Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term coverage provides a fixed death benefit if you die within a set period—typically 10, 15, 20, 25, or 30 years—at a level monthly cost. When the term ends, coverage ends or renews at a higher rate. It's the lowest-cost way to get substantial protection during the years your family needs it most.
Permanent coverage (whole life, universal life, and variants) is designed to last your entire life and builds cash inside the policy. It costs much more for the same death benefit, and cash growth is slow at first. It works for people with lifelong obligations: a dependent who will always need care, estate settlement funds, or a business continuity plan.
How to choose
Start with the need, not the product. If your need has an end date—a mortgage that'll be paid off, kids who'll become independent—term coverage lines up naturally. If you'll always need it, a permanent policy or a term with a conversion rider might fit. Most carriers let you convert term to permanent without re-qualifying during a set window; this tool shows each carrier's conversion terms.
What people in Eureka often do
A practical strategy: buy a 20 or 30-year term sized to your household's real needs, and revisit it when life changes. This keeps premiums affordable so you can buy enough coverage now, which is what counts. If permanent insurance makes sense later, Susman Insurance Agency can discuss those options with you.