Life Insurance for Physicians at Duke UNC & WakeMed
Physicians practicing at Duke University Health System, UNC Health, and WakeMed often receive conflicting advice when it comes to life insurance.
Some are told to buy the maximum amount available. Others are told to keep coverage minimal and “just invest the rest.”
The reality for most physicians in the Raleigh–Durham–Chapel Hill Triangle falls somewhere in between.
At Mintco Financial, we help physicians structure life insurance around risk windows, income trajectory, and long-term investing — not generic formulas.
The Human Life Value Model (Why the Numbers Look So High)
The life insurance industry commonly uses a framework called Human Life Value (HLV) to determine how much coverage a physician can qualify for.
Under this model, insurers typically allow up to:
30× income for ages 18–40
20× income for ages 41–50
15× income for ages 51–60
10× income for ages 61–65
For a physician earning around $530,000, that means insurers may offer $10–11 million of coverage during early attending years.
This explains why quotes can feel shockingly high — but it does not mean that level of coverage is required.
Maximum Eligible Coverage vs. Smart Coverage
HLV determines what insurance companies will sell you, not what your family actually needs.
For most Duke, UNC, and WakeMed physicians, the real objective is to:
Cover lifestyle and family expenses
Bridge income gaps
Protect children and education goals
Give a spouse time and flexibility
Life insurance should fill financial gaps, not duplicate income or assets that already exist.
A More Practical Way to Think About Coverage
A better question than “How much can I buy?” is:
If I weren’t here, what gap would exist between
• my family’s expenses
• my spouse’s earning ability
• and our current nest egg?
Life insurance should be sized to cover that gap — and only for as long as the gap exists.
How Investments Reduce Insurance Needs Over Time
For example, $5 million invested at a modest 5% return could generate roughly $250,000 per year. That level of income may be enough to cover:
Housing or rent in the Triangle
Childcare
Education planning
Day-to-day expenses
All while a working spouse continues earning income.
In this situation, life insurance isn’t meant to replace a physician’s income forever — it’s meant to support the family while wealth and income do their work.
Why Many Triangle Physicians Use a Laddered Strategy
Rather than buying one large policy for decades, many physicians at Duke, UNC, and WakeMed use a laddered term life insurance strategy.
A common structure looks like:
$3 million for 20 years
$2 million for 30 years
This approach:
Provides higher protection during child-raising years
Keeps premiums efficient
Extends coverage through critical career phases
Allows investments to grow enough to self-insure later
As shorter policies expire, coverage naturally declines — ideally as financial independence increases.
Why This Works Well for Duke, UNC & WakeMed Physicians
Physicians in the Triangle often:
Live in dual-income households
Expect rising income over time
Face high childcare and education costs
Build substantial investment portfolios
Prefer flexibility over permanent insurance commitments
A laddered approach aligns coverage with these realities instead of locking doctors into unnecessary long-term premiums.
Common Life Insurance Mistakes We See
Among physicians at major academic and regional systems, we often see:
Buying the maximum amount simply because it’s available
Over-insuring far beyond the risk window
Ignoring how investments replace insurance over time
Using generic online calculators not designed for physicians
Good life insurance planning is temporary, intentional, and adaptable.
Bottom Line for Duke, UNC & WakeMed Physicians
Human Life Value explains how much insurance you qualify for
Gap-based planning explains how much you actually need
Investments reduce insurance needs over time
Laddered policies balance cost and longevity
The goal is protection now — self-insurance later
When structured correctly, life insurance supports your family during critical years and then quietly steps aside as your wealth takes over.