The policy must be active and up-to-date on the key person for the loan, usually called the assignor.
When your policy is active, you can contact the insurance company or your agent to request the assignment paperwork.
Obviously, you may not have the luxury of waiting around for the insurance carrier to make its decision or you’ll miss the opportunity to close on time.
In this scenario, a no exam life insurance policy or life insurance for people with health problems would be a recommendation.
If your business could run without you and the bank could still reasonably expect to be repaid, it may not be required.
If you would like impaired risk life insurance coverage, we can help.Read more below to find out the simplest way to get life insurance to satisfy loan requirements, ways you can expedite the process and have it completed in no time, and even how to do it to be beneficial for your family in the long run such as an option of decreasing term life insurance.There are also many other options such as having a million dollar insurance policy.In order to perform the collateral assignment of life insurance correctly, you’ll have to first have an in force policy.This means you not only have been approved for life insurance, but you’ve made (or are making) payments.Not only is no exam required, but the underwriting requirements and health questions can be simplified.This results in a much faster policy, sometimes in as little as a .In other words, you can plan for your family and your business simultaneously!When you’re shopping for life insurance to satisfy a loan, it’s important that you’re considering more than just the loan itself.If something tragic were to happen to you, then your family would be left with some additional expenses as well, aside from your business loan.Not having enough life insurance coverage is one of the worst mistakes that you can make for your loved ones.