Accepted? Required to get life insurance?

[LauraRN]

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Hi all,

My husband has been accepted and is planning on going to VCOM next fall and they're requiring him to carry a certain amount of life insurance- he was told its a federal requirement. I have a hefty amount of federal loans myself and was never required to purchase this.

Is the life-insurance requirement the case with other schools as well?

Thanks!

 

[Raven Feather]

No, at least it was never mentioned at the school I've accepted my seat at or all the other interviews except VCOM. I was told that if you die, your federal loans by the government would automatically be paid but that the private loans wouldn't and that was the reason for the life insurance. I think it is a good idea however.

 

[DO Sigma Nu guy]

The only school i've heard this for was VCOM. (like you said) I agree with the previous poster, I think life insurance is a good idea. It is pretty inexpensive.

 

[Jamers]

The only school i've heard this for was VCOM. (like you said) I agree with the previous poster, I think life insurance is a good idea. It is pretty inexpensive.

Yeah, this is what I have been told and I don't want to leave my parents with 58+ grand in debt (even before med. school!) 😱 so, life insurance is a goood thing for me

 

[JO300]

there are many schools charge you for life-insurance like NYCOM. In VCOM you have to get the life-insurance by yourself.
By the way where you guys will live. I will be going to VCOM also and I am looking for Apt.

 

[ezal36]

Term life insurance is cheap.

 

[JO300]

Term life insurance is cheap.

Which one did you use?

 

[ezal36]

cigna

 

[LauraRN]

We're visiting the area next week looking for housing. Not sure yet.

there are many schools charge you for life-insurance like NYCOM. In VCOM you have to get the life-insurance by yourself.
By the way where you guys will live. I will be going to VCOM also and I am looking for Apt.

 

[JO300]

We're visiting the area next week looking for housing. Not sure yet.

I think I will go with the mill.
the apts are nice and 5 min for the campus.

 

[FoughtFyr]

Hi all,

My husband has been accepted and is planning on going to VCOM next fall and they're requiring him to carry a certain amount of life insurance- he was told its a federal requirement. I have a hefty amount of federal loans myself and was never required to purchase this.

Is the life-insurance requirement the case with other schools as well?

Thanks!

Keep in mind that federally backed student loan debt is forgiven in death. That is not the reason for the policy. I don't know what is...

- H

 

[Doctor Bagel]

Keep in mind that federally backed student loan debt is forgiven in death. That is not the reason for the policy. I don't know what is...

- H

I think they say it's for the private loans, which aren't necessarily forgiven in death. How much of an issue it is depends on whether or not your estate has any assets in it anyway and whether or not you have a co-signer. If you're a broke 22-year-old with no assets and no co-signer, I don't see why you'd really care. All they can go after are your co-signers and your estate -- it's not like they can start trying to collect the money from random family members.

My suspicion is that they want to keep their repayment rate high and not have it marred by some student who dies. Yes, I'm cynical.

 

[LauraRN]

Keep in mind that federally backed student loan debt is forgiven in death. That is not the reason for the policy. I don't know what is...

- H

OK, that helps. I didn't know what would be forgiven and what wouldn't. How morbid. Thanks for your input.

Laura

 

[LauraRN]

I think I will go with the mill.
the apts are nice and 5 min for the campus.

Sounds good. Maybe we'll check em out. See, I really want to buy a home, but I don't know if it makes sense financially. We will see. I look forward to meeting you in a couple months!