Life insurance

[deleted966164]

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There are many characteristics that distinguish a “non-traditional” student from a “traditional” one. One of them is that some of us, non-tears, are married and have kids. We are about to embark on a four year long journey that will put as in a 100K+ debt (often 200K+). Being able to repay this is a perk of our future career. Life, however, writes various scenarios. In case something happens, I don’t want my wife to be stuck with that debt. I’m getting life and disability insurance. Thoughts?

 

[Bonne Nuit]

There are many characteristics that distinguish a “non-traditional” student from a “traditional” one. One of them is that some of us, non-tears, are married and have kids. We are about to embark on a four year long journey that will put as in a 100K+ debt (often 200K+). Being able to repay this is a perk of our future career. Life, however, writes various scenarios. In case something happens, I don’t want my wife to be stuck with that debt. I’m getting life and disability insurance. Thoughts?

I'm interested in the answer to this question as well. What should I be doing to protect my husband from my medical school debt in the event of my death?

 

[deleted966164]

I'm interested in the answer to this question as well. What should I be doing to protect my husband from my medical school debt in the event of my death?

Oh I’m getting life/disability insurance. I am hitting the gym so come spring I will be in shape for lower premiums lolz

 

[Bonne Nuit]

Oh I’m getting life/disability insurance. I am hitting the gym so come spring I will be in shape for lower premiums lolz

I've got a policy already, but I should probably increase the amount during the next open enrollment period......

Do you (or does anyone else) know if surviving spouses are responsible for the educational debt of a deceased spouse? I'm totally ignorant when it comes to this stuff.

 

[deleted966164]

I've got a policy already, but I should probably increase the amount during the next open enrollment period......

Do you (or does anyone else) know if surviving spouses are responsible for the educational debt of a deceased spouse? I'm totally ignorant when it comes to this stuff.

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[Cornfed101]

Both my wife and I have life insurance. You can get lots of term insurance for really cheap.

Disability is a little more difficult. I plan on getting it in residency, but you can’t really get disability without income. I have income now, but I won’t in med school.

I've got a policy already, but I should probably increase the amount during the next open enrollment period......

Do you (or does anyone else) know if surviving spouses are responsible for the educational debt of a deceased spouse? I'm totally ignorant when it comes to this stuff.

don’t get extra life insurance through your employer if that’s what you are referring to. It’s easier, and most often cheaper, to get it in the open market.

your spouse is responsible if they cosigned with you. Most federal loans are only yours, most private loans require a co-signer

 

[NTF]

I highly recommend this book. I wish I had read it before medical school. Unfortunately, I read it in my last year of residency so my experience of reading the book was mostly, "Oh that sucks, I should of been doing that and that and that..."

And absolutely yes to locking down life insurance and disability rates now when you are young and healthy.

Amazon product ASIN 0991433106

 

[IsleyOfTheNorth]

I got life insurance for exactly that reason, just in case.

 

[Bonne Nuit]

You guys are so awesome and helpful, thank you!

 

[BC_89]

Albeit through the VA, I already have my own form of life insurance excluding any debt from school. However, I would most definitely consider it if my debt to potential income ratio are polar and if the potential income is many years out (ie schooling, residency, fellowship, etc).

 

[NITRAS]

All sallie Mae loan are forgiven in case of death or disability.