Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life gives a set death benefit during a set period, typically 10, 15, 20, 25 or 30 years, for a fixed monthly cost. At the end of the term, the protection either stops or gets much more pricey to keep going. For the years a household needs protection most, it's the cheapest way to have a large benefit.
Permanent life (whole life, universal life and other forms) is set up to stay active for your whole life and accumulates a cash value. The month-to-month cost is much higher for the same death benefit amount, and the value grows slowly at the start. It fits people with needs that don't end: a family member who will always depend on you, money the estate will need, or planning for handing off a company.
How to choose
Begin with the need, not with the type of policy. If the need has an end date—a loan that will be paid back, children who will be grown—term coverage lines up with it perfectly. If a need never ends, a lasting policy or term coverage with the ability to switch to permanent later might fit. Most carriers will let you switch from term to permanent without going through medical exams again, within a certain window; this site shows each carrier's rules.
What people in Tustin often do
Many people pick a 20- or 30-year term policy matching what they really owe, and they check it again whenever their life changes. That way the monthly bill stays manageable enough to get the right amount now, which is what truly matters. If lifelong coverage fits your situation, Susman Insurance Agency can walk you through permanent options.