Life Insurance

Life Insurance

A Plan for Life

At Walsh Duffield, we consider life insurance policies to be the cornerstone of sound financial planning as they can offer your dependents the safety and security they need in case of a loss. Not only acting as a security blanket, the right policy can also pay off any debts you leave behind, which only further protects your loved ones.

Your Family is Growing

You Want to Protect Your Loved Ones

You Don’t Know How Much Insurance is Enough

 

Planning for life is a huge milestone for both you and your families. As you enter into this phase of consideration, it’s important to have the right conversations about what coverage you want and which policies are right for you and your future. Walsh Duffield is here to take a professional approach to your planning with an extensive review of your personal situation and needs. As independent agents, we’re unique in representing a large number of life insurance companies, which means that we can offer a variety of the most competitively priced options that are fit and tailored to you.

Term Life Insurance

 

Life insurance can be a simple, affordable way to protect your family – and to provide guaranteed premiums – for a specific period of time. Typically, the shorter the term, the lower the premium – so even with a diagnosis, your premium remains the same.

Term Life is also usually convertible to Permanent Life Insurance without a physical exam or medical underwriting for an initial period of time or to age 65 and beyond.

Pros of Term Life Insurance

Cons of Term Life Insurance

Initial terms are much lower than Permanent Life Insurance, making the cost of coverage more affordable The best time to purchase Term Insurance is when you’re young. The older you are at the time of purchase, the more your premium will cost
Term Life is ideal to cover financial needs that typically go down over time, such as mortgages, education expenses, and other income requirements for young families Coverage ends at the end of the term or may become too expensive to continue
Policies are renewable and convertible There is usually no policy cash value

 

Permanent Life Insurance

 

For lifelong protection that offers death benefits along with a cash value, you want Permanent Life Insurance. This is where a portion of the premium can build a cash value on a tax-deferred basis based.

Unlike Term Life Insurance, which is meant to cover temporary financial needs, permanent policies can cover needs known to last for an entire lifetime. With permanent policies, you can also choose from several options, including whole life, universal life, and combinations that include features of both.  There are options that include paying for a policy during working years and then retaining coverage and cash value throughout life.

Pros of Permanent Life Insurance

Cons of Permanent Life Insurance

Insurance protection can be designed to last for a lifetime, not just an initial term period Required premium levels make it difficult to buy enough protection
Premiums may be fixed or flexible to meet personal needs It is more costly than Term Life Insurance when held for a short period of time
Cash values add to the policy’s flexibility
Some policies have provisions allowing the death benefit to increase over time
  • American General Life Insurance Company
  • American National Life Insurance Company of NY (Life & Annuity)
  • Ameritas Life Insurance Corporation
  • AXA Equitable Life Insurance Company
  • Banner Life Insurance Company
  • Brighthouse Life Insurance Company
  • Colombian Mutual Life Insurance Company
  • Companion Life Insurance Mutual of Omaha
  • First Symetra National Life Insurance Company of NY
  • Great-West Life & Annuity Insurance Company
  • Integrity Life Insurance Company (Annuity)
  • John Hancock Life Insurance Company of NY
  • Lincoln Life & Annuity Company of NY
  • Massachusetts Mutual Life Insurance Company
  • Minnesota Life Insurance Company
  • National Integrity Life Insurance Company (Annuity)
  • Nationwide Life Insurance Company
  • North American Company for Life & Health
  • Pacific Life & Annuity Company (Life, Annuity)
  • Penn Mutual Life Insurance Company
  • Principal Life Insurance Company (Life, Annuity)
  • Protective Life & Annuity Insurance Company
  • Prudential Life Insurance Company of America
  • Savings Bank Life Insurance Company of MA
  • Securian Life Insurance Company
  • Security Life of Denver Insurance Company
  • Symetra Life Insurance Company
  • Transamerica Life Insurance Company
  • United of Omaha Life Insurance Company
  • United States Life Insurance Company In The City of NY
  • Voya Insurance and Annuity Company
  • William Penn Life Insurance Company of NY
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Contact Me About
Life Insurance

Richard Godshaw – VBS

Vice President
Group Benefit Solutions

Contact Information

rgodshaw@walshins.com
Direct Phone: 716-362-7367

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