Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life covers a death benefit for a defined span—most commonly 10, 15, 20, 25 or 30 years—with a fixed monthly payment. Once the period expires, protection ceases or continues at dramatically higher costs. It's the most economical choice for securing substantial protection when household needs are greatest.
Permanent life (whole life, universal life, variations) remains active throughout your life and generates cash value that compounds over time within the contract. Costs are substantially higher than term for equivalent death benefits, and the cash component accumulates slowly during initial years. It works well for those with ongoing needs: perpetual dependent care, need for estate funds, or plans for business transfer.
How to choose
Begin with the need rather than the instrument. If your need has a finishing date—a loan to repay, kids entering adulthood—then term protection aligns perfectly. If your need persists indefinitely, permanent coverage or a convertible term policy could be right. Numerous insurers allow conversion from term to permanent without additional medical evaluation during a conversion term; the tool displays each company's conversion specifics.
What people in Brentwood often do
Many households find success with a 20- or 30-year term structured around their actual financial obligations, then revisiting the plan as situations evolve. This framework keeps the cost manageable so you can purchase sufficient coverage now, the real priority. Susman Insurance Agency welcomes conversation about permanent products should your needs include lifelong protection.