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 payout if you pass away in a defined span—typically 10, 15, 20, 25 or 30 years—with premiums that stay constant. Once the term concludes, coverage lapses or continues at substantially elevated rates. It's the most cost-effective option for obtaining meaningful protection through your family's peak-risk years.
Permanent life (whole life, universal life and their forms) covers you for life and accumulates a cash component within the contract. Monthly payments are much steeper than term for the identical benefit, and the cash component accrues gradually at first. Permanent coverage fits situations with indefinite obligations: a perpetually dependent family member, wealth preservation, or ensuring business continuity.
How to choose
Begin with your needs, not the insurance type. Does your obligation have a finish line—a mortgage paid down, kids launched—? Term aligns with that timeline perfectly. No finish line in view? A permanent policy or a convertible term policy might suit you. Lots of carriers permit converting term to permanent without fresh medical questions during a set window; the quote results detail each carrier's conversion rules.
What people in Burbank often do
A sound strategy is a 20 or 30-year term policy matching your actual liabilities, revisited as your life evolves. This strategy maintains affordability while securing the coverage you need today, which is the priority. Susman Insurance Agency is happy to explore permanent insurance if your long-term obligations warrant it.