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Ask Dave

Doctor Life Insurance

Steven's in medical school and gets some advice on how much term life insurance to pick up.

QUESTION: Steven is a 3rd year med student and wonders at what rate should he buy term life insurance, especially since his income will grow a lot in the next few years?

ANSWER: A good rule of thumb is 8 to 10 times your income. Pick up half a million dollars coverage on yourself now … it doesn’t cost much. When your income grows substantially in a few years, go get some more.