On average, physicians graduate with over $200,000 of student debt. With some carriers, the policyholder has the option to purchase a Student Loan Rider which will directly reimburse your student loan holder for the amount of any monthly repayments while on a claim. Oftentimes, this coverage is only available for the first 10-15 years of the policy’s effective date.
While it is important for physicians to budget for the cost of their student loan repayment when considering their disability coverage needs, specific student loan riders are not always necessary. Some physicians choose to put their budget towards a larger monthly benefit instead of the rider. Additionally, physicians may be able to defer their loans during a partial disability or apply for a discharge in the event of a permanent disability.
