Healthcare professionals with the burden of a student loan may face financial hardships if their source of income is affected for any reason. If their income dips, their well-planned career moves can come crashing down within no time. If your flourishing practice comes to a halt because of a major illness or disability, you may face a tough financial situation.
A student loan is a mandatory payment they must make every month, regardless of whether they are making money or not. The concern of physicians with a student loan is about their financial situation if they cannot perform their professional duties because of an illness or disability.
Why You Must Invest In The Right Disability Insurance
High Limits Student Disability Insurance is a reliable way of preparing for such a situation. It is an innovative form of insurance designed specifically to address the concerns of physicians with a successful practice but having a student loan installment to pay off every month.
All student loan burdens entail a heavy initial payment. Physicians have to pay around 30 percent of their income towards their student loan for the first five to ten years of practice depending on the plan you choose. After the initial years, that percentage number drops to 10 percent.
Avoid Overwhelming Loan Burden
If you are a recent graduate and just into your practice, a small setback in income can make you fall behind on payments. It’s hard enough for young physicians to pay off student loans. If there is an accumulation of installments, the burden can be overwhelming.
A standard high-limits student loan payoff long-term disability insurance policy will help cover all your expenses if you become disabled. There are various types of policies available for a specified length of time and coverage. If you are not sure which one will best fit your needs, consult a disability insurance broker to guide you in choosing the right one. It is advisable to choose one with a disability rider to add more layers of protection.
Get Customized Plans To Match Your Needs
Physicians disability insurance with a rider is an addition to your policy to customize it and fit it to your needs. In case of high limits student loan payoff long-term disability insurance, a disability rider will add a small addition to your monthly premium and give you the desired protection. It will add more coverage to the benefit amount. It will also help you make uninterrupted payments towards the student loan.
For healthcare professionals concerned about their student loan debt if they become disabled, it is advisable to contact and discuss their problem with brokers from one of the leading disability insurance services. They should recommend the best high-limit student loan payoff long-term disability insurance that meets their requirements.
Healthcare professionals face unique income exposures and hence need specialized healthcare professionals insurance. Most insurance carriers do not offer appropriate coverage. That’s why it is important for physicians to research and work with leading insurance companies to get the best value for their investment in insurance policies.
If you are not sure which high limit disability insurance to buy, visit https://www.mgis.com/solutions/high-limits-disability-insurance/high-limits-student-loan-payoff-disability-insurance/ to get a clear picture.
