Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term insurance pays out a fixed benefit only if death occurs within the set window—10, 15, 20, 25, or 30 years—while your premiums stay constant. Once the term is done, coverage stops or renews at far higher rates. It's the most affordable way to buy substantial protection during the years when your household truly needs it.
Permanent insurance (whole life, universal life, and related products) is intended to remain active throughout your life and accumulates cash value within the policy. Monthly payments are substantially higher for the same death benefit, and the cash component grows slowly early on. It's right for people with lifelong financial obligations: an adult dependent needing ongoing support, managing an estate, or planning for business continuity.
How to choose
Start with the need, not the product. If that need ends—a paid-off house, grown children—term coverage aligns perfectly. If the need is permanent, permanent coverage or a convertible term may make sense. Many policies allow you to convert term to permanent mid-stream without requalifying medically; the quotes here show each carrier's conversion options.
What people in West Hollywood often do
Many households find a 20- or 30-year term works best, sized to their actual responsibilities, and revisit it when big changes happen. This strategy keeps premiums manageable so you can afford the coverage you actually need. If a permanent option fits your situation, Susman Insurance Agency can explore that too.