Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life gives a set death benefit if you die in the term—usually 10, 15, 20, 25 or 30 years—at a locked-in price. When the years are up, the coverage ends or gets much more expensive. It is the most affordable way to get significant protection during your family's most expensive years.
Permanent life (whole life, universal life and variations) stays in place for your whole life and builds money inside. The cost per month is much higher than term for the same death benefit, and the money builds slowly at first. It fits people with never-ending needs: a family member who will always depend on you, money for the estate, or a plan for passing the business on.
How to choose
Start with the need first, then pick the product. If the need stops—the loan gets paid, kids grow up—term coverage maps to it perfectly. If the need lasts forever, permanent coverage or convertible term might work. Many carriers let you switch term to permanent without new health underwriting during the conversion window, and you can see each carrier's terms in the quotes.
What people in San Clemente often do
A popular method is a 20- or 30-year term sized to what the family actually owes, checked again as things change. This keeps costs down so you can get enough now, which is the key thing. If a permanent policy fits your situation, Susman Insurance Agency is ready to discuss that too.