Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life provides a fixed payout if you pass away during the coverage window—typically 10, 15, 20, 25, or 30 years—with level monthly costs. Coverage and costs end when the term does, or you can renew at updated rates. It's the most affordable option for buying substantial protection during your peak earning and family-building years.
Permanent life (including whole life, universal life, and similar products) stays active for your entire life and accumulates an internal cash reserve. This type carries substantially higher premiums and slower cash value growth in the early years, making it practical for those with ongoing, lifetime financial obligations: a family member who will always need support, estate taxes, or succession planning for a business.
How to choose
Begin with what you need to protect. If your obligations have a finish line—a paid-off home, children graduating, retirement—term insurance aligns well. If obligations never end, permanent coverage or convertible term provides options. Note that many carriers permit conversion of term policies into permanent plans without going through new underwriting, though within a specific timeframe; our quote tool displays conversion options for each carrier.
What people in Lakewood often do
Many households select 20- or 30-year term protection matched to their obligations, then reassess when circumstances shift. This strategy maintains affordability while securing enough coverage today—the critical ingredient. Susman Insurance Agency can explore permanent coverage with you if your picture includes long-term, unchanging needs.