Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life promises a fixed payout during a fixed period (10, 15, 20, 25 or 30 years) at a steady annual rate. After the term expires, coverage ends or becomes very expensive. This is the most economical way to get a large benefit during your peak earning years.
Permanent insurance (whole life, universal life and others) covers you for life and builds a cash value. You pay considerably more, and that cash value takes years to grow meaningfully. This fits people with forever needs: lifelong dependents, estate planning, or business transfers.
How to choose
Start with the need, not the product type. Needs with an end date—a mortgage to pay off, kids to raise—fit perfectly with term. Never-ending needs benefit from permanent or a term policy with conversion rights. Many companies let you convert term to permanent without a new medical review in a conversion window; the quotes show each company's conversion rules.
What people in Fairfield often do
A popular choice: a 20- or 30-year term matching your real obligations, revisited when major life events occur. This keeps costs low enough to buy what you really need now, which is what counts. Susman Insurance Agency can review permanent options if your needs include lifelong considerations.