Business life insurance, whether for the CEO as key man insurance, partners in a business buy/sell agreement, bank loan collateral or stock repurchase plans are a specialty in their own rite, but add businessmen over age 50 or 60 or 70 and things can get complicated. Generally speaking those born in the 70’s and 80’s at least don’t present any health challenges that complicate the acquisition of business life insurance, but us more seasoned guys (and women) often bring a health issue or five to the table.
When this happens you need to have a life insurance agent who is not only well versed in business applications of life insurance, but also impaired risk life insurance. You also need to have an agent with a back up plan in case traditional life insurance companies won’t approve it because of the impairment or because of some international or multi national aspects of the company. With individual life insurance there is often the luxury of a little more time if things don’t go as planned, but a bump in the road to business life insurance approval can mean lost business, lost loans or interest rates on loans or lost opportunities. If the situation calls for it we can get almost anything covered with life insurance within a week.
But back to the seasoned business life insurance challenge. It is just a fact that as we age, some of our parts don’t age as well as others. For most of us if we can hang on to our minds they’ll let us stay in charge of the business. But finding the best possible business life insurance policy, one that takes care of the need without busting the budget over ages 50, 60 or 70 and in one case 80, takes an agent with all the underwriting tools and experience at hand. Calling Selectquote may sound easy because they sound so big, but you won’t get professional and personal service in your complicated situation.
With new treatment for a myriad of health challenges, underwriting is changing rapidly. CEOs who have type 1 diabetes are now insurable at reasonable rates. Popular among us older gentlemen, prostate cancer life insurance underwriting has evolved quite a bit with better treatment and monitoring. With HIV+ life insurance finally a reality, but only available through hand picked impaired risk agencies like Risk Life or Hinerman Group, it just pays and pays well to pick the right agent.
If you have questions about life insurance at older ages or specific impairments, or combinations of age, impairments and business life insurance, call or email us directly. We can help.
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