Don’t let student loans add to the burden of a disability

Don’t let student loans add to the burden of a disability

The numbers are staggering. In 2019, student loan debt in the U.S. tallied $1.6 trillion with the average household that carries student debt owing more than $47,000.1 Medical and dental school graduates, meanwhile, leave school with an average debt of more than $196,000 and $285,000 respectively.1 

If your income is your greatest asset, then student loan debt could be one of your greatest liabilities.

The gap between your earning power and student loan obligation is usually at its widest early in your career. That’s probably why people under the age of 39 make up nearly two-thirds of all student loan borrowers2.

Student loans weigh even heavier on those who are too sick or hurt to work, and may be struggling to cover their living expenses on a reduced income.

The first step? Make sure you protect your income with disability income (DI) insurance. The next step? Enhance your coverage by purchasing our Student Loan Reimbursement rider.

The Student Loan Reimbursement rider provides an additional monthly benefit to help make your required loan payments when you are totally disabled.

How the rider helps erase debt

Claire’s three years of law school positioned her for a successful career but also left her saddled with student loan debt totaling $60,000.

After establishing her own practice and paying down his loan balance to $30,000, Claire receives a life-changing diagnosis that leaves her totally disabled and sidelines her from her business for more than two years.

Fortunately, her base DI coverage ($5,000 per month) helps to cover her living expenses while the additional $1,000 monthly benefit she receives from the Student Loan Reimbursement rider allows her to keep paying down her remaining law school debt.

Next steps

Student loan debt can pose a financial burden above and beyond typical living expenses. Talk to your financial representative to see if a Student Loan Reimbursement rider can provide an additional monthly benefit to help you make your required loan payments when they are totally disabled. 

"2019 Student Loan Debt Statistics, ", Dec. 20, 2019

2Source: “Student Loan Debt Statistics in 2018: A $1.5 Trillion Crisis,”, June 13, 2018.

The rider descriptions contained herein are only a summary description. They are not an insurance policy. The terms of the actual policy will control. For a complete description of the policy and its benefits, please see a specimen policy. Product, product features and rider availability vary by state.

Disability income insurance policies issued by Ohio National Life Assurance Corporation. Product, product features and rider availability vary by state. Guarantees are based upon the claims-paying ability of the issuer. Disability income insurance is not available in CA. Issuers not licensed to conduct business in NY.

Disability income insurance policies contain exclusions, limitations, reduction of benefits and terms under which the policy may be continued in force or discontinued. For complete details of coverage, contact your financial professional or the company.