Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life pays out a set amount if you die within a set period—usually 10, 15, 20, 25 or 30 years—for a fixed monthly cost. When the term expires, coverage stops or renews at much higher rates. It's the cheapest way to get substantial protection during your family's highest-risk years.
Permanent life (whole and universal life and their cousins) stays in place for your whole life and builds cash inside. You'll pay much more in premiums for the same death benefit, and cash value grows slowly at first. Use it when you have permanent obligations: someone who'll always depend on you, money needed for your estate, or a business succession plan.
How to choose
Think about your need first, not the product. A need with an expiration date—mortgage payoff, kids becoming independent—aligns perfectly with term insurance. A need that never ends might mean permanent coverage or a term policy with a conversion option. Many carriers allow you to convert term to permanent later without re-qualifying, and quotes show each carrier's conversion options.
What people in Lafayette often do
Most households do well with a 20- or 30-year term sized to match what they actually owe, revisited when life changes. Keeping premiums reasonable lets you buy the amount you really need. Susman Insurance Agency can explore permanent coverage if your situation calls for lifetime protection.