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Guardian Protects Business Loans if Disability Strikes: Offered in New York Market by National Financial Network, LLC
Garden City, NY (PRWEB) March 22, 2007 — Business owners who have borrowed money in order to expand their businesses will benefit from a decision by The Guardian Life Insurance Company of America (Guardian) to increase the amount of loan obligations covered in the event of a disability.
Guardian’s Business Reducing Term policy will insure up to 100% of monthly loan payments — principal and interest, provided the obligation rests with a single principle — should a business owner become totally disabled. This represents an increase over the policy’s prior level.
In New York, Business Reducing Term is available through the National Financial Network, LLC, a Guardian General Agency.
According to Charles Dunbar, a National Financial Network agent, Business Reducing Term addresses a critical gap in the contingency plans of many business owners.
“As long as they can run their businesses, any loans they take out will be repaid from the earnings of the business. If they die, life insurance can pay. But if they become disabled due to sickness or injury and can’t work, their business assets could be lost due to loan forfeiture,” observed Charles Dunbar.
Guardian is currently the only disability income insurer offering a product specifically designed to fund financial obligations that require periodic payments expiring at a given time. In addition to loan payments, other applicable client scenarios include business owners who offer guaranteed employment contracts to their employees and those who’ve purchased a business or professional practice with any amount payable to the seller over a specified period.
“National Financial Network, LLC is in a unique position to offer our business-owner clients a product with which no other company can compete,” said Charles Dunbar. “By increasing its business obligation coverage levels, Guardian is signaling it long-term commitment to a key sector of the U.S.economy.
About GuardianFounded in 1860, The Guardian Life Insurance Company of America, New York, N.Y., is the fourth largest mutual life insurance company in the United States. As of December 31, 2003, Guardian and its subsidiaries had $37.2 billion in assets. With more than 5,000 employees, approximately 3,000 financial representatives and nearly 100 agencies nationwide, Guardian and its subsidiaries protect individuals, businesses and their employees with life, disability, health and dental insurance products, and offer 401(k) financial products and trust services.
As long as they can run their businesses, any loans they take out will be repaid from the earnings of the business. If they die, life insurance can pay. But if they become disabled due to sickness or injury and can’t work, their business assets could be lost due to loan forfeiture Contact: Charles DunbarNational Financial Network, LLC990 Stewart Avenue, Suite 200Garden City, NY 11530Tel: 516-240-1919
Sources of Quick Loans (Page 1 of 2)
If you have a poor credit profile and are facing a situation where you need to obtain funds quickly, your options may be limited. You are unlikely to achieve approval for a conventional bank loan, especially if your income is limited. As a result, you may be tempted to pursue quick loans from payday loan companies.
However, if your situation is truly dire, you may qualify for assistance from one or more government scheme. If not, by thinking outside the box, you can almost certainly find alternatives to payday lenders for quick loans that represent less of a threat to your financial well being. The loan sources listed below may serve as resources for one-off quick loans. On the other hand, if you find yourself regularly seeking sources for quick loans, you should re-evaluate your spending habits. You may need to cut back on your spending, figure out a way to boost your income – or both.
Loans From Friends and Family
You may hesitate to borrow from friends or family members because of the possible risk of causing a rift in your relationship. However, if the amount that you need is reasonably small, friends and family can provide a legitimate source of quick loans. Draw up an informal agreement and do everything in your power to repay the loan as quickly as possible. If circumstances beyond your control prevent you from repaying the loan as planned, come clean with your friend or family member, and work out alternate terms for repaying the loan whenever you are able.
Credit Card Cash Advances
If you need the money to pay day-to-day expenses, try purchasing the items you need with credit cards instead. While living off credit cards is not ideal, interest rates charged for transactions is far lower than those for cash advances. However, if you need hard cash and you have no other means of obtaining money, cash advances from credit cards are preferable sources for quick loans than payday loans. If you do opt for a credit card cash advance, borrow what you need in a single transaction if possible, because credit card companies typically impose hefty charges on each transaction.
Credit Union Loans
Local credit unions are a good source for quick loans. Interest rates for credit union loans are much lower than those for payday loans, and credit unions are often more lenient with credit than conventional banks. You must be a member in good standing; however, it is likely that you are eligible for membership in at least one credit union in your area.
Bank Overdraft
If you have funds available, you may tap into your bank overdraft as a source of quick loans. If you opt to draw from your overdraft, never go over your pre-arranged limit. Otherwise you will encounter fees that nearly rival those of payday loans. You should also repay the overdraft as soon as you are able.
Whole of Life Insurance Policies
If you have been paying premiums for a whole of life insurance policy, you might have accumulated a tidy sum that is available for you to borrow against. Ordinarily, drawing funds out of your life insurance policy is not a good idea, especially if you intend to use those funds to finance your retirement. However, if you are desperate, withdrawing funds from a whole life insurance policy is preferable to obtaining a payday loan.