Since life insurance is designed to pay off your expenses and provide income for your family and loved ones after your death, a life insurance policy can be one of the most valuable assets. When you are thinking about purchasing a life insurance policy, you can trust SWBC to help you determine the policy that best meets your needs to protect the ones you love.
We offer several types of both term and permanent life insurance policies, including:
- Guaranteed-level term, where the premium is guaranteed to be the same for a given period of years.
- Return-of-premium term, where you receive your premiums back at the end of the policy term.
- Universal life – where premiums can vary from month to month (within the policy’s requirement, allowing you to have more flexibility.
- Whole life – with set premiums and no end date.
We understand that deciding how much coverage you need and choosing the right life insurance policy to meet all of your needs is not an easy task. That’s why we invite you to talk to one of our experts who can help you explore all of your insurance options. Our representatives will listen to your current needs and work with you in making informed decisions about your life insurance coverage.
When calculating a life insurance policy, it is sometimes difficult to figure out how much coverage will be enough. Take some time to think about your family situation and your financial goals. Also consider:
- Your mortgage or rent payments
- The number of children living at home
- Your level of debt
- Whether you have elderly parents to care for
- Whether the surviving spouse will work
- The amount you currently have in savings
Estimate the amount of life insurance you need with our life insurance calculator.
Term insurance covers a period from 1 – 30 years, generally in increments of 5 -10 years, and can be renewed (often at a higher premium) at the end of the term. This type of policy is a death benefits policy only, without cash options like a permanent policy, so when/if the policyholder dies, the amount of the policy is paid to the beneficiary. If the policyholder does not die during the term of the policy, no one receives money from the policy.
Benefits of Term policies include:
- Low initial cost
- Beneficial for meeting specific short term needs
- No cash value accrues
- In force for a specific period of time (or term)
- Proceeds are passed along to your beneficiaries tax free
Term life insurance policies work best to cover short-term expenses:
- Mortgage
- Education expenses
- Outstanding debt
- Auto loans
With a permanent life insurance policy, part of your premium will accumulate for cash value (much like a savings account). This means that the cash value of the policy will continue to grow year after year, helping you avoid paying higher premiums as you get older. You can also access this cash should you elect to discontinue your coverage. (Note: Available cash values may be subject to surrender charges). The cash value of your policy can also be accessed for emergencies or to supplement retirement income.
- Pays a death benefit
- Offers protection for life or as long as needed (or until policy’s stated maturity date or age)
- Builds cash accumulation on a tax-deferred basis
- Receives competitive interest on cash values
- Provides an option to borrow against the cash values
- Includes a provision that all policy proceeds pass to named beneficiaries tax-free
Permanent life insurance policies are used to cover life-long needs, such as providing financial security for your loved ones.