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We're Driver's Choice insurance and your well being is our reason for being. You can count on us to provide unconditional support and service when you need it most. That's the bedrock of our business, and we don't believe in charging you extra for it!
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Who Should Consider Life Insurance?
- Young couples with or without
families who need to replace lost income upon a spouse's death
- Anyone with a growing family
- Anyone who needs short-term
death benefit protection and has temporary financial obligations, such
as mortgage payments, car payments, or short-term debts
- Wealthy individuals who
want to help preserve their estates for future generations
- Business owners who want
to help ensure the continuation of their business
Life insurance can be categorized
into two types -- permanent insurance and term insurance.
Benefit/Feature |
Permanent Insurance |
Term
Insurance |
| Death Benefit |
Available for Life |
Available for a specified
period of time |
| Tax Deferral |
Upon death of insured,
death benefit generally passes federal income tax-free¹to policy's
beneficiary |
Upon death of insured,
death benefit generally passes federal income tax-free¹to policy's
beneficiary |
| Premiums |
Typically, premiums are
more expensive than term, need to keep policy long enough or could
be more costly (due to surrender charge) |
Lower premiums allow
you to purchase higher levels of coverage at a younger age, when death
benefit need is greatest |
| Cash Value |
Accumulated cash value
can be accessed through tax-advantaged loans and withdrawals² |
No cash value |
¹The
death benefit may be included in your estate for federal estate
tax purposes.
²Assuming
a policy is not a Modified Endowment Contract (MEC), access to policy
account value through loans is free from current federal taxation
and withdrawals are taxed only to the extent that they exceed the
policyowner’s basis in the policy. Distributions from MECs
are subject to federal income tax to the extent of gain in the policy.
Taxable distributions are subject to a 10% additional tax, with
certain exceptions.
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We offer three types of permanent
insurance (variable universal life, universal life, and whole life) and
term insurance.
Loans and withdrawals from
a permanent life insurance policy will reduce the policy’s account
value and death benefit. There may be penalties and fees associated with
the use of loans and withdrawals. Depending upon the performance of a
VUL policy’s investment choices, the account value available for
loans and withdrawals may be worth more or less than the original amount
invested in the policy.
Guarantees are based on the
claims-paying ability of the issuing company.
Variable universal life insurance
products are subject to investment risk, including possible loss of the
principal amount invested.
Life Insurance Quote
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