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 specific death amount within a defined timespan (10, 15, 20, 25, 30 years) with fixed monthly payments. At term conclusion, you either stop or restart at new rates. Most cost-effective for substantial temporary protection.
Permanent options (whole, universal, and variable life) maintain coverage for life and accumulate internal cash value. Costs per dollar of benefit run significantly higher; early accumulation is slow. Ideal for people needing endless protection—perpetual caregiver support, business transitions, planned wealth transfer.
How to choose
First, identify the need—debt payoff, kid independence, business obligations—then select the tool. End-date needs? Term coverage works perfectly. No end date? Permanent protection or renewable terms might fit. Many carriers allow switching term to permanent within specified windows without fresh medical screening.
What people in Woodland often do
Best practice: lock in a 20–30 year term that mirrors your financial picture, then revisit as situations evolve. Lower monthly premiums mean more substantial protection is attainable right now—which matters most. Susman can guide permanent coverage if warranted.