Skip to main content
Life Insurance

Universal Life Insurance

Life Insurance is a way to help make sure your loved ones, who depend on you, are financially secure if something were to happen to you unexpectedly. There are lots of plans, but universal life insurance combines the best options — the affordability of term insurance with the long-term security of whole life insurance.

What is Universal Life Insurance?

Universal Life Insurance is protection that offers payment flexibility and the ability to adjust the coverage amount over time. It offers low-cost protection like term life insurance and a savings element like whole life insurance.  It can help your family financially with immediate cash for funeral expenses or can be used in other ways, such as business situations, to create a charitable gift, or to help generate an inheritance.

Universal life insurance is ideal for:

  • Income replacement
  • Estate planning 
  • College expense planning 
  • Inheritance or wealth transfer 
  • Charitable giving
  • Paying off mortgage or debt 
  • Deferred compensation 
  • Retirement income planning
  • Business continuation coverage 
  • Key person coverage (for the sudden loss of a key executive or employee)

What Erie Family Life Offers

With a universal life insurance policy from Erie Family Life1, you get lots of features, such as:

  • Payment flexibility and options
  • Guaranteed level death benefit2
  • Guaranteed interest rate
  • Policy loans with tax-free income potential3
  • Guaranteed cash value4

The coverage can last your entire life and includes a policy cash value with the convenience of a payment schedule that you determine. You select the payment necessary to accomplish your goals.

Like whole life, the cash value of a universal life insurance can be borrowed against if you need it2. The cash value can also simply be withdrawn, avoiding interest expense charges (subject to policy limits). And, your cash value accumulates tax-deferred3 at competitive interest rates.

The death benefit that is paid to your beneficiaries can be adjusted higher or lower as defined in the policy without having to buy a new contract.5

Get in Touch with an ERIE Agent

Talking with a licensed ERIE agent can help you decide which type of life insurance is best to reach your financial goals. With universal life insurance coverage, you have several options and can leverage the money you have set aside for your heirs into a larger legacy. Get in touch with a local ERIE agent for more information.

  • 1

    ERIE® life insurance products and services are provided by Erie Family Life Insurance Company, a member of Erie Insurance Group, and are not available in New York. See individual policies for specific coverage details. Certain terms and limitations may apply. Refer to our disclaimer for additional information.

  • 2

    Death benefit can expire if no premiums are paid following initial premium, subsequent premiums are insufficient or if account value is reduced by withdrawal or loan.

  • 3

    Taxes due on interest accrued are deferred until the interest is withdrawn or the policy lapses or is cancelled or surrendered. This web page is not intended as estate planning or tax advice. Please consult a qualified professional advisor.

  • 4

    Policy cash values accrue with a non-guaranteed interest rate. Use of policy cash values could reduce the life insurance death benefit.

  • 5

    Increases are subject to underwriting approval. The cash value earns interest at a rate determined by the insurer and that rate is subject to fluctuation based on market conditions. Policy may expire if sufficient premiums are not paid.

Request a Quote

We can help protect what’s most important to you — now and far into the future. Get in touch with a local ERIE agent today.