New disability insurance rider a good fit for indebted young physicians

According to Larry Keller, a disability insurance guru who serves hundreds of physicians across the United States, Berkshire is now offering a rider to certain disability policies that will cover payments on student loans. When attached to their ProVider Plus policy, Berkshire's Student Loan Debt rider can pay anywhere from $500 to $2000 per month to young physicians--on top of the normal limits on newly-issued policies--and benefits may last as long as fifteen years. At $2000 per month, that's a cumulative benefit of $360,000 (15 years times 12 months times $2000), tax-free if you don't deduct your premiums from your taxes.

Student loan debt from both undergraduate and graduate education can be covered. While it's not necessary to provide proof of indebtedness to secure the rider, physicians will need to show evidence of their student loan indebtedness in order to receive benefits under a successful claim.

The rider is not available in all states, and insurance agents who don't focus on physicians may be unaware of this new and useful coverage, so you should shop carefully.

By the way, if it's been a few years since you looked at your disability insurance coverage, or if you've changed jobs, made partner or received a pay increase since you bought your coverage, now would be a good time to review your coverage.