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How much life insurance coverage do I need?

Many persons purchase their life insurance policy with the intent to replace income, and experts recommend that you purchase 5-10 times your current annual income. This is an old rule of thumb that does not take into consideration current assets and any special needs you and your family may have. Only you can determine what you would want your family to have. For this reason, and because life insurance is very affordable when purchased intelligently, many families choose to carry generous amounts. We recommend you consider the following:
  • The amount of yearly income needed
  • The number of years this income will be needed
  • The average annual percentage of interest your investments will earn
  • College education expenses
  • Funeral and burial expenses
  • Retirement needs
  • Special needs for children or other family member

How can I be sure I am purchasing Life Insurance from a good company?

All reputable insurance companies are rated by independent financial rating services such as A. M. Best , Standard & Poor's, Fitch, and Moody's. Insurance companies are evaluated on their overall financial strength and liquidity, and are assigned a grade such as A, A+, B, or C. Each rating service maintains their own rating system .

Drane Insurance carefully monitors the financial strength of each company we quote and represent. Each company we quote is required to have a rating of A (excellent), A+, or A++ (superior) by A. M. Best , the nation's leading independent evaluator of insurance companies since 1899.

Do I need coverage on my spouse, dependents, and/or children?

You may want to consider having coverage on your spouse even if they are not currently employed. In addition to the emotional burden, the financial pressure on a family due to the premature death of a spouse can be significant. It may be necessary to cover various expenses associated with the loss of a spouse such as medical or burial expenses, or counseling. The surviving spouse will often take time off from work or make other career adjustments to deal with these issues, or to spend more time with children or other family members during this difficult period.

Insurance coverage for children is available to cover final expenses and also can be provided to guarantee insurability for the child's future.

You can get a life insurance quote and apply online for your spouse or dependents at the same time you get a quote for yourself. We will ask you during the application process if you desire coverage for your spouse.

Can my policy ever be canceled due to health or other reasons?

No. Once a policy is issued, it cannot be canceled by the insurance company during the policy period for any reason including changes in health, providing the required premium payments are made and information on the application was not misleading or inaccurate. You will not be asked to provide evidence of insurability during the period of the policy. NOTE: As a policy holder you may choose to stop paying premiums at any time.






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