Erie Life Insurance Company Review

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You can’t spell service without Erie, as the Erie Insurance Group reminds customers on its website.

The company uses the mantra The ERIE is Above all in SERVICE with the letters of “Erie” raised above the word, but does their tagline ring true?

When you purchase life insurance, it’s important to look beyond clever marketing to examine a company’s financial performance and products.

Our review tackles these topics, exploring Erie’s history, financial ratings, and life insurance policies to help you make an informed decision.

Quick Links

  1. History
  2. Ratings
  3. Products
  4. Company Summary

Our Erie Life Insurance Company Review

Erie Life Insurance Company

Erie Life Insurance is a publicly-traded insurance company and part of the Erie Insurance Group.

Originally called the Erie Insurance Exchange, the company was launched in 1925 by two Pennsylvania businessmen, H.O. Hirt and O.G. Crawford.

Both worked at Pennsylvania Indemnity Exchange but were unhappy with the conditions and the pay. Over three months, the two raised enough money and stockholders to begin making their big plans a reality.

Today, the Erie Insurance Group is bought and sold on the NASDAQ and Russell 1000 Component.

As of 2017, the company had more than 5,000 employees, as well as 12,4000 independent insurance agents across 12 states and the District of Columbia.

The current president is Timothy G. NeCastro, and the current chairman is Thomas B. Hagen.

Erie Life Insurance is one of several arms of the Erie Insurance Group, including offerings in auto, home, and commercial insurance.

Not only is the Erie Insurance Group a Fortune 500 company, but it is also consistently voted as one of the best places to work.

Here are some of their other recent awards:

  • Achievement in Customer Excellence Award in the Voice of the Customer category
  • Top insurance company according to Black EOE Journal and Hispanic Network Magazine
  • Scored 100 percent on its Corporate Equality Index
  • Named one of the 50 top-performing property-causality insurers according to Ward’s

The organization also has a giving network centered on community building, safety, and environmental responsibility. This network allows employees to build homes, tutor students, and feed local families.

In 2017 alone, employees spent 5,700 hours volunteering and gave nearly four thousand charitable gifts, including donation matches from Erie.

Financial Strength and Ratings

The size of Erie Insurance Group goes hand-in-hand with its financial strength.

Currently, it is among the top 20 largest insurers in the United States, according to Best’s Insurance Reporters, when it comes to property/casualty, auto, and business insurance.

They also have 5.8 million policies in force across all of their insurance branches.

Overall revenue during the last calendar year eclipsed more than $8 billion, a 6.6 percent increase from 2017 or the equivalent of nearly half a billion dollars.

Erie Insurance Group has more than $21 billion in assets and $686 million in profits.

Erie’s financial performance is strong, but it’s also important to look at the company’s credit ratings, which measure their ability to follow through on financial obligations.

The rating agency A.M. Best gave the company an overall mark of “A“, which signifies superior financial strength.

The Erie Insurance Group is not an accredited member of the Better Business Bureau (BBB).

Still, it holds an “A+” rating, which is the highest possible score from the BBB.

Based on all of the considerations above, Erie Insurance Group is a financially stable company you can count on.


Erie Life’s financial strength is only part of the equation.

While the company is financially strong, whether or not they’re the provider for you depends on their policies. Below, we’ll take a look at what each of Erie Life’s products has to offer.


Term life insurance is designed to protect policyholders for some time, as opposed to their entire life.  Erie Life Insurance offers plans ranging from 5 to 30 years.

One of the two term life products Erie Life offers is Level Term Insurance.

These policies provide a flexible period of coverage based on the needs and preferences of the individual. Coverage comes with level face amounts for the policy and premium payments.

The Easy-To-Purchase option takes advantage of Erie Life Insurance’s intuitive and straightforward website.

Applicants do not have to deal with a lengthy application or cumbersome medical requirement.

Instead, you can answer a couple of questions online to obtain a policy of up to $90,000 in 15 minutes.


Universal life insurance offers low-cost protection like term life, but with the savings and permanence of whole life.

The combination of payment flexibility and adjustable coverages makes it a popular option among policyholders.

Beyond the flexible payment options, Universal Life Insurance comes with guaranteed interest rates, level death benefits, and cash value.

Additionally, the policy loan has the potential to be tax-free. It can also last for a specified time or someone’s entire life.

One of the significant benefits of this style of insurance is immediate access to funds as you can borrow a loan against the cash value of your policy.


As the name suggests, whole life policies from Erie Life are meant for your entire lifetime.

Among the many features of Whole Life Insurance is the ability to lock in premiums, regardless of changing health conditions.

Policyholders are also guaranteed their life insurance protection will never decrease and have a guaranteed cash value.

With Erie, you can choose from several payment options to fit the policy to your needs.

Erie’s whole life application is simple and straightforward. You can get no exam coverage up to $90,000.

There are only a couple of medical questions, which people can complete over the phone, online, or in-person. The entire process takes approximately 15 minutes.

Erie also offers whole life insurance for children.


While Erie Life Insurance Group doesn’t offer any other products, the Erie Insurance Group does.

People can bundle their policies together to get coverage for their cars, business, and home.

The Erie Insurance Group also offers annuities, which come with flexible and single premiums as well as deferred and immediate benefits.


There are definitely advantages to partnering with Erie for your life insurance needs, such as:

  • Financial strength: Erie’s high marks from credit rating agencies and billions of dollars’ worth of assets reflect their financial prowess and success.
  • Website: Erie Life Insurance does a tremendous job when it comes to customer interface. Whether you need to contact an agent, apply for coverage, or update your policy, you can do it in a snap.
  • Simplicity: The Erie Life Insurance Company makes a concerted effort to make the insurance process a hassle-free one for customers. There are many applications with minimal underwriting and no examinations for term life.
  • Conversion: Policyholders also can convert their term life into permanent life insurance, regardless of their health, occupation, or lifestyle.


Along with its advantages, here are a few disadvantages to Erie’s life insurance you should consider:

  • Availability:  While they have millions of happy customers, all of those millions reside in Wisconsin, Illinois, Indiana, Ohio, Tennessee, Kentucky, North Carolina, South Carolina, West Virginia, Maryland, Pennsylvania, New York, and the District of Columbia. The company does not cover the rest of the country.
  • Exclusions: Erie’s disclaimer explains that some policy options vary by location. In other words, depending on your state, you may not have access to some policy features and promotions referenced on the site.
  • Limited no exam policies: While Erie’s online application is convenient, its instant coverage options max out at $90,000, which is very low compared to some competitors.

Final Thoughts

The Erie Life Insurance Company is built on a solid foundation and has a lot to offer to life insurance shoppers.

With its quick online application and no exam coverage, Erie caters to a wide variety of clients looking for quick online coverage.

It is one of a handful of life insurance companies embracing the future of the industry, while still offering traditionally underwritten policies and hands-on service.

While Erie is on the right track, it may not be the most affordable option or offer you the amount of coverage you need.

As you consider all of your life insurance options, be sure to take a few moments to compare quotes.

You could save thousands of dollars and secure a policy to protect what matters most.

Erie Life Insurance Company Review

(800) 458-0811
100 Erie Insurance Place
Erie, PA 16530

Company Name (and subsidiaries)

  • Erie Indemnity Co.


Jason Fisher

Jason Fisher is the founder and CEO of, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.