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Amount of life insurance for dual doctor couple?

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  • #16
    Thousand of dollars a month? Doesn't sound like term. My 1 million dollar policy is $38 a month. I also get about $400k free through my job


    • #17
      Maybe also consider other factors besides the 'cold hard facts' of who will need what kind of financial support.

      My wife is a PGY3 and we have no kids. She's not at the moment, but she'll more than double my salary as an attending. Thus, I don't need life insurance, right? She'll be perfectly fine financially without my income even if I got hit by a bus tomorrow.

      However, she has med school loans of over $200K. Our current plan is PSLF. Five years of payments will be as a resident and the other five years as an attending. That means she must work for a 501(c)(3) for five years after residency. She really wants private practice, but is willing to delay for a while in order to obtain PSLF. She can carry out that plan with or without my income.

      However, if I'm gone, I don't want her to be bound to PSLF. She may decide the best thing for her is to move back closer to her family, for example, where a 501(c)(3) may not be an option. I'd rather her have the freedom to do what she feels she needs to.

      So, I have a 10-year 250K policy on myself. If something were to happen to me, she can pay off the loans and not be bound to PSLF or high debt repayment.

      The mere math says I don't need life insurance, but I'm considering more than the math.