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 set death benefit if death occurs within a defined window—typically 10, 15, 20, 25 or 30 years—for a fixed monthly cost. After that term expires, coverage ends or renews at sharply increased rates. It's the most affordable approach to securing substantial protection when your family's dependence is greatest.
Permanent life (whole life, universal life and similar products) is meant to remain active throughout your life and accumulates a cash value component. Monthly costs run significantly higher for the same death benefit, and cash value builds gradually at first. This works for people with enduring needs: someone permanently dependent on you, estate settlement, or business succession.
How to choose
Start with need first, not the product. Time-limited obligations—a loan being paid down, children becoming independent—fit naturally with term coverage. Permanent obligations might warrant permanent coverage or a conversion option. Numerous carriers allow converting term to permanent coverage without new medical underwriting within a set window; the quote tool specifies each carrier's conversion rules.
What people in Campbell often do
The standard strategy: buy a 20- or 30-year term policy matching real household obligations, then review it when life circumstances shift. This keeps monthly payments affordable so you can purchase adequate coverage when you need it most. Susman Insurance Agency can explore permanent insurance if your situation includes a never-ending requirement.