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 for a specific window—most commonly 10, 15, 20, 25 or 30 years—for a locked-in price. When that term is done, coverage can be renewed, but the rate goes up substantially. This is the least expensive way to obtain adequate protection during the years your family needs it most.
Permanent life (whole life, universal life and variants) stays active your whole life and builds stored value over time. The monthly costs run much higher for equal coverage, with cash value growth slow in the early years. It fits people with permanent needs: care for a dependent who'll always need support, funds to settle your estate, or a succession plan for a business.
How to choose
Start with what you need to cover, not the insurance product. Needs with an endpoint—a debt you'll pay off, children reaching independence—line up perfectly with term. If the need never goes away, permanent insurance or convertible term might be right. Lots of carriers allow converting term to permanent without extra underwriting within a conversion window; you'll see each carrier's conversion rules in the quotes.
What people in Oakland often do
A straightforward approach: a 20 or 30 year term tied to your real-world needs, revisited as your situation evolves. This maintains manageable premiums so you can afford adequate coverage now—which is what counts. Should your picture include a never-ending need, Susman Insurance Agency can explore permanent options with you.