Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term insurance provides a fixed payout if death occurs within a chosen window—typically 10, 15, 20, 25, or 30 years—at a locked monthly rate. Once the term closes, coverage expires or renews at a significantly higher cost. It's the most affordable way to secure substantial coverage during the years your family depends on that income.
Permanent insurance (whole life, universal life, and similar types) is meant to cover your entire life and accumulates cash value within the policy. Monthly payments are much steeper for an equivalent benefit, and the cash buildup is gradual early on. It works well for ongoing needs: a dependent requiring lifetime care, planned estate settlement, or business transition arrangements.
How to choose
Begin with the problem you're solving, not the insurance type. For time-bound needs—a mortgage getting paid off, kids aging to independence—term insurance aligns neatly. For endless obligations, consider permanent coverage or a term policy with a conversion clause. Carriers often allow you to switch term to permanent later without redoing medical screening during a set conversion period; the quote display here includes conversion details per carrier.
What people in Highland often do
Many people opt for a 20- or 30-year term policy matched to actual household obligations and revisited as life changes. This approach holds premiums manageable so you can afford the coverage you need today. Susman Insurance Agency is available to explore permanent options if you have a need that extends beyond the term.