Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term insurance pays your chosen death benefit if you die within the term—usually 10, 15, 20, 25 or 30 years—and you pay the same monthly amount the whole time. When the term ends, the coverage stops or you can renew it at a much steeper rate. It's the cheapest way to buy significant coverage during the years your family counts on your income.
Permanent insurance (whole life, universal life, and related types) is meant to last your whole life and builds a cash reserve inside the policy. Monthly payments are much higher than term for the same death benefit, and the cash value builds slowly at first. It works well for people with needs that don't have an end date: a person who always needs support, money to settle an estate, or a transition plan for a family business.
How to choose
Build from the need, not the product. When the need has an end date—a mortgage that gets paid off, children who grow up and support themselves—term coverage lines up with that perfectly. When the need lasts indefinitely, permanent coverage or a term policy with a conversion rider could be right. Many carriers let you convert term to permanent during a window without having to prove your health again; each quote shows what each carrier offers.
What people in Culver City often do
A practical approach is a 20 or 30 year term matched to your household's obligations and revisited as life changes. It keeps the monthly premium low enough to actually buy what you need right now, which is the critical part. Susman Insurance Agency can explore permanent coverage if your situation has needs that last forever.