Disability Insurance for a Student
Are there any companies out there that will give you insurance on non-secure loans? I am getting ready to get a loan through Sallie Mae for $100,000 for flight school. In order for me to get the loan I will need a co-signer because I am young and have no history with loans of that size. My father has agreed to co-sign. I don't want to leave a burden on my father if something was to happen to me, whether it is medical or a freak accident. Life insurance is easy to get, but what about disability insurance to cover the loan payments if I were to become unable to work? I can't seem to find disability insurance for a student.
Disability insurance is normally obtained to provide income when a person is disabled. It's dependent on your current income. This makes the student situation unique. I know that credit cards will often give you insurance in case you can't pay your bill because of medical or disability reasons, but again – they depend on your work status. I'm not familiar with an insurance product that will do what you want in this situation. I'd try to speak with the flight school that you are planning to attend and see if they are familiar with insurance companies that work with students to address the special needs of a student.