Now or Never Life Insurance!

Sounds a bit like a sales close doesn’t it? But this is coming from the buyer, not the life insurance agent. It happens more than you might think with business life insurance where a loan that needs life insurance collateral is needed now, not later. If it isn’t acquired now, the opportunity for a loan, a new business, an important acquisition or a strategic business move might be missed. Why now? Often business owners or CEO’s find out the easy way that they aren’t as eligible for life insurance as they thought through the kind and gentle life insurance method called being declined.

As Murphy would have it that generally comes to a head about 1 to 2 weeks before a loan closing or contract signing. The date that can make or break a deal or make it cost a lot more than anticipated, possibly so much that it makes the financial opportunity not work out as well or disappear completely. At that point applying through another traditional company for life insurance again simply doesn’t work because, while a decline by one company hardly means a decline by all companies, you’re just out of time. The best of all worlds in a business transaction is that you would walk into the closing having dotted all i’s and crossed all t’s and provided all supporting documents including any life insurance required. You sit down and sign, shake hands, exchange money and walk out ready to move forward. That’s what we want.

And you can make sure it happens even if the life insurance part goes bust right before you need it. Through one of largest business life insurance providers, if not the oldest and largest, Lloyds of London, we can put a life insurance policy in force in 4-5 working days and you can walk into that closing as if nothing was declined. And one of the great things is that it can buy you time once the deal is done to have us shop for traditional life insurance to replace it. Once a new policy is in force you can cancel the stop gap life insurance policy, do a new collateral assignment with the bank and everyone lives happily ever after. Seriously. We’ve salvaged business loans and acquisitions from the brink of collapse enough times now that we know we can count on our part, getting the life insurance policy in your hands by the time you need it.

If you have questions or would like to get assistance with either a traditional or gap life insurance policy, call or email us. 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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