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 you die within the term, which is typically 10, 15, 20, 25 or 30 years, with a flat premium for the whole period. Once the term expires, your coverage ends or you can renew at a substantially higher rate. For buying substantial protection during your family's highest-need years, term is the lowest-cost option.
Permanent life (whole life, universal life and similar products) is built to remain active for your entire life and accumulates a cash value component. The monthly cost for equal protection is much higher than term, and the cash value builds gradually at the start. Permanent coverage fits households with ongoing needs: a dependent who requires support indefinitely, a need for estate cash, or a business succession arrangement.
How to choose
Begin with the need itself, not the product. Does the need have an expiration: a mortgage payoff date, children reaching adulthood? Term coverage is a perfect fit. Will you always need the protection? A permanent policy or a term policy that lets you convert to permanent later might work better. Most carriers allow a conversion window where you can switch term to permanent without new medical evaluation; each quote shows conversion rules.
What people in Westminster often do
Most households do well with a 20- or 30-year term policy reflecting their actual commitments, and revisiting the amount if life changes. This method keeps the monthly cost manageable so you can afford the coverage amount you genuinely need today. If permanent protection is part of your situation, Susman Insurance Agency is available to explore that.