Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term insurance pays a guaranteed death benefit during a specified duration — typically 10, 15, 20, 25 or 30 years — for a constant premium. Coverage ends or becomes much more expensive after the term. It's the most cost-effective way to purchase substantial protection during your family's most vulnerable years.
Permanent coverage (whole life, universal life and related products) is structured to remain in force throughout your lifetime and accumulates a monetary value inside the policy. Premiums run substantially higher for equivalent death benefits, and cash value builds slowly in the beginning. It's appropriate when lifelong needs exist: a dependent with permanent support requirements, wealth transfer planning, or business continuity needs.
How to choose
Start with what you actually need, not the product type. Term insurance works best for needs with an expiration date: a payoff mortgage, children becoming adults, or business debts getting cleared. For permanent requirements, permanent insurance or term with conversion options may be the fit. Numerous carriers allow converting a term policy to permanent coverage during a specified window without additional health screening; our quote display shows each carrier's conversion privileges.
What people in Highland often do
The strategy many families use: a 20- or 30-year term sized around genuine financial obligations, with a periodic review when circumstances shift. This keeps premiums affordable so you can secure sufficient coverage now — which is what really counts. For those with permanent coverage needs, Susman Insurance Agency offers consultation.