Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term coverage provides a fixed death benefit during a set period—typically 10, 15, 20, 25, or 30 years—at a locked monthly payment. Coverage stops at term end or renews at sharply higher rates. It's the lowest-cost way to buy substantial protection during your highest-need years.
Permanent coverage (whole life, universal life, variants) is designed to last your lifetime and builds cash value inside the contract. It costs significantly more monthly for the same death benefit, with cash value accumulating slowly early on. It makes sense for permanent needs: a dependent requiring lifetime support, estate tax management, or business succession planning.
How to choose
Start by identifying your actual need: if the need has an end point—a mortgage paid off, children independent, a business loan matured—term coverage aligns naturally. If the need continues forever, permanent insurance or a convertible term policy might fit. Many carriers allow conversion to permanent without new underwriting during a conversion window; each quote shows that carrier's conversion rules.
What people in Burbank often do
A practical approach combines a 20- or 30-year term policy sized to real obligations with a regular review schedule when circumstances shift. Keeping the premium affordable now means buying adequate coverage today, which is what counts most. If permanent coverage fits your picture, Susman Insurance Agency discusses those options too.