Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life pays out a fixed amount if you die during a chosen span, usually 10, 15, 20, 25 or 30 years, at a level monthly rate. After the term expires, coverage either ends or renews at a much higher rate. It's the cheapest way to get a large death benefit for exactly the years when a family needs it most.
Permanent life (whole life, universal life and related products) is built to last your whole life and builds cash value over time. The monthly cost is much higher for the same death benefit, and cash value grows slowly in the early years. It works for situations where you'll always need coverage: a dependent with ongoing needs, money for estates, or arranging succession for a business.
How to choose
Start from what you need to cover, not from the type of product. If that need has an end date—a loan that gets paid off, kids who grow up, a business loan due in a certain number of years—then a term policy lines up with the need. If the need never ends, permanent coverage or a term policy with the option to switch might be the fit. A lot of carriers allow you to convert from term to permanent without redoing medical underwriting within a set window; the quotes here show each carrier's conversion options.
What people in Glendora often do
A common method is buying a 20 or 30 year term policy for what your household genuinely owes, and revisiting it when something big changes. This approach keeps costs down so you can buy enough coverage now, which is what counts. If you have lifelong needs to cover, Susman Insurance Agency can walk through permanent options with you.