Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life covers a set span—usually 10, 15, 20, 25 or 30 years—for a fixed payment each month. When the term finishes, coverage ends or restarts at much higher cost. For a specific financial obligation, it's the cheapest large benefit available.
Permanent life (whole life, variable life and variants) lasts your entire life and saves cash inside. Costs much more for the same death benefit, and the cash builds slowly at first. It fits lifelong needs: a dependent who'll always need help, paying estate costs, or running a business succession.
How to choose
Ask: does the obligation expire? A paid-off house, grown children, a loan finishing—term covers it cleanly. Does the need go on forever? Permanent insurance or a conversion clause might fit. Term policies can often convert to permanent without new health checks; quotes list each carrier's window.
What people in Santa Cruz often do
A 20- or 30-year term sized to real obligations, revisited when life shifts, works for most. It keeps prices low enough to buy real coverage today, which is the key point. If a lasting need exists, Susman Insurance Agency can explain permanent options.