Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life covers you for a fixed period—usually 10, 15, 20, 25 or 30 years—and pays the death benefit if you die during that term, for a flat premium. After the term, coverage expires or renews at a higher rate. It's the cheapest way to buy a large benefit for the years when your family most needs it.
Permanent insurance (whole life, universal life, and variations) stays in force for life and builds a savings component inside the policy. Premiums run significantly higher for the same death benefit, and the savings grow slowly at first. It makes sense for lasting needs: a lifelong dependent, money to settle an estate, or a business succession plan.
How to choose
Start with the need, not the product. For needs with an endpoint—a mortgage you'll pay down, children who'll become independent, a business loan maturing—term life aligns the coverage period cleanly with the obligation. For needs without an end—a dependent who will always require support, an estate tax bill—permanent insurance or a term policy with conversion options can work. Many carriers allow converting term to permanent without another medical evaluation during a set window; each quote here shows the conversion terms available.
What people in Santa Monica often do
A practical approach for most: a 20- or 30-year term sized to your household's real needs, revisited if circumstances shift. Low premiums mean you can buy an adequate amount when it counts most. Susman Insurance Agency can explore permanent coverage if lifetime protection is part of your plan.