Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life provides a set death benefit if death occurs within a chosen period—typically 10, 15, 20, 25, or 30 years—with a fixed monthly cost. Coverage concludes when the term is over, or you can extend at a significantly higher rate. For most families, it is the most affordable way to secure substantial protection during the years when dependents rely on the income.
Permanent life (whole life, universal life, and related types) remains active your entire life and accumulates a reserve within the contract. The monthly cost is substantially more than term for an equal death benefit, and the reserve starts small in the early years. This design fits people who need coverage that never expires: a dependent requiring lifetime care, funds needed to settle an estate, or a plan for business continuity.
How to choose
Begin with the reason you need insurance, not with the product type. If your need has a finish line—a loan with a payoff date, kids who will grow up and leave home—term insurance aligns perfectly. If you expect to need coverage throughout your life, a permanent policy or a term with a built-in conversion right might make sense. Several carriers allow you to switch from term to permanent later, without repeating medical review, if you change your mind during a set period; the quote tool displays what each carrier permits.
What people in Manhattan Beach often do
A practical strategy: select a 20- or 30-year term for your household's current needs, and revisit it if your situation shifts significantly. This keeps the cost manageable so you can afford meaningful protection now. If your situation calls for a policy that never ends, Susman Insurance Agency is here to walk you through permanent coverage as well.