After graduating, young dentists should purchase term-life insurance (not whole-life). More specifically, you should purchase a level-premium, non-cancellable, thirty-year term life policy from a reputable company as soon as you can.

Term-life insurance is a commodity and you should get multiple quotes and select the lowest rate from a reliable institution. A good place to start looking for term-life insurance is – here you can compare quotes from multiple companies without providing any identifiable information.

The amount of life insurance you need depends on your age and personal financial portfolio. The amount of life insurance you need also depends on where you live (or where your spouse would live if you were to become deceased). You should also take into account your spouse’s profession and income, how many children you have and how old they are.

Remember, you should be worth more alive than you are dead and receiving the benefit of your policy should not be equivalent to winning the lottery. The purpose of the policy is for your spouse and children to be able to afford a comfortable lifestyle in the event that you were to die.

With that said, you should purchase a policy as soon as you can afford the payment as the annual premium is determined by your age and health (a medical examination is required).