist you with balancing future needs with your current financial capabilities.
The risk with buying term life insurance is that the policy holder may “outlive” the coverage. When this happens, the policy terminates, and you are given the option to renew. However, the new premiums will most certainly be higher, because you have aged. Still, term life insurance is an attractive option for many people, because it allows them to buy coverage at a lower cost and when it’s needed most.
Permanent life insurance, on the other hand, offers lifetime protection as long as you continue to pay your premiums. All age groups can take advantage of the security and peace of mind that permanent life insurance offers. Retirees can guarantee that their loved ones will be provided for after they are gone, and young people looking to start a family can take advantage by buying early and locking in a great, low rate.
In some instances, a combination of both term life and permanent coverage is desirable. Contact your Polesky Insurance Agency agent today to determine which solution is best for you.
Accelerated Death Benefit
Terminally ill patients can forgo their death benefit in exchange for a payment equal to the life insurance policy’s face value.
Take advantage of group rates and the convenience of direct billing by taking your life insurance plan with you when you retire or switch careers.
Waiver of Premium
This feature allows you to keep your coverage even if you become seriously ill or disabled and are unable to pay your premiums.
By paying in excess of your regular premiums, some policies allow you to increase the amount of your death benefit. Likewise, cash accumulation can also be used to increase the loan amount available to policy holders while they are living.
Term life insurance policies, on the other hand, do not have a loan option available, because they do not accrue cash value. This is why these types of policies are commonly referred to as “Death Benefit Only” policies.
As a precautionary measure, you will also need to designate “contingent” or secondary beneficiaries in the event that you outlive your primary beneficiaries. You should take the time to review your beneficiaries annually as they can be changed throughout the life of the policy for any reason.
If you have additional questions regarding the process of choosing your beneficiaries, please contact your agent, and they will be happy to assist you.