The Driver's Choice
Insurance Agency
 
(951)735-7555    624 E. Grand Blvd., Suite D * Corona, CA
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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!

 

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.

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.

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