Life Insurance for SBA Loans
We Can help those that require a Life Insurance Policy
If you are applying for an SBA Loan, your lender may require that you get a Life Insurance Policy. If you have your own Life Insurance policy they may accept that and have you do a Collateral Assignment.
If you do not have a life insurance policy in place then you will need to get a policy and ensure that the carrier will do a Collateral Assignment ( Definition is below) of the Policy. Sounds pretty simple and straightforward? It can be a bit more difficult than you may think!
I have done these type of policies and I understand what is required. Not all carriers will consider doing a Collateral assignment! If you pick the wrong carrier and then have a Collateral Assignment done, the carrier may outright cancel your policy! Big trouble for you , especially if you are on a timeline.
In addition to standard Fully underwritten Life Policies , I also work with a few lenders that offer No Medical Exam Life Insurance Policies. Some of these carriers can approve you in as little as one to two weeks. Although more expensive , these can be the best solution if you are under a timeline.
If cost is an issue and you have the time , the other option would be a fully underwritten medical Policy. These are less expensive policies. We do our best to rush this through, but the reality is 4-6 weeks for approval.
How is your Health?
If you have Health issues then we would have to explore other options. We can insure most High Risk Health conditions. When we speak make sure to have as much information about any current and past health conditions.
Here is sample of what we will cover about any health impairments:
Age of Diagnosis
Last Dr visit
How are you handling your current condition?
Any Prescription Drugs?
Any known current reading for your condition? ( i.e. Diabetics need to know A1C ratings. Those with Hypertension should know current BP results etc.)
Current Height / Weight
I have simple questionnaires for most major health impairments.
As a Broker ,with access to over 60+ A-A+ rated Insurance companies , I have the experience to place these type of Policies. I know which carriers will accept this type of assignment.
I reply to all requests in a speedy and efficient manner. Let me earn your business by providing excellent , personalized service. Call me today at 1-800-530-9134 or fill out my contact request form.
Definitions of Various Terms:
Collateral Assignment of Life Insurance Policy:
Collateral assignments will often be placed on life insurance to guarantee the loan upon the death of debtor. If a collateral assignment is placed on life insurance the assignee will receive any amount due to them before the beneficiary is paid. If there is more than one assignee, the assignees are paid based on date of the assignment, i.e. the earlier assignment date gets paid before the later assignment date
Please contact me if you require a quote or if you are interested in our Life Insurance Services. My number is 512-963-5000. You can also fill out our contact form.