Life Insurance and Small Business Bank Loans

As if it wasn’t hard enough for a small business to get a loan these days…

Did you know that the Small Business Administration (SBA) requires life insurance to collateralize its loans and will not fund a loan until coverage is in force?

Fortunately, we’re equipped to help you take care of this requirement and have successfully helped other clients in the past who needed term life insurance for just this purpose. You can often take care of life insurance for a business loan with a shorter term (policy length) than you might get for a policy meant to protect your family, which means the premium would not be as high.

In some cases we may be able to help you get a policy in force very quickly (and maybe even without a medical exam) if you’re on a tight deadline. We could potentially even get you a policy for a very short period of time (30-90 days) if that’s all you need, or if that’s what you need as a bridge until a more traditional policy was to take force.

If you need a quick term life insurance quote, contact us right now to discuss your needs.

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