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Insurance at Charles Schwab

There's nothing more important than protecting your well-being and that of your family. That's why Schwab offers insurance choices from highly rated carriers, along with guidance for choosing the insurance that would best provide you and your family with adequate financial resources in the event of the unexpected.

Life Insurance

Schwab offers two types of life insurance, term and permanent, to provide your family with financial resources in the event that you can no longer do so. Schwab's insurance program provides guidance in choosing the right type of insurance coverage and offers price quotes from a choice of providers.

Compare Term and Permanent Life Insurance

Term Life Permanent Life
Overview Provides a specified cash payout in the event of the insured's death during the predefined time period covered by the policy (i.e., 10, 15, 20, or 30 years). Provides a death benefit and has a cash value component that you may be able to access or borrow against.1
Premiums Premiums are fixed over the time period you choose and are generally less expensive than permanent life insurance premiums. Offers lifetime protection with proceeds payable at death.2 Premiums vary depending on the type of permanent life insurance purchased:
  • Traditional whole life insurance premiums are level.
  • Universal life insurance premiums can be adjusted as your needs change, although a certain level of premiums may need to be maintained to keep the policy in force.
Payout Guaranteed payout upon death during the term of the policy. Payout upon death. Access to cash value if needed.1
Features Provides a specified death benefit that remains the same until a claim is submitted. If the policy terminates without a claim, it has no cash value.

Policy can often be converted to permanent life insurance (before the end of the stated term) without repeating the underwriting process.
The policy has a cash value component that could possibly be withdrawn or borrowed against.1
Why Consider It? Since term life insurance provides protection for a specific number of years, you can plan to cover anticipated expenses, such as mortgage or education costs. Provides permanent coverage2 and a death benefit that can help offset the loss of your income for your beneficiaries, while the cash value component may be accessed or borrowed against.1

Disability Insurance

It is important to ensure that you have adequate disability insurance which can help safeguard financial stability for you and your family. This type of coverage helps provide income replacement if you're unable to work due to a disabling illness or injury.

While some employers provide disability insurance, the coverage may not be enough to pay your living expenses, mortgage, and other personal debt and expenses for the length of time you need. Also, some policies may only allow you to collect benefits if you can't perform any work at all, rather than being unable to do the type of work you currently do.

It's often a good idea to supplement any employer coverage you may have with an additional disability insurance policy. An insurance specialist can evaluate your existing coverage and help you explore your options if additional insurance is needed.

Long-Term Care Insurance

Long-term care insurance can play a significant role in your family's future well-being. If you're concerned about the rising costs of long-term care and the potential financial impact on you and your family, you may want to consider long-term care insurance.

Long-term care insurance generally covers the costs of care needed beyond 100 days, up to a specified number of days or benefit amount. Many policies allow care to be provided in the comfort of your own home or at an adult day care center, an assisted living facility, or a nursing home.

Key reasons to consider long-term care insurance

Long-term care insurance can provide security for years to come by helping to:

  • Secure quality, affordable care
  • Preserve independence and financial freedom
  • Help provide for the rising cost of long-term care
  • Relieve family members and friends from having to provide care
  • Safeguard your assets for your spouse and other heirs
  • Help pay for expenses not covered by Medicare and Medigap

Schwab's insurance program can help you make informed decisions about whether or not you need long-term care insurance, and the type of coverage that would be best for you and your family.

Learn more

Charles Schwab works with Crump Life Insurance Services (Crump) to make insurance available. Insurance specialists at Crump can provide you with detailed information about insurance, help determine what's right for you and, if appropriate, assist you in selecting a policy that fits your needs. Ask a Schwab representative about Crump or call 800-891-8748.