Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term insurance furnishes a predetermined death benefit during a defined period (most commonly 10, 15, 20, 25 or 30 years) in return for a consistent monthly rate. The policy expires when the term ends, though many can be renewed at a sharply higher cost. It represents the most cost-effective way to obtain substantial protection during your family's most vulnerable years.
Whole and permanent insurance (including whole life, universal life and related products) is intended to provide lifelong protection and accumulates cash value inside the contract. Costs are substantially more for identical death benefits, and the cash reserve grows gradually initially. This type suits situations with ongoing needs: a person who will always need support, the need for estate cash, or succession planning for a business.
How to choose
Center your decision on the actual need, not the product type. When the obligation ends at a certain point—a home loan being satisfied, kids becoming self-sufficient—term coverage aligns naturally with that timeline. If an obligation never concludes, permanent protection or term with a conversion clause may apply. Numerous insurers permit converting term to permanent within a set window without redoing medical exams; the quote tool displays each company's rules.
What people in Ontario often do
For many households, a 20- or 30-year term plan built around actual financial needs, revisited if circumstances shift, works well. It keeps your monthly payment affordable so you can secure enough coverage when it matters most. If permanent life insurance is part of your strategy, talk with Susman Insurance Agency about how it fits.