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 set payout if death occurs within your chosen window—typically 10, 15, 20, 25, or 30 years—with a flat monthly cost throughout. Once the term expires, the policy ceases or can be renewed at higher cost. It's the most affordable path to substantial coverage during a family's highest-need years.
Permanent life (including whole life and universal life options) remains active your entire life and accumulates cash inside the policy you can potentially borrow against. The cost is markedly higher than term for an equivalent payout, and cash builds slowly at first. It fits those with permanent obligations: a dependent with lifelong care needs, estate tax concerns, or succession planning for a business.
How to choose
Build from the actual need, not the insurance type. When the need runs out—a paid-off house, grown children—term is a natural fit. When the need endures, permanent insurance or a convertible term may suit you better. Several carriers permit converting term to permanent without redoing health review within a specific window; the quotes here list each carrier's conversion details.
What people in Daly City often do
Many people pick a 20- or 30-year term matched to genuine family needs, then revisit it as situations shift. This strategy holds costs down so you can protect your household well today—the critical time. Susman Insurance Agency is available to explore lifetime products if a permanent requirement emerges.