Guide
Term vs. permanent life insurance
What each kind is for, what it costs, and why most families start with term.
Term life provides a death benefit if death occurs during a set time period (10, 15, 20, 25 or 30 years). Nothing is paid if the term expires.
Permanent coverage (whole, universal and related products) provides a death benefit for life, builds cash value, and costs significantly more than term.
How to choose
Start with the underlying need, not the product. When the need expires (kids finish college, mortgage is paid), the coverage needs adjust.
What people in Huntington Beach often do
A standard strategy: select a 20- or 30-year term amount equal to your household liabilities plus income replacement.