Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life supplies a set death benefit for a fixed period—usually 10, 15, 20, 25, or 30 years—for a consistent premium. Once the term expires, coverage stops or you can renew at a much higher rate. Term is the most budget-friendly way to get substantial coverage during your family's most important years.
Permanent life (whole life, universal life, and related products) runs for your entire life and accumulates a cash surplus within the contract. Monthly costs are considerably higher for the same death payout, and that cash value accumulates gradually at first. It works well for people with ongoing needs: a person who always needs support, estate planning, or transferring a business.
How to choose
Think about your situation first, then pick the right product. When your obligation has a finish line—a loan to be retired, kids to launch—term insurance lines up perfectly. For endless obligations, permanent protection or a convertible term policy makes sense. Most insurers allow converting term to permanent during a specified window without having to redo your medical details; the quotes here show conversion options for each carrier.
What people in Ontario often do
A pragmatic option is a 20- or 30-year term sized to your family's genuine financial obligations, revisited if circumstances shift. This approach keeps monthly costs reasonable so you can afford enough coverage when you need it most. Susman Insurance Agency is ready to walk through permanent options if you foresee a lifetime financial obligation.