Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life insurance provides a set death benefit for a fixed period—typically 10, 15, 20, 25, or 30 years—at a locked-in monthly price. Once the term expires, coverage ends, or you can renew at a significantly higher cost. It's the most affordable way to get a substantial death benefit during the years when your family depends most on your income.
Permanent life insurance (whole life, universal life, and similar products) is meant to last your entire life and accumulates a cash value within the policy. The monthly cost is much higher than term for the same benefit, and the cash value accumulates slowly at first. It makes sense for people with needs that won't end: a family member who will always depend on your income, estate planning for taxes, or a business transition plan.
How to choose
Begin with what you actually need to protect, not with a product. If that need has a finish line—a mortgage payoff date, the year your youngest child graduates—then term coverage aligns perfectly. If the need persists for life—a family member with lifelong dependence, estate taxes that will always exist—permanent insurance or a conversion rider on your term policy might suit you better. Many carriers allow you to convert term to permanent within a set timeframe without having to go through medical underwriting again; the quotes here indicate each carrier's conversion options.
What people in Walnut often do
Many households choose a 20- or 30-year term policy matched to their actual needs, and revisit it whenever life changes—a new child, a house, a job change. This approach keeps the monthly cost low enough to afford a real amount of coverage today, which is what counts most. If you later find you need coverage that extends beyond the term, Susman Insurance Agency can explore permanent options with you.