Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life insurance covers you for a fixed time—typically 10, 15, 20, 25 or 30 years—paying a set monthly premium and a fixed death benefit if you pass away during that period. When the term expires, coverage ends unless renewed (at a higher rate). It's the most affordable way to obtain substantial death benefit protection for the years your family needs it most.
Permanent life insurance (whole life, universal life and variations) lasts your entire lifetime and accumulates a cash value inside the policy. Monthly premiums are much higher for the same death benefit, especially in the early years. This approach works for people with lifelong obligations: a dependent who will always need support, needing funds available for estate settlement, or handling a business transfer.
How to choose
Begin with your actual need, not with what product to buy. If your need has a finish date—a mortgage getting paid down, kids becoming independent—term insurance lines up perfectly. If your need goes on forever, permanent insurance or a term policy with conversion rights may work better. Most carriers allow you to transform a term policy to permanent years later without repeating medical underwriting, if the contract allows it; the quotes on this site note each carrier's conversion rules.
What people in Danville often do
A practical strategy is a 20 or 30-year term covering your household's actual needs, with a check-in if your life changes substantially. It keeps costs reasonable so you can afford the protection you need today, which is the critical piece. Susman Insurance Agency is available to talk through permanent insurance if a lasting obligation exists.