HARMONY WEALTH STRATEGIES
  • Home
  • Get Organized
  • Our Process
  • Contact Us
  • News
  • Resource Library
    • Life Events >
      • Retirement
      • Long Term Care for You or a Loved One
      • Becoming Disabled
      • Loss of a Spouse
      • Business Planning
      • Coping with Unemployment
      • Marriage and Starting a Family
      • College
    • Insurance 101 >
      • Life Insurance
      • Disability Insurance
      • Long Term Care Insurance
    • Government Benefit Programs
    • Recommended Reading
    • Videos

Life insurance awareness month

9/11/2020

 

Federal Student Loan Borrowers Get Some Relief Due to COVID-19

3/24/2020

 
On March 20, 2020, the Department of Education announced terms for student loan relief for tens of millions of borrowers in response to COVID-19.1 Here are answers to some questions about the new rules.  Download this pdf for details.
some_student_loans_get_relief_covid-19.pdf
File Size: 343 kb
File Type: pdf
Download File

How a Life Insurance Loan Can Help During the Coronavirus Emergency

3/17/2020

 
Picture
One advantage of most cash value life insurance policies is that the policy owner can take a loan against their cash value, quickly and easily. With a simple phone call, you can usually initiate a loan with no traditional qualification hassles, credit check, or other financial requirements. And in many instances, you could have a check in your possession within a week or even sooner if a direct deposit to a bank account is available. There is also a great deal of flexibility when it comes to when and how you can pay it back, much more so than with a traditional bank loan.
 
Connecticut is a declared disaster from the Coronavirus as of 1/31/20 by the SBA (US Small Business Administration), which makes Connecticut businesses potentially eligible for disaster loan assistance. It is unclear at the moment what the criteria will be for eligibility, and it is also undecided as to whether banks or the SBA will administer the loans, or when these loans will be available. ​​​The SBA website page about the coronavirus offers a guide that hopefully will be updated as the details become clear.
 
In addition to these low-rate SBA loans, the State of CT and federal governments have begun to put some economic safety measures in place, such as extending corporate tax due dates and requiring utilities to halt disconnection for residential non-payments.
 
Still, employees and small business owners may feel the effects of less work hours, less customer business, staff shortages, and more. Some may consider borrowing from their 401k, although prematurely accessing it, especially while the markets are at a long-time low, could be a costly move.
 
Whether you are having business or personal cash flow problems, taking a loan against the cash value in your life insurance policy may be the ideal short term solution during this time.  It can be easy and quick to obtain, with payback flexibility beyond a traditional bank loan.
 
If you have any questions about your life insurance policy and how to take a loan from it, please call me at 860-836-9314 or email Bill@harmonywealthystrategies.com. I am offering free consultation even if I am not the agent of record on the policy.
 
Bill McAllister, CLU®
Harmony Wealth Strategies 

    Categories

    All
    Cash Value Life Insurance

William F. McAllister, Jr., CLU®
22 Morgan Farms Drive, Suite 4
South Windsor, CT  06074
860-836-9314
bill@harmonywealthstrategies.com

harmony wealth strategies 
building and safeguarding your financial world
Serving South Windsor and Greater Hartford Connecticut
Copyright 2012 - 2018 William F. McAllister, Jr.,CLU®

Privacy Policy
  • Home
  • Get Organized
  • Our Process
  • Contact Us
  • News
  • Resource Library
    • Life Events >
      • Retirement
      • Long Term Care for You or a Loved One
      • Becoming Disabled
      • Loss of a Spouse
      • Business Planning
      • Coping with Unemployment
      • Marriage and Starting a Family
      • College
    • Insurance 101 >
      • Life Insurance
      • Disability Insurance
      • Long Term Care Insurance
    • Government Benefit Programs
    • Recommended Reading
    • Videos