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 set death benefit if you die within a defined window—most often 10, 15, 20, 25, or 30 years—in return for a flat monthly or yearly premium. Once the term lapses, your coverage ends, or you can renew at a much steeper rate. It is the most affordable way to obtain substantial protection during the years when your family depends on your income.
Permanent insurance (which includes whole life, universal life, and related products) runs for your entire life and accrues cash value over time. For the same death benefit, you pay much more each month, and the cash piece builds slowly at first. It's right for situations that never end: caring for a dependent indefinitely, needing to cover estate taxes, or setting up a succession plan for a business.
How to choose
Begin with the need, then pick the product. When your need is time-limited—a mortgage you'll retire, kids who'll grow up—term insurance aligns perfectly. When the need persists, a permanent policy or a convertible term may work better. A lot of carriers allow you to switch a term policy to permanent coverage without repeating medical approval during a defined window; you'll see each carrier's conversion rules in your quote.
What people in National City often do
A popular strategy is to get a 20 or 30 year term policy matched to your household's genuine obligations, then revisit it if things shift. This approach keeps the premium affordable so you can obtain enough coverage right now, which is what really counts. If a situation arises that calls for lifelong protection, Susman Insurance Agency can walk you through permanent options.