Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term insurance pays a set death benefit if death occurs during your chosen period (10, 15, 20, 25 or 30 years), with a level premium throughout. When the term expires, coverage stops or renewal occurs at a significantly higher rate. It is the most affordable way to secure substantial protection during the years your family depends on your income.
Permanent insurance (whole life, universal life and similar products) remains in effect your entire life and accumulates cash value. Premiums are substantially higher than term for the same death benefit, and cash value builds slowly initially. It fits lifelong obligations: a dependent requiring permanent care, estate settlement needs or business continuation planning.
How to choose
Begin with the need, not the product type. When the need has an expiration date—a mortgage being paid down, children becoming independent—term aligns perfectly. For needs that never end, permanent coverage or a term policy with conversion rights works. Many carriers allow conversion from term to permanent without additional underwriting within a set window; each quote indicates conversion availability.
What people in Woodland often do
A standard strategy is a 20- or 30-year term matched to your family's concrete needs, revisited as life changes. This approach keeps premiums affordable so you can secure sufficient coverage today, which is what counts most. If lifelong protection fits your goals, discuss permanent options with Susman Insurance Agency.