COVID-19 infection and disability insurance

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betamale

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Can we claim disability if we get COVID and not able to work? I'm 1099 so I am.concerned about substantial income loss. I suppose I can apply for payroll protection loan but it looks like most banks are not accepting applications.

What are the options for income protection if we get sick?

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I would assume a short term disability policy would apply, but only if you're out long enough for it to take effect. LTD would work if you're out for a year.
 
You probably wouldn't be out long enough for most long term disability plans to kick in. My mass mutual policy doesn't kick in for 90 days if something happens to me.
 
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Can we claim disability if we get COVID and not able to work? I'm 1099 so I am.concerned about substantial income loss. I suppose I can apply for payroll protection loan but it looks like most banks are not accepting applications.

What are the options for income protection if we get sick?

Same as above, My Long term disability kicks in around 90 days. So unless you are completely debilitated you will probably be back to work before that. You may have a claim on short term disability if you have a policy.
 
Thanks. Spoke to an agent today. Apparently, there were 0 and 7 day waiting period policies but those are now gone. 30 day waiting period with a hospitalization rider (no waiting period) was the least I could find through mutual of Omaha.

I may still try to get a payroll protection loan, seems like the deadline is the end of the month.

Stay safe out there.
 
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Ppp loan if you're 1099. That can give you around 20k from the federal government. Whether you will be able to get that loan forgiven is another story :p
 
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Ppp loan if you're 1099. That can give you around 20k from the federal government. Whether you will be able to get that loan forgiven is another story :p

Got mine 2 days ago.
We will see what happens.

Had MUCHO reservations about taking it.
Then, I said to myself: I pay more taxes than a lot of folks. Time to take my money back.
 
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Got mine 2 days ago.
We will see what happens.

Had MUCHO reservations about taking it.
Then, I said to myself: I pay more taxes than a lot of folks. Time to take my money back.

I got mine roughly 3-4 weeks ago. I wish i had applied for the full 20k, but i went conservative and only asked for 16.5k lol. I believe the Ppp program still has funding.
 
What is the interest rate if you can’t get forgiveness? And over how long?

I’m primarily a 1099 (I get about 1/5 from W2) and I never applied because I’ve thankfully seen little drop off in salary due to by enlarge a good contract. There was some but not much. I’m not sure i could claim financial hardship. I’m getting about 90% of our target pay.
 
What is the interest rate if you can’t get forgiveness? And over how long?

I’m primarily a 1099 (I get about 1/5 from W2) and I never applied because I’ve thankfully seen little drop off in salary due to by enlarge a good contract. There was some but not much. I’m not sure i could claim financial hardship. I’m getting about 90% of our target pay.

1 percent interest rate.

My income dropped 60 percent in May, which is why i applied.
 
What is the interest rate if you can’t get forgiveness? And over how long?

I’m primarily a 1099 (I get about 1/5 from W2) and I never applied because I’ve thankfully seen little drop off in salary due to by enlarge a good contract. There was some but not much. I’m not sure i could claim financial hardship. I’m getting about 90% of our target pay.
FYI, the phrase is "by and large." Etymologically it's a sailing term referring to sailing "by the wind" (into the direction of the wind) and sailing "large" meaning the wind is blowing from a point somewhere behind the ship. The combination of by and large thus encompasses all possible options/directions and has subsequently come to mean "in general."
 
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I guess the questions are

1) what is the probability the loan will be foregiven? What is the principal information needed to determine that? Just income loss?

I presume you have to provide proof of income loss? Or just attest to income loss?

2) when would you find out the loan will be forgiven?

big difference between getting 30k and keeping it, vs getting 30k and then repaying it back with 1% interest. It’s not due to the interest rate but actually repaying the money. What is the term of the loan? 1 year? 5 years? 10 years?
 
I think it's over 18 months. 20k goes a long way towards reducing other higher interest debt. Even my student loans are at 1.62%. It's free money almost.
 
Can we claim disability if we get COVID and not able to work? I'm 1099 so I am.concerned about substantial income loss. I suppose I can apply for payroll protection loan but it looks like most banks are not accepting applications.

What are the options for income protection if we get sick?
If you are sick you can claim but if you are just being prevented from working because of work slow down or closed doors then that is not a disability, that is a business interruption claim, different product.
 
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