Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term insurance covers a specific window—typically 10, 15, 20, 25 or 30 years—and pays the stated benefit if death occurs within that time. You lock in the rate for the whole term. When it's over, the policy expires or converts to much higher annual rates. For a given death benefit, it's the most economical choice during your family's heaviest-obligation years.
Permanent insurance (whole life and universal life variants) stays active for your whole life and builds an internal cash account. Monthly premiums are substantially higher for an equal death payout, and the cash part grows slowly at first. This works well for situations that don't have an end date: caring for a dependent with lifelong needs, leaving money for estate taxes, or moving a business to the next generation.
How to choose
Start with the obligation, not the product. When obligations have a defined endpoint—a mortgage payoff date, the year kids finish school, a business loan expiration—term coverage lines up perfectly. When an obligation is truly permanent, permanent insurance or a term policy with a conversion right might make sense. Many insurers allow switches from term to permanent without redoing medical underwriting within a set window; this site shows each carrier's conversion terms.
What people in Norwalk often do
A frequent strategy: get a 20- or 30-year term in the amount your household actually needs, then revisit it if major circumstances shift. This keeps premiums affordable so you can get adequate protection right now—which is the key issue. If you think a permanent policy matters for your situation, Susman Insurance Agency can explore that with you.