Most grad school level professionals don’t have enough term life and disability insurance. If you spent years working towards your degree (and have the loans to show for it), you probably need better coverage than the often cheap policies provided by your employer.
SLP Insurance LLC works with agents who specialize exclusively in disability insurance and term life to find you the right coverage at a good price. We work with agents that have access to volume-based discounts you might not find anywhere else. We also ask these agents to refer your business elsewhere if they know of a special discount program that you might be eligible for.
Here’s where to get quotes for disability and term life insurance and how much we think you should buy.
1.Disability Insurance with Student Loans 2. Term Life Insurance with Student Loans 3. The Advantage of Working with an Independent Agent Specializing in Term Life and Disability 4. Do You Need Extra Coverage as a Student Loan Borrower? 5.
See if You Qualify for an Exclusive or Special Discount
Disability Insurance with Student Loans
Disability insurance gets exponentially more expensive the longer you wait to buy it. If you’re in the medical field, you want to protect your educational investment with an own-occupation disability policy. An ‘own occupation’ policy means that it will pay a percent of your income usually until age 65 if you can’t perform your job anymore, even if you’re able to work in some other field.
If you expect your income will significantly increase within a few years (because you’re in residency or fellowship for example), you’ll want to buy additional riders to allow you to do that without going through an additional medical exam.
Check your rates for disability insurance here.
Term Life Insurance with Student Loans
While some dental and medical schools do a good job of preaching the importance of disability insurance policies, term life insurance is often completely overlooked.
If you have anyone who would be negatively impacted financially from your death, you need a personal term life insurance policy. The most common term life coverage I typically see is two times your salary, and that coverage level is woefully inadequate.
A good starting point is to get a quote for a 20-year term policy that’s ten times your income (or expected income once you’re finished with training).
Term life coverage is often as cheap as $20 to $40 a month per million of coverage, but your rates will depend on a host of factors such as age and health status.
Get a term life quote in only a couple of minutes here.
Work with an agent that can offer you quotes from a variety of insurance companies so you get more coverage for a lower cost.
Buying from a “financial advisor” who works for one insurance company that sponsors March Madness is going to lead you to pay more than you need to — and you might also buy products you don’t even need.
Make sure when you’re shopping for a policy that you get offered rates from at least two to three insurance companies.
Using the links above to get a quote will make sure you’re offered a variety of options.
Do You Need Extra Coverage as a Student Loan Borrower?
Keep in mind if you’re pursuing forgiveness under an income based repayment plan that if your income goes down, so does your monthly payment. If you pass away, then your debt gets forgiven completely.
So for federal student loans, you do not need extra insurance coverage.
For private student loans, make sure you have adequate disability insurance coverage simply because monthly payments on private student loans happen no matter what.
If you pass away, most private student loan companies will forgive your debt. That said, it doesn’t hurt to slightly over insure with term life if you have private student loans just in case because the coverage is very cheap in the first place.
See if You Qualify for an Exclusive or Special Discount
Through SLP Insurance LLC and our partner insurance agencies, we seek to find you unique discounts for your disability and/or term life insurance needs.
The partner agencies we work with often get access to special discounts (particularly for disability insurance) because of their high-volume relationships with the insurance companies they work with.
We also ask them to send you to a different agency if they know about a policy discount that they are unable to provide.
To make sure you can “insure it and forget it”, check your disability quotes and your term life quotes today and contact [email protected] if you have any questions.
Refinance student loans, get a bonus in 2022 1 Disclosures $1,050 BONUS1 For 100k+. $300 bonus for 50k to 99k.1 VISIT LAUREL ROAD Variable 1.89-5.90%1 Fixed 2.50-6.00%1 2 Disclosures $1,050 BONUS2 For 100k+. $300 bonus for 50k to 99k.2 VISIT COMMONBOND Variable 1.98-7.14% APR2 Fixed 2.49-7.04% APR2 3 Disclosures $1,000 BONUS3 For 100k or more. $200 for 50k to $99,9993 VISIT EARNEST Variable 1.74-5.64%3 Fixed 2.44-5.79%3 4 Disclosures $1,000 BONUS4 For 100k+. $300 bonus for 50k to 99k.4 VISIT SPLASH Variable 1.74-6.52%4 Fixed 1.99-6.25%4 5 Disclosures $1,275 BONUS5 For 150k+. Tiered 300 to 575 bonus for 50k to 149k.5 VISIT ELFI Variable 1.86-6.01%5 Fixed 2.47-5.99%5 6 Disclosures $1,000 BONUS6 For $100k or more. $200 for $50k to $99,9996 VISIT SOFI Variable 1.74-7.24%6 Fixed 2.49-7.59%6 7 Disclosures $1,250 BONUS7 For $100k or more. $100 to $350 for $5k to $99,9997 VISIT LENDKEY Variable 1.90-5.25%7 Fixed 2.49-7.75%7 8 Disclosures $1,250 BONUS8 $350 for 50k to 100k8 VISIT CREDIBLE Variable 1.74-7.58%8 Fixed 2.15-7.83%8 Not sure what to do with your student loans?Take our 11 question quiz to get a personalized recommendation of whether you should pursue PSLF, IDR forgiveness, or refinancing (including the one lender we think could give you the best rate).
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