Guardian Life Insurance Company of America has unveiled a program that will enable medical and dental professionals to protect their ability to repay their student loans in the event they become disabled.
The Student Loan Protection Program uses the company's Business Reducing Term (BRT) policy, which is specifically designed to fund financial obligations that require periodic payments expiring at a given time. The new program will insure up to 100% of monthly loan payments -- up to $2,000 a month -- should a doctor or dentist become totally disabled.
"We created this program at the suggestion of our agents, who reported that the greatest financial fear cited by their clients in residency programs or in newly established medical and dental practices is defaulting on their student loans if a disability prevents them from working," said Lawrence Hazzard, vice president of product strategy at Berkshire Life Insurance Company of America (Berkshire), the Guardian company that issues individual disability income insurance and administers the BRT policy.
Any medical or dental professional who is in the process of applying for or who already owns a Guardian individual disability income policy is eligible for coverage under the Student Loan Protection Program.
"At a time when the nation's financial landscape remains uncertain, insurance representatives are in a unique position to offer their medical and dental clients a program with which no other company can compete, one that addresses the needs of lenders as well," Hazzard concluded. "In doing so, we are signaling Guardian's long-term commitment to two key sectors of the U.S. economy -- healthcare and financial institutions."
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