Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life pays the death benefit during a fixed window—typically 10, 15, 20, 25, or 30 years—for a level monthly cost. When the term concludes, coverage can end or renew at rates much higher. For most families needing big coverage during vulnerable years, it is the most cost-effective choice.
Permanent life (whole life, universal life, and related products) is meant to provide coverage for your whole life and accumulates cash value inside the policy. Per-dollar premiums run considerably higher than term for the same benefit, and cash value grows slowly in the early years. It fits situations with lifetime needs: a dependent requiring perpetual support, estate tax strategy, or business continuity.
How to choose
Start with what you actually need, not the product type. Needs with an end—a mortgage balance, dependent children, a business loan—match term coverage naturally. Needs without an end may call for permanent insurance or a convertible term policy; many carriers allow conversion to permanent without new underwriting during a window. The quote tool shows each carrier's conversion rules.
What people in Belmont often do
Most people select a 20- or 30-year term sized to real obligations, then revisit when circumstances shift. Level monthly payments make adequate coverage affordable now—the moment that counts most. If permanent coverage is part of your plan, Susman Insurance Agency can explore those options.