Life Insurance Q's for older students

[Sugar72]

This is a question for other older students like myself. Are any family-having, 30 year old entering students increasing their life insurance benefits before medical school? I read a post somewhere on this board (although, I now can't find it) about life and disability insurance for medical students. I didn't think you could get disability unless you had an income stream to insure.
Anyway, if anyone knows anything about insurance, drop me a few pointers.

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[marleybfour]

Sugar,
I have a $250,000 life insurance policy on myself as my income is substantially higher then my husband's. I may increase it later, depending on how much student loans I take out. If you have a family and will be taking out student loans you need to get or increase your life insurance if your spouse can't manage financially if you die. Your student loans will not be "erased." Your spouse will be responsible for them. I also have disability, but yes you need to be employed to qualify. Hope this helps.

 

[double elle]

I am going to disagree with Marly.. We took out a policy on me a couple of years ago. We specifically looked on the stafford promissary stuff to see if my husband is responsible for my loans if something would happen to me. HE IS NOT, at least that's what we were told by the lendor, by the Missouri Higher Education Loan Authority, and by the school. However, the catch is if you and your spouse have consolidated your loans to make for lighter payments...THEN, yes, you will be responsible for BOTH sets of loans if your spouse would happen to pass away.

This all applies to disability, also. Please call your lender, financial aid office, and your state student loan authority to verify, but this is what we were told.

 

[Sugar72]

Thanks for the response, I need to start looking. Did you guys comparison shop the different plans and companies? I haven't really started researching...guess I'll start!

 

[double elle]

We went thru Farm Bureau. We pay 43 bucks every 3 months for 100K worth of insurance. I am 27, female, and a runner...so when I had to get the blood work up done, things looked good. BP was good, as was weight, cholesterol, and triglycerides. Oh, and I was HIV-Negative. Also, non-smoker.

I think it's pretty standard for men's life insurance to be a little higher than women's and of course..your line of work, current health, etc all have a play in what your premium is. It shouldn't be too hard to find a policy.

 

[phd2b]

try eterm.com. Even with some pre-existing conditions, I was able to get $250K life insurance for about $30/month at age 30...

There are several on-line sources, of course.

Good luck!

 

[Sugar72]

thank you very much for you input phd2b