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

Your family is growing. You’re getting older. And you want to help protect your family long after you’re gone — but you’re just not sure how much insurance you’ll need to leave your legacy.

It’s never too soon to talk about the future. We’re here to help you understand which types of life insurance are available to you, including the pros and cons of each option.

Term Life Insurance

Life insurance can be a simple, affordable way to help protect your family—and to provide guaranteed premiums—for a specific period of time.

Term Life Insurance is meant to cover temporary financial needs. Typically, shorter terms mean lower premiums (and 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. Why? Permanent policies can cover needs known to last for an entire lifetime. What’s more, a portion of the premium can build a cash value on a tax-deferred basis.

With permanent policies, you can also choose from several options, including whole life, universal life, and combinations that include features of both. Some options 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 coverage 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

Contact Me About
Life Insurance

Richard Godshaw – VBS

Vice President
Group Benefit Solutions

Contact Information
Direct Phone: 716-362-7367

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From your safety to your wellness, Walsh Duffield is here to help. Custom, tailored solutions are finally within your reach – let’s start a conversation.

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