Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life runs for a fixed period—10, 15, 20, 25 or 30 years—at a locked rate. When done, coverage stops or renews at much higher costs. Cheapest way to get large coverage during high-need years.
Permanent life (whole, universal and similar) lasts a lifetime and accumulates cash value. Costs run high compared to term for the same benefit, and cash value starts slow. Right for lifelong obligations: a dependent needing permanent support, settling an estate, or business succession.
How to choose
Start with the need. Needs with endings—a 15-year mortgage, kids turning 22, equipment loans—line up with term. Lifelong needs call for permanent or convertible term. Conversion lets you switch term to permanent without new medical work during a window; quotes show each carrier's details.
What people in Richmond often do
A practical choice: 20 or 30 year term matched to real debts and obligations, reviewed when life shifts. Keeps costs manageable so you can buy enough now, which is what counts. Susman Insurance Agency can discuss permanent if your situation needs lifelong cover.