MS2 here, mid-20's, $150k whole life policy on myself that was taken out by my grandparents when I was 1 year old. Premium of $646 a year. I have zero debt due to personal savings + spouse income (no undergrad debt either thanks to a scholarship). We're hoping to graduate debt-free but may end with a max of 25k in loans depending on savings and tuition increases. ~15k in retirement. Married, no kids yet. Wife works making around 60k a year. She has no life insurance. We are currently planning on having kids in residency or maybe even after. She plans to stay at home at least while the kids are young but at that point I should be an attending or close to it.
Do I:
1) Keep whole life until residency then buy term life
2) Keep whole life until residency but buy term life now
3) Sell whole life now, buy term life now
4) Sell whole life now, wait until residency for term life
5) Something else I can't think of
I'm also a bit confused about which term and how much coverage I need both short-term and long-term which I think would differ based on which option above I go with. I think a long-term goal of 3-4 million of life insurance as a young attending with kids and spouse would be reasonable but I'm not sure.
Any advice appreciated. Thanks!
Do I:
1) Keep whole life until residency then buy term life
2) Keep whole life until residency but buy term life now
3) Sell whole life now, buy term life now
4) Sell whole life now, wait until residency for term life
5) Something else I can't think of
I'm also a bit confused about which term and how much coverage I need both short-term and long-term which I think would differ based on which option above I go with. I think a long-term goal of 3-4 million of life insurance as a young attending with kids and spouse would be reasonable but I'm not sure.
Any advice appreciated. Thanks!
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