Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term policies pay out a fixed death benefit if you die during a specific period—typically 10, 15, 20, 25, or 30 years—in return for fixed monthly premiums. After the term ends, your coverage stops unless you renew at a significantly higher rate. It is the most affordable way to purchase substantial protection during a family's highest-need years.
Permanent policies (whole life, universal life, and similar products) stay in force for your entire lifetime and build a cash value component. Premiums cost substantially more for the same death benefit, and the cash value accumulates slowly at first. These policies suit situations with lasting financial needs: a family member who will always depend on you, estate settlement costs, or succession planning for a business.
How to choose
Let your financial need drive the choice, not the product label. When the need has an expiration date—a mortgage that will be paid off, children who will grow independent—term coverage aligns perfectly. When the need is permanent, a permanent policy or a term policy with a conversion rider may be right. Many carriers allow conversion from term to permanent without additional medical review during a conversion window; the quote details show each carrier's options.
What people in Windsor often do
Most households benefit from a 20- or 30-year term policy sized to their actual financial obligations, with periodic reviews as circumstances change. This approach keeps your premium affordable now, when having adequate coverage matters most. Susman Insurance Agency is available to discuss permanent coverage or conversion options if your situation includes lasting financial needs.