Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life provides a fixed death benefit if death occurs within the term—10, 15, 20, 25 or 30 years—with a stable monthly or annual payment throughout. At term end, the policy expires or renews at significantly higher rates. It's the most economical method to secure substantial protection during a family's highest-need years.
Permanent life (whole life, universal life and similar products) lasts your entire life and accumulates cash value within the contract. Monthly premiums are much higher for an equal death benefit, and cash value accrues slowly at first. It's appropriate for lifelong obligations: caring for a dependent with ongoing needs, providing estate liquidity, or funding a business succession.
How to choose
Begin with your actual need, not the product type. When the need is time-bound—a loan to repay, kids who'll grow up—term insurance aligns perfectly. When the need is open-ended, a permanent policy or convertible term may be the answer. Numerous carriers permit converting term to permanent without new underwriting, provided you act during the conversion window; this site lists each carrier's conversion rules.
What people in Vallejo often do
Many households use a 20 or 30-year term matched to their actual needs, then revisit coverage when life changes. This keeps today's premium manageable so you can afford adequate coverage—what truly counts now. If you have needs that last your lifetime, Susman Insurance Agency is equipped to explore permanent options.