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 over a specified period—commonly 10, 15, 20, 25, or 30 years—with a level premium throughout. After the term ends, coverage lapses or can be renewed at a significantly higher rate. It's the most economical way to obtain substantial coverage during the years when a family is most vulnerable.
Whole and universal life (and their variants) are designed to remain in effect for your entire life and build cash value inside the contract. Premiums run considerably higher for the same death benefit amount, and early cash value growth tends to be modest. This approach suits situations involving permanent financial needs: a disabled dependent requiring lifelong support, estate settlement needs, or company succession planning.
How to choose
Start with the need, not the product category. If your need has a finish line—a mortgage that will be paid, children becoming self-reliant—term insurance aligns cleanly with that endpoint. If your need never ends, a permanent policy or a convertible term-to-permanent rider may make sense. Conversion options typically allow moving from term to permanent insurance without a new medical evaluation, as long as you convert within the specified window; each carrier shows its conversion terms.
What people in Wasco often do
A practical strategy is a 20-or-30-year level term sized to your family's real financial obligations, with a periodic review when circumstances shift. This keeps costs reasonable so you can secure an adequate benefit when you need it most. Susman Insurance Agency is equipped to explore whole-life alternatives if a permanent need is part of your situation.