As your life changes, so can your life insurance needs.

It’s important to make sure you have enough life insurance to take care of your loved ones. Erie Insurance and its independent Agents are with you every step of the way.

Proceed through each tab of the life insurance calculator. If you need help with a field, click on the question mark next to it for more information.

Once you’ve completed the calculator, you’ll have the option to email the results directly to your Erie Insurance Agent who will be happy to work with you to protect your family. You will also be able to print the results to discuss with your family and your Agent.print the results and discuss them with your Erie Insurance Agent. Not an Erie Insurance Customer? Find an Erie Insurance Agent near you with our Agent Locator.

Immediate Expenses

A death in the family is stressful enough, but it’s also expensive. The average funeral costs upwards of $10,000. In many cases, there are also medical bills, travel costs, and other unanticipated expenses; they are often higher than the funeral itself.

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Outstanding Debt

If you’re like most people who incur debt, plan on leaving enough money to pay it off. By factoring in the balance of mortgages, credit card debt, and other loans, you will spare your family the financial burden and stress of paying those financial obligations.

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Education Fund

Education is expensive. Think about providing an education fund for your children. Should they be privately schooled? What will they do for college?

Even if you don’t have any children now, you may in the future.

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Survivors’ Income

Life insurance planning is about making sure your loved ones can continue to thrive after you’re gone. Make sure they’ll have enough money to pay day-to-day expenses for a reasonable amount of time.

Enter all amounts for one year.

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Current Assets

Life insurance and other assets are used to offset the financial needs that arise when someone dies. Potential financial resources include individual or group life insurance, investments, stocks that can be liquidated, and salable items.

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Summary

Your insurance need reflects the expenses your family will incur and the income they have to offset them. The chart shows these expenses vs. income. Look for the “insurance need” segment. If you don’t see it, then great! You’ve got your bases covered. If you do, though, contact your insurance Agent to discuss your options.

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