Friday, October 06, 2017

Borrowing a Ride(r)

This is interesting, from the folks at The Standard insurance company:

"With the Student Loan Rider, if you become totally disabled and can’t work, we’ll reimburse all or a portion of your student loan payments so you don’t fall behind."

Now, we've seen imaginative disability insurance products before:

"But what if, because I’m disabled, I’m not earning any income? Even if I could afford to do so (and how many disabled folks are?), I’m not allowed to contribute to my plan until and unless I’m back to work."

Hence, MassMutual's RetireGuard product, which puts money aside for your retirement for you if you're disabled. This new product from The Standard is actually a rider available to physicians and dentist, rather than a standalone policy.

How does it work?

Well, if you're a doc (or dentist) and your Standard DI plan includes this rider, then they'll "reimburse you for your monthly student loan payments if you suffer a total disability and are unable to work." So it's a paid-as-you-go arrangement.

Interesting, really: just when you thought that there's nothing new under the sun, a carrier will come along and prove you wrong.

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