Backspace Entire Word

When using swipe gestures to type, and it puts in a wrong word, I would like to be able to hit the backspace key once and have it delete the entire word, instead of pressing and holding backspace. It doesn't make sense that if a wrong word is entered I would only want to change the last letter. If I were not using swipe to type and entering each letter manually, it would make sense that backspace only removes the last letter, but swipe typing enters complete words, so backspace in this case should remove complete words. This should at least be an option in settings.