Universal Life Series
Universal life insurance* provides financial security for your family or business by combining the best features of term and permanent life insurance. It includes life insurance protection with an account value that earns tax-deferred interest. It can also be adjusted to meet your changing needs. Choose the amount of protection you want and design a premium schedule to match your budget.
Why Buy Universal Life?
- To fund your children's education.
- To provide financial support for your dependents.
- To supplement your retirement income.
- To satisfy business obligations.
- To provide for final expenses and estate settlement cost.
Erie Family Life offers two universal life products. ERIEflex3 – Asset Builder is flexible premium product designed to build cash value. ERIEflex4 – Protection guarantees death benefit protection at an affordable premium.
Policy Features
- Minimum Policy Size: $50,000 for each product
- Issue Ages: 15 days through age 85 for each plan
- Death Benefit Options:
ERIEflex3
o Option A Level – death benefit equals the face amount
o Option B Increasing – death benefit equals the face amount plus account value
ERIEflex4
o Option A Level only
- Interest Rates: Both products credit a guaranteed minimum 3% interest rate for your lifetime and earn a current interest rate if higher than the guaranteed minimum.
Additional Options
ERIEflex3
- Waiver of Deductions Disability Benefit Rider
- Guaranteed Insurability Option Rider
- Children's Term Rider
ERIEflex4
- Waiver of Specified Premium Disability Benefit Rider
- Guaranteed Insurability Option Rider
- Children's Term Rider
The Accelerated Benefit Rider is automatically included without cost on all ERIEflex3 and ERIEflex4 policies. This rider pays up to 50 percent of the death benefit (up to a maximum aggregate amount of $250,000) to any insured who is diagnosed as being terminally ill and expected to die within 12 months of diagnosis.
Your ERIE Agent can provide details on how to use these options to meet your specific needs.