Short answer
The usual triggers are being married, having dependents, or having co-signers on loans. Most residents I work with choose a level-premium term policy, which gets the most coverage for the least money.
A short clip from his webinar for residents and fellows, with captions.
Watch the full webinar from 49:36When people start looking
The time to consider a policy is when you're married, have dependents, or have co-signers on your loans. I'm not saying don't buy a policy if none of those apply, but those are typically the triggers.
Term or permanent
There are two broad kinds: term insurance, which you buy for a set period, and permanent policies, which last indefinitely. Most people I work with choose term. As a resident earning $60,000 to $100,000, you probably don't have a lot of extra cash, so you want the most coverage for the least money.
Know when the level premium ends
With term insurance, the price stays level only for the term you choose. If you're 25 and get a 20-year level term policy, the price stays the same until 45. You may be able to keep it after that, but the price can go up 5, 10 or 20 times. A 30-year term at 25 stays level until 55.
I recommend a fixed or level-premium term policy. Other types raise the price every year and become cost-prohibitive as you get older.
Permanent or whole life policies aren't good or bad. They're worth discussing one-on-one.
Where Jay covers this
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