Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life offers a fixed death payout for a set span—10, 15, 20, 25, or 30 years—with a locked monthly premium. Once the period ends, coverage stops (or renews at sharply higher rates). It's the most economical route to a big payout during your family's highest-need years.
Permanent life (whole life, variable universal, and similar products) stays in place for life and accumulates cash value. Monthly costs run significantly higher for an equal death payout, and early cash gains grow slowly. Pick this if you need lifelong coverage: dependents needing support indefinitely, estate taxes, or a business handoff plan.
How to choose
Start with the need, not the product type. If your need has an endpoint—kids growing up, a home paid off—term fits cleanly. If your need never ends, permanent or a convertible term might be best. Many policies include conversion rights so you can switch to permanent later without new medical tests; the quotes detail each company's conversion window.
What people in Folsom often do
Many people go with a 20 or 30-year policy sized to actual household obligations, then revisit it as circumstances shift. This approach keeps premiums manageable so you can buy the coverage your family actually needs right now. If lifetime protection belongs in your plan, Susman Insurance Agency can explore permanent options.