Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life pays out a set amount if you die within the term—10, 15, 20, 25 or 30 years—for a fixed monthly cost. When the term expires, coverage ends or can be renewed at a higher rate. It is the lowest-cost way to buy substantial coverage during the years your family depends on you most.
Permanent life (whole life, universal life and similar products) is meant to cover your whole life and accumulates a cash value. Monthly costs are much higher for the same benefit, and the cash grows slowly at first. Permanent policies fit people with ongoing needs: a family member who will always need support, cash for the estate, or a business ownership transfer.
How to choose
Begin with the obligation, not the product type. If the obligation is temporary—a mortgage payoff date, children growing independent—term fits naturally. If an obligation is lifelong, permanent coverage or a convertible term may work. Many carriers allow conversion to permanent without new medical tests during a set window; the quote tool shows each carrier's conversion details.
What people in Concord often do
A practical path is a 20- or 30-year term sized to what your family actually owes, and revisited as life shifts. Keeping the premium low makes it possible to buy enough now, which is the essential piece. If a lifelong need comes into view, Susman Insurance Agency can explore permanent products.