Life insurance questions

Zander dot com. It gives you many companies to choose from, AIG was the cheapest so I went with them. Relatively painless, they kept me updated throughout the underwriting process.

Twenty year term.

I'd lock in 20 years for the amount of:
Your student loans
Mortgage
and between 3-10 years of your income

Whatever that number is.
However, spend the extra $10 a month and go with a well-backed insurer, not a fly-by-night no name company. You would want your dependent(s) to have an easy process obtaining the tax free benefit.

I locked in a 20yr, 1 million policy with AIG last week.

I'm 33 non-smoker, and considered healthy.

My premium is about $32 a month. Went through Select Quote. Simple process.

The only thing I'd disagree with is the advice to get a 20 year policy. I'd tell you to strongly consider the 30 year (to age 59) and not the 20 year. At age 49 you will likely have a lot more risk than you do even now. You also will be at your peak earning years. By age 59, you will hopefully have less debt and higher wealth along with less familial responsibility as you are just starting your family now (kids in High School at age 49). Lock in that extra 10 years as the premium amount at age 29 will be a reasonable difference. Shopping for a half million dollar policy at age 49 when you take a couple of medications and are 20 lbs overweight can be a real shocker. And of course that doesn't even take into consideration if you have a serious illness that renders you an unacceptable risk and makes you uninsurable.

Does your wife work? How's her income compared to yours? Some people recommend a multiple of your income but imo, if you have enough to pay off the mortgage and other loans and a little extra, the little lady would be just fine if she has a decent job. If you are single income you definitely want to be on the higher end multiple someone else suggested earlier.

I bought a 30 year policy at age 35. Looking back, I probably should've bought a 20 year policy at age 30, and an additional 30 year policy for good measure at that time. If you are a physician with a good game plan, you will be self insured by 60, if not before. I would worry more about disability insurance. The amount of coverage depends on your speciality and lifestyle.

quote:

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Northwestern Mutual
20 year term
$1,000,000
Convertible to whole life with no medical if done within 10 years.
Looking about $40-50/month if you're healthy.

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I'd look at Guardian first. Same deal, but you can get a conversion rider that extends it through the end of the term. They also have the best long-term disability policies for white coats(you mentioned residency, assume you're a doctor).