LIFE INSURANCE [Individual or Group]: Does your family depend on your income? If so, do you have enough life insurance to allow your family to maintain their standard of living on just your spouse’s income (if they have one)? Setting up coverage as young as possible will allow you to lock in a desirable rate, as rates are based on age and your health. You may be denied for coverage if you are in poor health. Typically, when purchasing a practice, lenders may require you to carry life insurance to cover your loan in the event of your death.