A financial lifeline that may help during COVID-19
COVID-19 is taking a toll on many people, especially when it comes to economic security. Many are left navigating uncertain financial futures.
The financial protection industry is doing its part to help people during the pandemic. Here are three ways you can help yourself and your family with your savings.
- You can safely borrow from your retirement savings to make ends meet.
The CARES Act allows you to withdraw up to $100,000 from your retirement savings AND the traditional 10% tax penalty for early withdrawal is waived. Learn more about eligibility here.
- Grace periods can help you focus on the essentials.
With so much uncertainty, many life insurers are now offering grace periods so you can make payments later and keep coverage now. Learn more about grace periods here.
- You can use life insurance with cash values to provide liquidity for your small business.
Many small business owners have life insurance with cash values that can help with company liquidity needs during these trying times. Learn more here.
We want to hear from you. Share your story with us if you have used any of these resources to manage finances during COVID-19.