Q&A: Life insurance during fellowship

Most people should consider purchasing term insurance.

A: Generally speaking, most people should consider purchasing term insurance. It's usually inexpensive, relatively speaking, and provides needed protection while the mortgage is high, children are young, and significant assets have yet to be accumulated. These factors usually are in play for residents and fellows. When the income is higher and tax deferral becomes more important, however, permanent life insurance often is a very suitable product to add to your financial strategy. Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender charges. Be sure to talk with your financial adviser about what is appropriate for your particular circumstances.