Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term coverage pays a set death benefit within a window—typically 10, 15, 20, 25, or 30 years—at a level premium. After the term, you renew at higher rates or lose coverage. It's the cheapest way to get large protection when families need it most.
Permanent coverage (whole, universal, variants) stays active for life and accumulates a cash component. Costs are much higher for matching death benefit; early cash growth is slow. Right for lifelong obligations: dependents needing perpetual support, estate planning, business continuity.
How to choose
Choose based on the need, not the product. Expiring needs—a paid-off home, independent kids, cleared loans—align with term. Perpetual needs may call for permanent, or term with conversion rights. Many insurers allow converting term to permanent later without new medical review during the window; the quote tool shows each carrier's conversion path.
What people in Concord often do
Most choose 20- or 30-year level term, sized to actual obligations, and revisit when life shifts. This keeps premiums low enough to get the right benefit now. Susman Insurance Agency can explore permanent solutions if yours is a lasting need.