Training to become a physician or a dentist entails a major financial commitment. Often those studying and training to be doctors have to take a student loan to complete the course. Those who graduate and establish a good practice still have to pay off a significant part of that loan.
Student loan payments take away a large part of their income and dent their monthly budget. However, as they have good practice and earn an impressive income, the loan payment becomes manageable. The problem begins if the income stops because of an illness or a disability.
Designed Specifically To Address the Problem of Student Loan
It is not easy to get a discharge on a student’s loan. Not even if you suffer a disability and lose your ability to attend office and treat your patients. The only solution is to buy high limits student loan payoff disability insurance. It can help you earn an income and pay off your student loan even when an injury or illness limits your income or even puts a stop to it.
High limits student loan payoff disability insurance is designed to address student loan debt specifically. You can find disability companies offering features that make it easy for you to earn a steady income even when you cannot work because of an illness or injury.
How A Broker Can Help You Make The Best Decision
Before you start looking for the best student loan payoff disability insurance, it’s advisable to consult a reliable disability insurance broker. They can help you better understand the terms and conditions and the complex areas of the insurance plan. The broker will also help you decode the student loan rider. It will cover some or, in some cases, most of your student loan payments when you are totally disabled for a long period.
Depending on the carrier, this benefit is called a Student Loan Rider or Student Loan Protection Rider. This rider will cover some or all of your student loan payments while you are totally disabled up to a maximum period.
Student loan riders will differ with different disability companies. But some provisions are standard for all providers.
Understand The Provisions Before You Decide
The high limits student loan payoff disability insurance will be paid only when you have a total disability. If your injury is not serious enough to make you stay away from work, or if you can work in a limited capacity, you will not be considered eligible.
There is a waiting period between the time when the disability occurs and when the payoff begins. The rider elimination period can vary significantly from one service provider to another. The payments go directly to the student loan lender in most cases.
Opting for high limits student loan disability insurance is a smart move as it minimizes the risk of missing payments on your student loan even when you lose your income. Choose a plan that provides you with the maximum payment so that you can pay off your monthly installments conveniently