Long Insurance Services of Kernersville, NC


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All Posts in Category: Erie Insurance Company

Long Term Care

What is Long-Term Care Insurance?

It’s not something you want to think about, but most of us will need long-term care at some point in our lives. In fact, according to the U.S. Department of Health and Human Services (HHS), once a person reaches age 65, they have almost a 70% chance of needing some type of long-term care services in their remaining years.1

The need for care may develop suddenly after a major health event like a heart attack, stroke or injuries from a car accident. Or it could develop gradually as you age. Either way, planning ahead with a long-term care policy from ERIE FAMILY LIFE INSURANCE COMPANY can help protect you and your family from the high costs of long-term care.

Wondering whether long-term care insurance is right for you? Here are answers to some of the most common questions about long-term care insurance.

What is Long-Term Care?

The phrase long-term care is an umbrella term used to describe a wide range of services that are necessary to meet someone’s health or personal care needs over an extended period of time.

These services could be medical, such as care provided through home health care or a nursing home. But long-term care services can also assist people with normal daily activities, such as dressing, bathing and using the bathroom. It can even include community services such as meals, adult day care and transportation services.

What is Long-Term Care Insurance?

Assistance with either medical or personal care needs comes with a cost. According to HHS data, the average home health aide costs about $20 an hour and a private room in a nursing home runs an average of $7,968 each month.2

Long-term care insurance is designed to help you cover costs such as these. It makes money available to pay for the personal care you need, including assisted living, home health care or a long-term care facility.

Does Medicare Cover Long-Term Care?

Medicare is designed to cover medically necessary care for people age 65 and older, such as hospital stays and doctor visits. But aside from short nursing home stays following a hospitalization or services specifically prescribed by a doctor, most long-term care is considered “custodial care.” That means it won’t be covered by Medicare or private health insurance – potentially leaving you 100% responsible for the bill. Medicaid may provide limited long-term care resources, but only after all your personal assets have been depleted.

How Much is Long-Term Care Insurance?

There are several types of long-term care insurance available on the market. You can buy a standalone long-term care insurance policy, but this coverage can be expensive and require substantial underwriting.

At Erie Family Life Insurance Company, we offer what’s called a long-term care accelerated death benefit (LTC) rider3 as an optional add-on to qualifying Whole Life insurance policies. This rider allows your life insurance to provide financial support if you need hands-on daily care from a nurse or a health aide for long periods of time.

In many ways, this coverage offers the best of both worlds: financial security for your family if you pass away, and protection from the high costs of long-term care if you need it. When you add a LTC rider to a Whole Life policy, you’ll have the convenience of working with one company and paying one premium. Both our Whole Life and Long-Term Care premiums are guaranteed and will not increase. And because it’s an add-on to your life insurance, this valuable coverage may cost less than you think.

How Does Long-Term Care Insurance Work?

At Erie Family Life, our long-term care rider keeps you in the driver’s seat by providing flexible access to a portion of your policy’s death benefit when you need it.

Here’s how it works:

  • A licensed health professional certifies your eligibility for long-term care benefits under the policy.
  • You choose a monthly distribution of 2, 4 or 8 percent of the policy death benefit (must be at least $1,000).
  • Erie Family Life sends a check each month to use as you see fit.

You can collect monthly payments as long as you meet the eligibility criteria as laid out in your policy.4

What Are the Eligibility Requirements for Long-Term Care Insurance?

Under our long-term care rider, your benefits are triggered when a licensed health professional5 certifies that you are unable to complete at least two activities of daily living independently, such as bathing, dressing, eating, using the bathroom or moving in or out of a bed.6

What Does Long-Term Care Insurance Cover?

With a long-term care rider from Erie Family Life, you’ll have the flexibility to use your money for what you need, as long as you continue to meet the eligibility criteria outlined in your policy. You can use your benefit to pay for anything from home health care and meal deliveries to an assisted living, adult day care or skilled nursing facility. We’ll send your check each month without strings attached – no expenses to qualify or receipts to submit.

Are Long-Term Care Benefits Taxable?

Generally, any payments made from your long-term care insurance policy will not be taxed as income. But because tax laws vary from state to state, you should consult a tax attorney or accountant to make sure.7

Is Long-Term Care Insurance Worth it?

Like any type of insurance, determining whether long-term care insurance is “worth it” will depend on your personal financial situation. We’ve already established that 70% of older adults will need some type of long-term care during their lifetime1 – and that out-of-pocket expenses may vary depending on if you have a long-term care plan and what it covers.8 So unless you’ve built up a significant net worth and can comfortably afford to finance your own long-term care, you’ll likely find long-term care insurance to be well worth the investment.

Protection That’s There When You Need it

Life insurance is about making sure your family is taken care of when you’re gone. But Erie Family Life’s long-term care rider can take care of you while you’re here, too. Call your local ERIE agent today to get a no-obligation quote, and learn how planning now can help protect your family from the high costs of long-term care later.

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Flood Insurance

ERIE’s Extended Water Coverage

Did you know that most homeowners policies don’t cover flooding? ERIE’s Extended Water coverage is here to help.

We can’t say it enough: If it can rain (or snow), it can flood. Flooding can happen in a matter of minutes, or it may creep up slowly, but either way it can cause massive amounts of damage. Typically, nature handles excess water by sweeping it away into streams, lakes and rivers or just absorbing it into the ground. But we all know Mother Nature can be fickle, so when she opens the floodgates, it can be detrimental to your home, property and all your belongings.

Unfortunately, most people don’t know that their homeowners policy doesn’t cover flooding. What’s more, they usually don’t discover that until after a costly loss. Floods are the most expensive and destructive natural disaster in the United States, according to FEMA, and can occur in every state. At Erie Insurance, we’re here to bring you peace of mind, which is why we’ve introduced our Extended Water coverage.

What is Extended Water Coverage?

ERIE’s Extended Water coverage1 provides protection for your home in the event of a sewer or drain backup, or from flooding such as inland flooding, tidal water, storm surge or mudflow and mudslide. This endorsement can be added to your ErieSecure Home® policy (or bundle) and offers protection for your home, garage or other structures and personal property2— including that stuff you’ve stored in your basement. To avoid losing valuables, make sure you know what not to store in your basement, because there are some things even we can’t replace!

Floods are devastating, they can damage homes both above and below ground, as well as displace families for extended periods of time. Extended Water coverage is designed to help cover things like:

  • Basements and other rooms
  • Water backups from sewers and drains
  • Repair and replacement costs for your home and personal property3
  • Flood avoidance reimbursement (up to $10,000)4
  • Temporary relocation costs, like a hotel or short-term rental5

But Why Do I Need Extended Water?

As we’ve mentioned, flooding can happen anywhere, to anyone. Yet your typical homeowners policy doesn’t cover it and only a staggering 4% of homeowners actually have flood coverage — as estimated by Milliman, an independent risk management, benefits and technology firm.

Sadly, many people assume since they aren’t in a high-risk area it’s not a needed coverage. But did you know that over 25% of flood claims come from individuals living outside high-risk zones? What’s even more earth shattering is just a single inch of water in a home is estimated to cost over $25,000 in repairs. Quite a hefty bill for such a small amount of water.

With the help of Harris Poll, ERIE conducted a national poll to see just how much water people thought was needed to necessitate replacing baseboards and drywall. In the poll, 53% of survey participants stated 5 inches or more would be needed. Sadly, the truth is only 3 inches of water can destroy baseboards and drywall. The cost flooding and other water damage brings to families can be a major financial strain that can hang over people for years. Our Extended Water coverage is here to ease uncertainties and ensure that in the event of a flood, we’ll be right there to get you back on your feet.

A Little Preparedness Goes a Long Way

Let’s say you live in a new development near a stream. After a few days of steady rain, you become concerned about the rising water and buy sandbags to place around the basement door. The stream floods the neighborhood and still makes its way into your home, despite your attempt to avoid it. Extended Water would provide coverage for the sandbags4 plus damage to your home and contents.3

If you’re expecting a large flood or storm to come through the area, we highly encourage you take some flood safety steps to help protect yourself and your family. As always, your safety is the top priority, and in the event of a flooding disaster, rest easy knowing we’ll be there.

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Erie-Insurance

9 Reasons to Be Glad You’re With ERIE

Erie Insurance has been insuring customers for more than 95 years. It’s no small feat to continue to remain relevant and true to our founding principles and business model for nearly a century. To us, it’s just about doing the right thing for our customers day-in and day-out.

It’s what we do. It’s who we are. And it’s who we’ll continue to be.

When it comes to insurance, it’s where we shine. With ERIE, you’ll have the protection you need, the service you expect and a price that fits within your budget.

So, why ERIE? Here are 9 reasons to get you started:

  1. We have high standards. When it comes to the Golden Rule, we don’t allow ourselves to have a cheat day. Every day we do our very best to do what’s right. Maybe that’s why more than 90% of our customers stay with us year after year.
  2. We live where you live. With more than 13,000 local agents in 12 states, you’re sure to find a local ERIE agent who shares the same community as you.
  3. It’s all about you. You can trust your ERIE agent as your very own personal insurance advisor. He or she can help you decide what coverage fits your life (and your budget) at any given time. Things change, and when they do, your ERIE agent will be able to make adjustments and walk you through what coverages will work best for you.
  4. We’re a one-stop-shop. We make it convenient to have your auto, home (or renters) and life insurance all in one place. Have a business? We can insure that too, with customized coverage for industry-specific trades like restaurant owners and contractors.
  5. We hold our own (but haven’t forgotten our roots). We’re still based in our original hometown of Erie, Pennsylvania. (Read more about the ways we show love to our hometown.) We’ve grown to serve 12 states and the District of Columbia and we rank highly among much larger insurers.
  6. We’re strong and steady. We have an A+ (Superior) from A.M. Best Company, a respected provider of financial ratings for insurance organizations that measures our financial strength. And in 2022, we were named to Forbes list of Best Insurance Companies, ranking us in the top 2% of insurance companies. Learn more about our awards and rankings.
  7. It’s our job to brighten your day. If you have a claim, we’ll be right there to help with local service. We understand accidents happen and our goal is to get you back on the road or your home back to normal as quickly as possible. You can take comfort in knowing a helpful voice will be at the other end of the phone line when you need us. Learn more about filing a claim with ERIE.
  8. You can count on us for tips and advice. We try to help you avoid the disruption of a claim, too. We regularly share safety tips, disaster preparedness information and other good-to-know articles on our website, blog and social media. Want to stay in the know? Sign up to receive our e-newsletters or ask your local agent to receive our bi-annual magazine, Eriesense.
  9. We give back. Every year, our employees give thousands of volunteer hours to their local communities. ERIE also offers financial support to local organizations throughout our footprint through monthly corporate fundraising efforts and events. Learn more about our Giving Network.
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Coverage Review

The Importance of an Annual Insurance Review

When it comes to insurance, the best policy is one that provides the right protection for you and your family — right now. That means as your life changes, your insurance coverage should, too.

In an ideal world, you’d call your insurance agent every time you finished a home renovation, bought a new vehicle or got a new job. But life is busy. And with all the responsibilities of work and family, evaluating your autohome or life insurance coverage may fall pretty low on your priority list.

That’s why it’s helpful to have an insurance agent. Your agent can keep an eye on your policies and reach out to connect to make sure they’re still the right fit.

So if your agent calls (or texts or emails) and offers to review your coverage, here’s what you can expect. Or if you’re ready to review your policies you can download our free PDF printable checklist on what to tell your agent and what information to have handy.

WHAT IS A COVERAGE REVIEW?

A coverage review is a general check-in with your insurance agent. During the review, you’ll meet with  your ERIE agent and share any life changes that could affect your insurance needs. This information will be used to update your current policies and recommend additional coverages you may want to consider.

A coverage review is a good opportunity to ask questions and understand what your policies can (and can’t) cover. Your ERIE agent can also share real-life claims examples they’ve seen in your local area to help you avoid potentially costly coverage gaps.

Your agent may schedule an in-person meeting, or ask you to provide information over the phone or email — whatever works best for you.

Of course, you don’t need to wait for your agent to schedule a coverage review. You can also request one yourself! Just call, email or text your agent to get in touch.

WHAT INFORMATION WILL MY AGENT ASK FOR DURING A COVERAGE REVIEW?

During a coverage review, your agent will want to know about any life changes since you last connected. This may include:

  • Personal information: Make sure your agent has current information for you and your family. This includes your mailing address, phone number, email address and all the members of your household. Be sure to let them know of any name changes due to marriage or divorce, or if you’ve had a child since you last spoke — this may lead to a change in your policy beneficiaries. Having the correct information on file ensures there aren’t any delays in the event of a claim.
  • Covered drivers: When updating your auto insurance, your agent will need to know if there are any changes to the drivers covered under your policy. This could be a child that’s about to get their driver’s license or someone who’s living with you and regularly using your vehicle (Related: Am I Covered When I Lend My Car to Friends or Family?). If you’re considering a new vehicle, your agent can also provide a free quote.
  • Home updates: Have you upgraded your kitchentransformed your bonus room or finished your basement? Major improvements like these increase the value of your home, which means you may need a higher limit on your homeowners policy. Without changing your limits, you may be left with a coverage gap t hat could leave you underinsured if you need torepair or rebuild your home if the unexpected happens. Ask your agent how guaranteed replacement cost can provide peace of mind.
  • New purchases: If you’ve bought any new “toys” — like a boatall-terrain vehicle (ATV) or golf cart— you may want a separate insurance policy. While insurance might not be required for watercraft and off-road vehicles, they still represent a significant investment that should be protected. The same holds true with valuables such as musical instruments or jewelry. Sending a copy of your updated home inventory to your agent will help them determine if you need to purchase personal valuables insurance.
  • Job changes: Let your agent know if there have been any changes with your employment. For example, if you’ve retired or are now working from home, the miles you save on your daily commute may result in a lower auto insurance rate. And if you recently earned a promotion, it may be time to review your life insurance policy to ensure you’ve got enough coverage — beyond what may be offered by your employer.

CAN MY AGENT HELP LOWER MY INSURANCE BILL?

Everyone likes saving money, right? Talk to your ERIE agent – they’ll work with you to ensure you’re getting the best price possible for the coverage you need.

Read more about available insurance discounts from ERIE or check out this list of ways you can save:

  • Safe driving discount: If you’re a safe driver with a good driving record, you could get a discount on your auto coverage. And in select states, ERIE’s free driving safety app, YourTurn® can help you earn rewards for safe driving*. With YourTurn®, drivers measure criteria like speeding, braking and phone usage to become more aware of their driving habits. As an added perk, you’ll earn a gift card for safe driving (up to $5 or $10 every two weeks). Learn more about YourTurn®.
  • Car safety equipment discounts: You can save on your insurance coverage if your car is equipped with safety equipment like factory-installed air bags, passive restraint2, anti-theft devices3 and anti-lock brakes.
  • Multi-car discount: If ERIE insures two or more of your vehicles, you could qualify for a discount. (All the vehicles in your household must be owned and used by the drivers we insure on the policy.)
  • Multi-policy discount: A discount is available if you have a qualifying life insurance policy1 or home policy in addition to your ERIE auto insurance.
  • Reduced usage discount: If you’re not using your car for at least 90 consecutive days during the policy period, you could be eligible for a discount on your car insurance2.
  • Young drivers: Unmarried drivers under age 21 who reside with their parents may be eligible for additional savings on their car insurance3.
  • Annual payment plan: You can save by paying your auto premium annually.
  • Changing your deductible: Generally, you can lower your insurance premium by raising your deductible. But if you’d prefer to reduce your out-of-pocket expenses in the event of a claim, our diminishing deductible is available for about $30 more per year with the Erie Auto Plus4 endorsement. Your deductible diminishes for every year you do not have a claim.

GET CUSTOMIZED ADVICE FROM AN INSURANCE EXPERT.

At ERIE, we know every customer’s circumstance is different. That’s why we never work from a one-size-fits-all formula. Your ERIE agent will listen to you carefully and offer tailor-made solutions for your situation and your budget. Best of all — you’ll get outstanding coverage, great rates and service from local people who care.

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ERIE Agents Giving Back

ERIE Agents Giving BackNo one could have predicted exactly how much our lives would be impacted by the COVID-19 pandemic.

Schools became virtual classrooms. Businesses started operating remotely. Curbside pickup became the only way to enjoy your favorite local restaurant. Even graduations and birthdays became drive-by celebrations.

It’s cliché, but it’s true: All that social distancing made us realize how much we rely on each other.

Enter “ERIE Agents Giving Back” – Erie Insurance’s effort to make more than $2 million available for local COVID-19 relief. This companywide effort launched on April 20, 2020 – the date of ERIE’s 95th anniversary – to give a boost to agents and employees already doing good work in their communities.

Through the project, agents fed frontline workers and first responders, supported local businesses and gave money to charities in need. Independent ERIE agents shared nearly 2,000 stories on Facebook, Twitter, Instagram and LinkedIn about how they were showing their support during these unprecedented times.

Here are just a few examples of agents giving back to their communities. Want to see highlights from your hometown? Search #ERIEAgentsGivingBack on Facebook, Twitter, Instagram and LinkedIn.

PIGGING OUT FOR A GOOD CAUSE

Michael Clavette, an ERIE agent from Clavette Insurance Agency Inc. in Wisconsin, decided to team up with a local restaurant, The Bosch Tavern. “We brainstormed quite a bit as to how to best leverage ERIE Agents Giving Back,” Clavette said. “Rather than handing out meals or $1,000 in gift cards, we took a different approach.” The agency purchased 1,000 pounds of pork to make pulled pork sandwiches. Then, the Bosch Tavern hosted a drive-thru fundraiser where all proceeds and tips from the pork sandwiches benefitted the local Hunger Task Force in Milwaukee, Wisconsin.

The creative project supported both a local business and the community. Together, they were able to turn $1,000 into a $5,695 donation to help community members in need. “It was really important for us to get extra food to those who really needed it,” Clavette said.

THINKING OUTSIDE THE BOX

The John Hansen Agency in Pennsylvania wanted to find a way to get supplies to senior citizens who were fearful of traveling to the grocery store. Staff member Sandi Summers volunteered to host a Blessing Box at the end of her driveway.

Once constructed, the agency stocked the box with fresh foods, perishable items and household essential items. Seniors could visit the box during the day, Monday through Friday. At the end of each day, Summers would remove the items, clean the box, sanitize and get ready for the next day.

When it started in the middle of April, the intention was to help senior citizens. With additional support from the community, the Blessing Box remains in operation today open to the general public. “I’m really proud of how the entire community has rallied around the box,” Summers said. “I’m so glad that ERIE gave us the opportunity to start the Blessing Box, and I’m delighted to still be receiving donations from community members to keep it going.”

DOING THE RIGHT THING FOR MORE THAN 95 YEARS

The Hunger Task Force and Blessing Box projects are just two of the countless ways ERIE and its independent agents are giving back to local communities. Follow #ERIEAgentsGivingBack on social media or read more on our Eriesense blog.

At ERIE, “Above All in Service” isn’t just our company motto. It’s the spirit that drives every decision we make. That’s why we partner with the best local, independent agents in the business – because they know and love your local communities just as much as you do.

The “ERIE Agents Giving Back” project might have wrapped up, but our commitment to the Golden Rule never ends. See all the ways ERIE is supporting our customers and communities during these challenging times.

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8 Things ERIE is Doing During COVID-19

When Erie Insurance opened for business in 1925, our co-founder H.O. Hirt inspired us with his motto: Never lose the human touch.

Well… these days, the “human touch” looks a lot different. But that spirit is still alive in us at ERIE, where we’re still here for you and the communities we serve.

Check our COVID-19 Information Center for the latest news and announcements. For questions about your specific policy, review our COVID-19 Frequently Asked Questions.

In case you missed it: Here’s a recap of what we’re doing to help.

HOW IS ERIE INSURANCE HELPING CUSTOMERS DURING THE CORONAVIRUS?

We’re providing financial relief, flexible payment options, community support and more. Here’s what to know.

  1. Customer dividends, mailed directly to you in May: Most people are doing the right thing by staying home and not driving. We’re following suit by doing the right thing, too. ERIE is providing $200 million in dividends directly to our personal and commercial auto insurance customers, pending regulatory approval. This immediate relief represents about 30% of related auto insurance premiums over a two-month period, or 5% of your annual premium. There’s no need to call your ERIE agent or request a check – it will be mailed directly to you. Learn more about our customer dividends, announced April 21, 2020.
  2. Lower auto insurance rates for long-term relief: In addition to the dividends mentioned above, we’re lowering auto insurance rates for personal and commercial customers for long-term, steady and stable relief. Pending regulatory approval, rate reductions will vary by state and will be based on individually purchased policies and coverage options. Once approved, premium adjustments will take effect at the time of renewal and the estimated total will provide an additional $200 million in financial relief to ERIE customers. Learn more about our rate reductions, announced April 9, 2020.
  3. Flexible payment and billing options: Your local agent can help you with updating coverages. Agents and ERIE’s Customer Care teams may also be able to assist with delaying payment dates, adjusting installments, changing pay plans and waiving penalties and fees. In addition, some billing requests including deferring payments and nonpay cancellations can also be requested through erieinsurance.com/help or through your ERIE Online Account.
  4. Contact-free life insurance coverage: For a limited time, Erie Family Life is offering applicants a path to life insurance coverage without the requirement of a paramedical exam. The option to waive the exam is aligned with the Centers for Disease Control and Prevention guidance to maintain social distancing and prevent the spread of COVID-19. The waiver provides Erie Insurance customers the ability to obtain life insurance without in-person interaction. The offer is available for applicants up to age 55 and policy face amounts up to $500,000. Learn more about the paramedical exam waiver, announced March 24, 2020.
  5. Expanding identity recovery services to extended family members living elsewhere: Social distancing directives result in many people staying connected virtually, which may result in increased exposure to cybercrime. ERIE offers identity recovery coverage with all ErieSecure Home® bundles and as an add-on to our Home Protector policies. Through August 2020, we’re extending support services to assist in recovering from a possible identity theft at no additional cost to include our customers’ extended family members, including those not residing with the policyholder. This includes:
    • Adult children (26 or older), their spouse and their children
    • Parents, including stepparents and legally adoptive parents
    • Siblings, including step-siblings and adoptive siblings
  6. Gift card reimbursement coverage: From your favorite lunch spot to that funky art gallery, our local small businesses make our hometowns feel like home. We rely on them daily – and now, they need us. So go ahead and stock up on gift cards, worry-free. Pending regulatory approval in several states, Erie Insurance is adding gift card and gift certificate reimbursement coverage to the company’s ErieSecure Home® policies. The additional feature, included at no additional cost, would reimburse customers for remaining balances on gift cards that can no longer be used at independently owned and operated local businesses due to business closures.Learn more about our gift card coverage, announced April 16, 2020.
  7. Giving back to our hometown: Erie Insurance provided a lead gift to support the Erie Community Foundation’s new COVID-19 Rapid Response Fund recently established in our home city of Erie, Pennsylvania. This fund will directly support 501(c)(3) organizations in Erie County, Pennsylvania that are providing support to those in need, administering care for children, serving elderly populations who are most vulnerable and helping those suffering hardships and job loss due to the COVID-19 pandemic.
  8. Giving back to our agents and all the communities we serve: Our agents and employees are stepping up to thank first responders, healthcare workers and others on the front lines. To boost that, we’re making nearly $2.5 million available to agents and branch offices to support their charitable work in local communities.

For 95 years, we’ve been standing by our customers in times of hardship and catastrophe. These times are unprecedented, but our mission hasn’t changed. From 1925 to today, our mission to “do the right thing” still drives every decision we make.

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