How to Use Covid-19 to Clean Your Financial House

Covid-19 has been the worst of times for what seems to be a long time. It has shown us so much – like, you never know where life will take you in an instant. But, this time period has also proven to give some opportunities for growth, especially for those with student loans. For us all, it may be time to re-evaluate our financial standing. We can see where we could take advantage of this space to meet our goals and be better prepared for the future. 

Whether you are considering life insurance to protect your family, disability insurance for an unexpected illness, or getting on track to pay down your student loans, it’s a good moment in history to consider your options.

When you contact Loyall Group, you’ll receive expert counsel to get you on an easy and clear path. Instead of automatic answering machines, you’ll receive personalized service from a person you can trust. And, we’ll make it easy with electronic applications and quote processes. You can start to get answers to your questions by completing our 15-minute quote inquiry!

Student Loans: Use the No-Interest and No-Payment Freeze to Pay Down Loans

Student loans have had a major breathing space during Covid-19. The Department of Education paused payments and interest accumulation. This is ongoing until January 31, 2022, so you still have a few months to capitalize on your student loans. 

You can still take advantage of this. If you are thinking of reducing your debt for a future bank loan, now is your chance to make interest-free payments on your loans. Or if you are just enjoying the breathing space in your budget before payments resume, make sure to keep that line in so you are prepared.

Student Loans: Apply for a PSLF Program, You May Now Be Qualified

The Department of Education just changed the game for student loans due to the Covid-19 emergency. President Biden decided to use emergency authority to reform many of the federal student loan programs, according to Forbes. The biggest change is to the Public Service Loan Forgiveness (PSLF) Program. The changes all serve to expand the program to increase eligibility and acceptance rates. 

Some of the changes that were proposed include: 

  • Making an appeal process if your PSLF application was rejected. 
  •  Flexibility with qualified payments to include payments made outside the 15-day payment range, lump sum payments, or payments made in multiple installments. 
  • Keeping the amount of payments through a consolidation of federal student loans. The Department of Education would track the amount of payments before and after a consolidation. Whereas previously, consolidation meant you had to start over on your qualified payments. 
  • Using data-matching tools to determine qualified employment and payments from applicants. Instead of reviewing each application by hand, this will serve to speed up acceptance rates and reduce errors. 
  • Enlarging the pool of qualified employment organizations to include other public services. 
  • Allowing specific deferments to count as payments in circumstances where the reason for the deferment is the same as a qualified employment for PSLF. If you had an internship in a rural veterinary practice, for example. 

Now is the time to apply for the PSLF program. This is a time-sensitive opportunity due to the Covid-19 crisis. The PSLF program works through your employment with a non-profit (or other expanded qualifying employer) and making 120 monthly payments while on the plan. After 120 payments, the PSLF program offers forgiveness for the remainder of your Federal loans. 

Disability Insurance: Now is the Time to Protect Yourself and Your Family

If we’ve learned anything from the Covid-19 pandemic, it is that sudden illness can strike at any time. In fact, ongoing symptoms are the number one reason why people have to use their disability insurance policy, according to the National Center for Complementary and Integrative Health. Symptoms like depression and anxiety. These may sound very familiar to a lot of people who have come through Covid-19 worse for the wear. 

An ongoing illness or the aftereffects of illness or accident can take a toll on your ability to provide an income. Which, in turn, will affect your family and future. Protecting both of those things is crucial for wellbeing and financial success. A disability policy (with the right language) is vital to obtain, especially if you are in a profession like veterinary or orthodontist practices. 

If you aren’t sure how to find the right disability policy, or start getting overwhelmed with all the terminology, we here at Loyall Group understand. We simplify the process, bringing clarity out of chaos, explaining every detail while making sure your income is protected. Contact us today for a free quote. 

Life Insurance: You Never Know When You’ll Need It (or Why)

Yes, everyone should get a life insurance policy. Especially in professions like veterinary and orthodontics, a life insurance policy puts your family first and ensures that your practice is financially safe in the event of a sudden death. There is often a perception, especially when you are healthy, that you may not need life insurance. But as we all know, life can take sudden turns. Having a quality life insurance policy guarantees that no matter what unexpected curve in the road is ahead, your family and business are protected. 

Learning all you can about life insurance before you purchase is the wisest course of action. Maybe now is the time to look into new 40-Year Term Insurance policies. Or if you are a smoker, drinker, or vaper, read up on how these activities could affect your insurance. 

And, if you need help deciding which kind of life insurance is best for you, contact Loyall Group to learn more about your options, the language of the policies, and which might be best for you.

Expand Your Career: Start Your Own Practice and Increase Your Income

It may be time to make more income. NPR recently reported that even with the pandemic creating a tight economy, more people than ever are starting their small businesses. That is great news for veterinarians and orthodontists, who often make more money running their own practice than through employment with an already established practice. Other benefits of running your own practice include the autonomy to make the best care decisions, relationship building with clients, and job satisfaction through goal setting. 

If you decide to take the leap and start your own practice, you can set yourself up for long-term income generation. But now you are faced with obtaining a bank loan to get your practice started. Satisfying your practice loan requirements can seem like a laundry list of to-do’s. We’ve curated a helpful guide to purchasing a practice, and our team is ready to answer all your questions when you contact us for a brief 15-minute introductory phone call. 

At Loyall Group, we specialize in taking the chaos of insurance and creating clarity. Contact us today for a free quote, and use this time to get your financial house in order!