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Life Insurance

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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.



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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.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The policy has a cash value component that could possibly be withdrawn or borrowed against.1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 a 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

Learn more

Charles Schwab works with two agencies: Small Business Insurance Agency, Inc. ("SBIA") and Crump Life Insurance Services (Crump) to make insurance available. Insurance specialists at Crump and SBIA 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. SBIA is available at 888-539-4888.