Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term coverage pays a fixed death benefit if you die within a chosen period — typically 10, 15, 20, 25, or 30 years — while keeping a level monthly premium. When the term expires, coverage stops or becomes very expensive to renew. It's the most affordable route to substantial coverage during the years your family depends on your income.
Permanent coverage — whole life, universal life, and similar products — stays active for your entire life and builds cash value over time. Premiums for the same death benefit run substantially higher, and the cash value takes years to accumulate meaningfully. This type fits people with permanent obligations: a dependent who'll always need support, wanting to leave a liquid estate, or planning a business transition.
How to choose
Begin with the need, not the product type. If your need has an expiration — a mortgage you'll finish, kids who'll become independent — term is a clean fit. If the need is permanent, a permanent policy or a convertible term policy might work better. Many carriers allow you to convert a term policy to permanent coverage without additional medical review during a set conversion period; each quote shows what that carrier offers.
What people in Fairfield often do
A practical approach: pick a 20- or 30-year term policy matching your household's actual obligations, then review it when life changes. Keeping premiums low enough to buy enough coverage now is what counts. Susman Insurance Agency can explore permanent options with you if lifelong coverage is part of your situation.