Suppose you agree that he needs approximately 2500000 of death benefit in order to cover his debt, provide education savings and replace his lost income. What type of policy would you recommend and why?
Scott and Lisa Smith recently got married and moved to your area. They are both 30 years old. Scott just finished his residency in internal medicine and has been offered a job at Memorial Hospital as a staff doctor. He will be employed by hospital directly at beginning salary of 250000. He financed his medical school through a series of student loans, which total 275000. They recently purchased a new home and signed a 30yearmortage for350000.Lisa does not plan on working outside the home at this point. They are already trying to have children and are hoping to have at least2 in the near future. Neither one of them has ever done any financial planning on their own, but they know they need to begin to look at the big picture. Memorial Hospital offers a defined contribution pension in which they contribute6 % of Dr. Smith’s income. He can also take advantage of a voluntary 403b plan sponsored by the hospital. Both retirement plans begin after one year of employment. He will begin working next week. Memorial Hospital offers a consumer Directed health plan to its employees. They have a group life insurance policy that automatically covers Dr. Smith for 2 times his annual salary, subject to the normal eligibility requirement of group plans. He has the option of purchasing additional group life insurance of up 5 times his salary. The hospital provide doctors with a group long term disability play that cover 60%of his salary in the event be becomes totally disabled. Lisa has no life insurance. They have come to you to seek advice on how to get started moving in the right financial direction.
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