In the last couple of years, a few of the top physician disability insurance companies have created new physician disability insurance benefit riders that reimburse you for the cost of student loan debt in the event of a total disability. You should consider these riders if you have already maximized your monthly benefit and have student loan debt payments of at least $250 per month. Contact us today to receive your personalized quote with the new student loan benefit!
Below are summaries of the rider with the companies that currently offer it:
Guardian/Berkshire – “Student Loan Protection Rider”
This rider reimburses you for your student loan payments with a minimum of $250 up to a maximum of $2,000 per month. Choose between a 10 and 15-year term of coverage. This rider will expire at the end of the term even if you are receiving benefits from this rider. Elimination period of either 90 or 180 days. The elimination period must be satisfied by total disability only.
Standard Insurance – “Student Loan Rider”
This rider reimburses you for your student loan payments with a minimum of $500 up to a maximum of $2,000 per month. Choose between a 10 and 15-year term of coverage. This rider will expire at the end of the term even if you are receiving benefits from this rider. Elimination period of either 60 or 365 days. The elimination period must be satisfied by total disability only.
MassMutual – “Student Loan Rider”
This rider reimburses you for your student loan payments with a minimum of $100 up to a maximum of $2,500 per month. Choose between a 10 and 15-year term of coverage. This rider will expire at the end of the term even if you are receiving benefits from this rider. Elimination period of either 90 or 180 days. The elimination period must be satisfied by total disability only.