Quick Answer
In Drake Software, life insurance information is entered on the Client > Insurance screen, specifically using the Life Insurance tab within the client's policy record. From there you can add coverage amounts, beneficiaries, and premium details before saving.
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Why Drake Separates Life Insurance Entry
Drake's modular design keeps personal lines, property & casualty, and life insurance data distinct. This prevents data overlap, ensures accurate tax calculations, and simplifies reporting for agents who handle mixed portfolios.
Step‑by‑Step Entry Process
Follow these actions to record a new life insurance policy:
- Open the client's file from the Clients list.
- Select Insurance in the left‑hand navigation.
- Click the Life Insurance tab.
- Press Add New Policy and fill the fields:
Key fields to complete
| Attribute | Verified Detail | Source Type |
|---|---|---|
| Policy Number | Alphanumeric identifier from carrier | Carrier documentation |
| Coverage Amount | Face value of the policy (e.g., $250,000) | Policy contract |
| Beneficiary(s) | Name(s) and % share | Client declaration |
| Premium | Annual or monthly payment | Carrier billing |
| Effective Dates | Start and end dates of coverage | Policy schedule |
After entering the data, click Save. Drake automatically calculates any applicable tax deductions and updates the client's financial summary.
Common Issues and How to Resolve Them
Agents often encounter these pitfalls:
- Missing Life Insurance tab: Ensure you have the Life & Annuities module licensed; without it the tab will not appear.
- Incorrect premium formatting: Use numeric entry without commas (e.g., 1250.00) to avoid calculation errors.
- Beneficiary percentages don't total 100%: Drake will flag the entry; adjust percentages or add additional beneficiaries.
Reporting Life Insurance in Drake
Once policies are saved, you can pull reports from Reports > Insurance Summary or export to CSV for external analysis. The reports include total coverage, premium income, and client‑level breakdowns.
Best Practices for Accurate Data
To maintain data integrity across your practice:
- Verify policy numbers against carrier statements before entry.
- Use consistent naming conventions for beneficiaries (e.g., "John Doe – Spouse").
- Schedule quarterly reviews of the Insurance Summary report to catch any missed updates.