In the event of a disability your income stops but your bills don’t. This is also true of your student loans which in the medical field can amount to hundreds of thousands of dollars. There are special disability protection programs available to cover those expenses. Guardian Life Insurance offers one such program which is available to physicians, dentists, medical and dental residents, veterinarians, attorneys, and pharmacists. It covers up to 100% of your monthly student loan payment in the event of a total disability to a maximum of $2000.
You will need to purchase or already own a disability policy in order to get this coverage. Berkshire/Guardian requires that you have their ProVider Plus coverage. This is a premier product offering true own-occupation definition. True own-occupation states that “the insured is totally disabled if, solely due to injury or sickness he/she is not able to perform the material and substantial duties of his/her occupation.”
There are many advantages to owning the student loan protection. Primarily it is coverage that pays your loan obligation if you are totally disabled. The payments are made for you so you don’t have to write the checks. If you have more than one loan you can have a separate policy for each and when one is paid off you can discontinue that policy. The Guardian product covers you up to $2000 and their application process is easy.
I am a great believer in covering all your bases. Although having a student loan coverage policy is not imperative it is a available option that is in my opinion just plain smart. Let’s face it life happens and if you are like the majority of students your loans are pretty substantial. A disability can cause financial ruin without the right protection. Let your standalone disability policy provide you with the coverage you need to maintain your lifestyle and take a serious look into adding student loan protection as a way to make sure your school loans are paid off.
Written by:
Stacia Musleh
Vice President, Income Protection Specialist
