Should I Consider Student Loan Disability Insurance?

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Individual disability insurance is designed to protect your paycheck if you become too sick or injured to work. The payments are intended to help pay monthly bills.

For a lot of professionals, a large portion of their bills include student loan payments. In fact, on average, physicians begin their careers with $140,000 of debt according to a 2008 survey by the Association of American Medical Colleges.

There is now a unique product available to help professionals saddled with a large amount of student loans.

 Here is how it works: 

  • 1) You may purchases up to $2000/month benefit to cover your student loan payment.
  • 2) The policy will cover the balance of the term of your student loans. For instance, if you have 20 more years to pay your loans, the policy would cover that duration. If you became disabled 5 years into the policy, the payment would cover the remaining 15 years.

Since this policy is designed to cover the student loan payments for a finite period of time, the premiums are significantly less than a regular disability policy. You may purchase this policy in addition to an individual disability policy.

However, these plans are not yet available for all professionals. It is only available for:

 

  • Physicians
  • Medical Residents
  • Dental Residents
  • Dentists
  • Pharmacists
  • Veterinarians
  • Attorneys

 You must have a student loan payment of $500/month or more for a duration of 5-30 years.

 You must be between ages 18 and 55 at the time of application.

 For more information about Student Loan Disability Insurance, please contact the Set for Life Insurance office today for a free quote!

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