You Need High Limits Student Loan Payoff Disability Insurance to Cover Your Debt

Among all the professionals in the United States, doctors have one of the highest average incomes which is easily 4 times that of the US per capita income. Looked at from the other side, this is the fair return on investment (ROI) that doctors reap after piling up a huge debt in student loans to pay for attending medical school. This debt averages $200,000 for doctors in the United States and it takes an average doctor more than a decade to pay off that loan without any disruptions. The big question is can you ward off uncertainties like suffering disability for a couple of years or more, preventing you from working to earn an income? Of course not and that’s why you need a high limits student loan disability insurance policy.

Speaking of uncertainties like disability and coverage for high income among doctors, it will help to look up where dentists stand. They are one of the highest earners among doctors right from their early days but like everyone else, they cannot avert illness or accidents that can result in disability. In the first decade of your career if you suffer such a misfortune, it could disrupt your student loan repayment and attract penalties. A couple of years of default in repayment of your student loan can acquire unsustainable proportions and push you into a financial crisis. Get a high limits dentists disability insurance to cover that risk.

Don’t harbor doubts about insurance against disability 

It is all very well to have doubts in your mind about investing in an insurance policy to cover your income but don’t get stuck to it inadvertently. If your doubts persist even after initial clarifications from knowledgeable people, dig deeper and find out more but by no means, get away from it.

Early on in your career, you don’t earn the kind of high income that doctors earn and at the same time you have a huge student loan to repay. You won’t like to expose this vulnerability to uncertainties like disability. Hence get a doctors disability insurance policy to cover this risk.

Avoid excuses that divert you from coverage against disability 

If you get irritated by talk of coverage against disability, and defend your stand by saying that you won’t suffer disability since you don’t take risks, you are missing the point. Contrary to your belief, just about 10% percent of the disabilities are caused by accidents.

The vast majority or 90% of disabilities are caused by illnesses and studies have shown that one in every four American millennials will suffer some kind of disability in his/her lifetime. Ignoring such threats could be costly if you end up getting disabled. Getting a healthcare professionals disability insurance policy to cover this risk will be a smart decision.

Only a high limit insurance cover can protect you adequately from the risk of failing to honor your student loan repayments while you are disabled and not working or earning. Such insurance from carriers like MGIS does not replace your lost income entirely but covers it adequately to ensure that you can pay your bills easily.

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