Life Insurance Plans

Schwenker Senior Insurance wants to help you protect your future with the right life insurance plan.

Understanding Life Insurance

Life insurance is a safety net designed to provide financial security to beneficiaries in the event of the policyholder’s death. By paying a death benefit, life insurance can help cover expenses such as funeral costs, outstanding debts, or lost income, ensuring that loved ones are financially supported. 

With various types of life insurance available, choosing the right policy can be complex. It’s important to partner with a knowledgeable life insurance agent to help you make the right choice for your future. 

Burial & Final Expense Insurance

The cost of a funeral can add up quickly. The last thing you or your family needs is to worry about is if you will be able to cover the funeral expenses. That is why planning ahead is critical.

Burial insurance or final expense insurance is a basic life insurance policy that typically covers people until they reach the age 100. It is an easy insurance to obtain, much simpler than complicated whole life or term policies. Depending on the policy, burial insurance or final expense insurance helps your family cover the expenses of a funeral and potentially other outstanding expenses.

Besides a sense of comfort that a final expense insurance policy can offer, it offers never changing premiums and permanent coverage making it a wise decision for your future.

Expensive funerals
Funeral costs can add up, especially if you consider the:

• Funeral service

• Cemetery plot and headstone

• Cost of casket

• Funeral procession

Miscellaneous costs
These costs can quickly add up, making burial insurance a smart and pre-emptive decision. Don't make your loved ones worry about costs when the only thing they should worry about is grieving.

Term life insurance

Term life insurance is a straightforward and affordable way to protect your loved ones financially. It provides coverage for a set period—commonly 10, 20, or 30 years—offering peace of mind during the years when financial responsibilities are often at their highest, such as paying off a mortgage, raising children, or covering college tuition.

If the policyholder passes away during the term, the insurance company pays a tax-free death benefit to the designated beneficiaries. This payout can help cover living expenses, debts, and future financial needs, ensuring your family is supported even in your absence.

One of the key benefits of term life insurance is its affordability compared to permanent life insurance, making it an attractive option for young families or those seeking cost-effective coverage.

At the end of the term, policyholders usually have several options:



• Renew the policy for another term (though premiums may increase with age)

• Convert the policy to a permanent life insurance policy without undergoing a medical exam

• Or let the coverage end if it's no longer needed

Term life insurance offers simplicity, flexibility, and security—making it a popular choice for those seeking reliable coverage at a manageable cost.

What to Consider When Choosing a Life Insurance Plan

When selecting a life insurance policy, consider the following:

• Budget: Assess your ability to afford premiums both now and in the future

• Coverage Needs: Calculate the amount of coverage required to meet your family’s financial needs

• Financial Goals: Determine whether you need temporary coverage (term) or lifelong protection (permanent)

• Health & Age: Younger, healthier individuals typically qualify for lower premiums, so it’s an opportune time to invest 



• Investment Preferences: If you want to build savings or invest, explore policies with cash value components

When to Enroll in a Life Insurance Plan

Enrollment for life insurance can vary depending on the type of policy and the provider. Here are the common scenarios:

• Employer-Provided Life Insurance: This insurance is often offered as part of a benefits package, with enrollment typically occurring during the employer’s enrollment period. Some plans allow enrollment upon hiring or during a qualifying life event (i.e., marriage, birth of a child).

• Guaranteed Issue Policies: These policies do not require a medical exam and are often available year-round. However, they may have higher premiums and lower coverage limits.

• Individual Life Insurance: You can apply for individual policies at any time, though acceptance and premiums depend on factors like age, health, and lifestyle. To secure lower premiums, it’s generally advised to enroll when you’re younger and healthier.

• Special Enrollment Opportunities: Some providers or circumstances, such as group policies through associations, may offer limited-time enrollment windows.

Understanding these options ensures you don’t miss the chance to secure the right coverage for your needs.