Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life covers you for a chosen span—usually 10, 15, 20, 25, or 30 years—at a fixed monthly cost. Once the years end, the insurance stops or renews at a higher rate. It's the most affordable route to substantial protection during the years your family counts on that income.
Permanent life (whole and universal life forms) stays active your whole life and builds stored value. Monthly costs run significantly higher for the same benefit, and the cash part grows slowly at first. It fits people who need lifelong protection: someone who'll always depend on that income, transfer of property to an heir, or keeping a business stable through ownership changes.
How to choose
Begin with what you actually need, not the product type. Will the need end—a loan getting paid off, children graduating? Term handles that directly. Will you always need it—a spouse who'll depend on that income forever, a business you're building? Then permanent or term with conversion rights might work. Many carriers let you convert term to permanent without new underwriting during a window; quotes show what each carrier permits.
What people in Newark often do
A reliable choice: lock in a 20- or 30-year policy sized for real household needs, then revisit it if life changes. Lower premiums mean more protection right now—what truly counts. If you later discover you need lifelong coverage, Susman Insurance Agency walks through those options too.