Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term insurance provides a fixed death benefit if death occurs within a chosen timeframe—typically 10, 15, 20, 25 or 30 years—at a steady rate. After the term expires, coverage ends or costs jump sharply. For most households, it's the most affordable way to buy substantial protection during the decades when a family depends most on one income.
Permanent insurance (whole life, universal life, and similar products) stays active for life and accumulates a cash value component. Monthly costs are much higher than term for equal coverage, and early cash growth is slow. It makes sense for people facing long-term obligations: a dependent who'll never be independent, preserving wealth for heirs, or arranging for a business transition.
How to choose
Work backward from what you actually need to protect, not forward from the product. Term insurance fits neatly if your need is finite—a mortgage paid off by a certain year, children grown by then. For needs that don't have an end date, permanent insurance or a convertible term might suit you better. Most carriers allow you to convert a term policy to permanent coverage without redoing underwriting within a set window; the tool displays conversion details for each carrier.
What people in Culver City often do
Many households pick a 20- or 30-year term matching their actual debts and dependency timeline, then revisit the choice as their situation shifts. This strategy keeps costs down so you can buy enough coverage today—the critical part. Susman Insurance Agency is available to explore permanent coverage if you have obligations that won't end.