Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life pays a fixed death benefit if death occurs in a set span—usually 10, 15, 20, 25 or 30 years—with a stable premium throughout. After the term, coverage ends or renews at much higher rates. It's the cheapest way to buy substantial coverage during critical years.
Permanent coverage (whole life, universal life and similar products) stays active your whole life and accumulates cash value in the contract. Premiums cost much more for the same death benefit, and cash builds slowly at first. It fits lifelong obligations: a dependent needing permanent care, estate funding, or business continuity.
How to choose
Begin with what you need, not the product. When the need ends—a mortgage paid, kids grown—term coverage aligns perfectly. For ongoing needs, permanent coverage or term with a conversion clause works. Many carriers allow converting term to permanent during a window without fresh underwriting; each quote lists conversion details.
What people in Folsom often do
A standard choice: a 20 or 30-year term sized to actual household obligations, revisited as life changes. It keeps costs low enough to buy a real amount right now—the important part. Susman Insurance Agency can explore permanent options if you have an ongoing obligation.