Disability/Life Insurance as an incoming dental student

[AEZDent]

Recently I had a friend start to work for a financial planning company. He asked me if I would be willing to sit down with him and learn about what he does, so I figured that I would just hear his pitch and be done. However the meeting mainly just entailed me talking to his supervisor who is really recommending that I purchase Disability and Life Insurance. The Disability Insurance plan is for students and the recommended life insurance plan is to protect my family from my debts.

Next year I will be a first year dental student (Class of 23). My question is do I really need disability/life insurance as a student? And when would be the best time to invest in these plans?

My thinking is that I should wait till year 3 or 4 on the disability insurance as it seems to just be an added expense that I will have to divert more loan money to. I also think I should hold off on the life insurance policy because I don't think my parents would be held accountable for my debts as long as they haven't cosigned? (as far as my understand goes)

---

Members don't see this ad.

 

[Thiscrazyputa]

Not sure whether its a good idea to divert loan money to pay for insurance. Doesn't seem like it would be warrented or worth it and unless you don't mind adding on more debt with pretty high interest rates. The few cases I'd see you needing it is if ur going to Temple or UTHSC in Memphis cause those places scary AF.

 

[Charcot-Marie-Tooth]

If you’re a member of ASDA you can get free term life and disability insurance as a dental student (pretty minor coverage, but it’s better than nothing. Most schools I know of have all of their students registered as ASDA members. So, you’d might as well get the free coverage.

 

[TanMan]

Recently I had a friend start to work for a financial planning company. He asked me if I would be willing to sit down with him and learn about what he does, so I figured that I would just hear his pitch and be done. However the meeting mainly just entailed me talking to his supervisor who is really recommending that I purchase Disability and Life Insurance. The Disability Insurance plan is for students and the recommended life insurance plan is to protect my family from my debts.

Next year I will be a first year dental student (Class of 23). My question is do I really need disability/life insurance as a student? And when would be the best time to invest in these plans?

My thinking is that I should wait till year 3 or 4 on the disability insurance as it seems to just be an added expense that I will have to divert more loan money to. I also think I should hold off on the life insurance policy because I don't think my parents would be held accountable for my debts as long as they haven't cosigned? (as far as my understand goes)

It might make sense if, for some reason, you become disabled during dental school. Life insurance, not so much. Assuming you're a regular student, what debts does your estate have to justify having life insurance (besides dental school). If you die, those school debts are most likely discharged. Now if you have a family to support, and your partner is unable or incapable of generating income, then consider life insurance.

I think disability insurance is more important from the beginning. If you become disabled, unable to practice dentistry/continue dental school, you're still on the hook for that dental school debt in most instances. Unfortunately, one of my classmates did become disabled during dental school and subsequently passed away. If you become disabled but don't die, life is miserable financially. If you become disabled and die, the bad part is... you're dead (unless you are in severe pain and agony).

 

[cooliyak]

If you’re a member of ASDA you can get free term life and disability insurance as a dental student (pretty minor coverage, but it’s better than nothing. Most schools I know of have all of their students registered as ASDA members. So, you’d might as well get the free coverage.

True. Just get the free one through ASDA and the ADA as a student.

 

[AEZDent]

If you’re a member of ASDA you can get free term life and disability insurance as a dental student (pretty minor coverage, but it’s better than nothing. Most schools I know of have all of their students registered as ASDA members. So, you’d might as well get the free coverage.

Looked into this and it's definitely cheaper to just become an ADA member and you get basically the same coverage. Thanks for the info!!!

 

[MD Financial Services Scott]

Recently I had a friend start to work for a financial planning company. He asked me if I would be willing to sit down with him and learn about what he does, so I figured that I would just hear his pitch and be done. However the meeting mainly just entailed me talking to his supervisor who is really recommending that I purchase Disability and Life Insurance. The Disability Insurance plan is for students and the recommended life insurance plan is to protect my family from my debts.

Next year I will be a first year dental student (Class of 23). My question is do I really need disability/life insurance as a student? And when would be the best time to invest in these plans?

My thinking is that I should wait till year 3 or 4 on the disability insurance as it seems to just be an added expense that I will have to divert more loan money to. I also think I should hold off on the life insurance policy because I don't think my parents would be held accountable for my debts as long as they haven't cosigned? (as far as my understand goes)

You probably don't need it yet but you might want it for the sole purpose of protecting you downstream against an event which could make you uninsurable. One thing we do in this situation is have someone obtain a minimum contract, say $1,000 of benefit, which then comes with future purchase options to control coverage up to $10k or even $15k. A policy like that probably costs you $20 per month depending on age, state you live in and gender.

 

[Noah Littell]

You probably don't need it yet but you might want it for the sole purpose of protecting you downstream against an event which could make you uninsurable. One thing we do in this situation is have someone obtain a minimum contract, say $1,000 of benefit, which then comes with future purchase options to control coverage up to $10k or even $15k. A policy like that probably costs you $20 per month depending on age, state you live in and gender.

All good points but I think the one item missed here in terms of how early to get DI (assuming you need it based on family financial situation, etc) is that since disability is one of only 3 things that can derail your livelihood, the answer is to get it as early as possible in residency regardless of cost and while your health is on your side. I’m 38 and at 35 I was eligible for DI, and at 37 I was declined across the board due to what I thought was a minor medical condition diagnosed within that window.