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Declined For Business Life Insurance?

In business succession planning there are several ways that life insurance isn’t just a good idea, but is required. If your banker says they will loan you $3.5 million to expand your business, that’s great news. If they tell you that a life insurance policy will be required as collateral and you know ahead of time that you can’t get approved, such as a CEO who is HIV+, or you find out you can’t get approved because you get declined when you apply for the business loan collateral policy, well that’s more than just a hiccup in your plans. When that life insurance application drags out right to the brink of closing on a loan and you’re declined, business deals can be lost, interest rates can disappear, your husband or wife could get mad at you….

Unless you know ahead of time that you can absolutely be approved for business life insurance, there’s always the risk of having to back out up front or be stuck with a week to find life insurance when you’ve just been declined. That’s why Risk Life kind of has a “botched business life insurance” insurance. We have outlets where we can get approval for almost anyone within a few days and have a business life policy in force in less than a week. We have outlets who can handle the problem of that CEO or executive of a company who is HIV+ and doesn’t qualify for traditional life insurance. We have been able to use our outlets to save the day in a lot of situations where $millions were at risk of loss if a life insurance contract wasn’t presented in a timely manner by presenting last minute business life policies.

And we are able to pull together even the most complex international business life insurance deals because our outlets are truly in the international business. So if a company in Florida is owned by someone in Guatemala and they have a choice of presenting a business loan collateral life insurance policy to get a US loan or borrowing their money in Guatemala, well, I can’t say for sure but I’ve heard interest rates are better here. When a partnership is in need of a way to fund a buy/sell agreement and one partner is American and the other is Libyan, we can get that done. Even with full coverage for acts of war or terrorism.

While we make every effort to meet business life insurance needs with traditional policies with traditional underwriting, the truth is that doesn’t always work out. That’s when having a back up plan can save the day and the business deal. Call or email if you have any questions. We can help.

About the Author

Every year millions are needlessly declined for life insurance or approved and paying far more than they need to. For 14 years, I have specialized in turning those situations around and finding the right life insurance solution at affordable rates. I give every client the personal attention they deserve.

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