Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life offers a set death benefit if death happens within a specified window (usually 10, 15, 20, 25 or 30 years), backed by level premiums. When the term expires, coverage concludes, or premiums rise dramatically upon renewal. It is the most affordable way to secure substantial protection during the period when your family would genuinely need it.
Permanent life (whole life, universal life and variations) is built to remain active throughout your lifetime and accumulates value inside the contract. Monthly premiums run considerably higher for equivalent death benefits, and cash buildup is gradual in the early years. This approach makes sense for people with enduring needs: someone in your care who will always depend on you, money needed to settle an estate, or a business continuity plan.
How to choose
Begin by identifying the need rather than the product type. If the need has a defined endpoint—a loan being paid down, children becoming self-sufficient—term insurance mirrors that need precisely. If an obligation persists indefinitely, a permanent policy or term with a conversion clause may be ideal. Many carriers permit converting term policies to permanent coverage without repeating medical underwriting during a specified window; your rate quotation indicates each carrier's conversion rules.
What people in Beverly Hills often do
A typical approach is a 20- or 30-year term sized to the family's genuine financial picture, revisited as circumstances shift. This keeps premiums manageable so you buy adequate protection right now—which is what truly matters. Susman Insurance Agency also works with clients considering permanent insurance if an enduring obligation figures into your situation.