Some loan programs, such as the federal loan programs, provide death and disability cancellation. Many private loan programs do not have this protection. A private lender will likely attempt to collection payment from your estate, or co-applicant if you chose to apply with one, before writing-off the loan. If you borrow through a loan program that does not have a death and disability cancellation policy, you may wish to obtain life insurance to avoid placing a high debt burden on a co-applicant or surviving relative, in the unlikely chance of death or permanent injury. If you are interested in obtaining life insurance, you should contact an agency of your choosing. Term life insurance policies are generally modestly priced on an annual basis.