Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term insurance gives a set death benefit if you die while the policy is active, usually for 10, 15, 20, 25 or 30 years, at a flat monthly cost. Once the term is up, the policy ends or the cost spikes sharply. It is the cheapest route to get solid coverage for the seasons when your family counts on your income.
Permanent insurance (whole life, universal life and variations) stays with you for life and develops cash value inside it. The monthly cost is much higher for the same benefit, and early on the cash value builds slowly. It is made for people with needs that never end: a family member who will always need help, an estate that needs liquidity, or a business transition plan.
How to choose
Begin with the need, not the policy. If the need has a finish line—a mortgage that will be gone, kids who will grow up—term insurance lines up perfectly. If the need is forever, permanent coverage or a convertible term policy fits. Lots of carriers allow you to switch a term policy to permanent within a certain window without another medical exam; the comparison here shows what each carrier offers.
What people in Tracy often do
A widespread path: a 20 or 30-year term covering what your household actually owes, looked at again when life shifts. That plan holds the monthly price low enough to buy enough coverage right now, and that is what counts. If a lifetime need is in the picture, Susman Insurance Agency can walk you through permanent choices.