New $800K SWA Life Insurance - What to do?

Hello SWA Pilots!

Leading Edge Financial Planning – Not associated with SWA or SWAPA

Enrollment Option to Decrease Company-Provided Basic Life and AD&D Insurance:  

Dates 

What do you pay?
Effective March 21, 2024 

No action required to get the $800k 

Special Open enrollment:  Now until deadline – March 18 

Or can change in Fall 2024 Open Enrollment and subsequent open enrollment 

First tax withholding adjustments – April 5 paycheck (two pay periods), then April 20 and subsequent, normal one pay period.   

Big Picture – Facts      

You pay the tax on the imputed income – you do NOT pay the imputed income.  
Options:  $800k, $500k, $400k, $300k $200k, $50k 

What does this look like on my paystub. Similar to SWAG Points and LOL Imputed income.   

Basic ($800k) IS portable...stays with you on disability – no cost to pilot.   

Supplemental (“OPTIONAL Life”) stays with pilot as long as premiums are paid. 
We’ve seen the other side - I don’t want to tell your spouse they can only spend $x... 
No medical!!! 
Common Questions

Do I pay for two policies?  I.e., do I double all the rates?  

Can I adjust term and AD&D separately?  

How do I calculate how much I will pay:  

“Age Band Rates” - flat for 5 years 

Marginal Tax brackets 

How do I determine how much life insurance I need? 

Next Video: SWA PS Empower Rollover to SWAPA 401k – Now July implementation.   

Contact us here for consultation. 
Sign up for our free newsletter here and check out The Pilot Money Guys Podcast. 
Office:  865-240-2292
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Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions.