We’ve discussed at length (some would say ad nauseum) in this forum about the critical need for business life insurance for the key people in your company. The CEO having key person life insurance is going to be demanded by lenders as your business grows and expands. Other executives like your CFO, or perhaps your business partner(s) are likely in need of business life insurance either as someone who is nearly irreplaceable to the business or whose partnered ownership could become a business buster in the absence of a life insurance funded buy/sell agreement.
So why would an executive in your company be declined for life insurance? The answer can be as simple as their cardiac history or as complicated as the CEO being HIV positive. Just within the last few years executives of legal Cannabis growing and retail sales businesses have been caught being declined for life insurance that is needed and often required by the investors providing the start up money. I’m going to go out on a limb and say that for every reason business life insurance has been declined, Hinerman Group has a way to turn that around and provide approved life insurance, even if it’s needed in a hurry and it often is. When a deadline is set for closing on a business loan and a life insurance decline happens a week or two before that date, extraordinary amounts of money can be lost in delayed funding or locked interest rates being lost. Hinerman Group can provide in force life insurance for business purposes in as little as 5 days no matter what circumstances led to the decline. We can satisfy your bank and the SBA, if they are involved, by providing in force life insurance to take to your closing.
So why do business life insurance applications get declined? No magic there. It’s the same reason most declines happen for personal or business life insurance, the wrong agent used the wrong company. Life insurance handled by the wrong agent can be a complicated and frustrating experience.
Bottom line. Business insurance is too important and often too time sensitive to put in the hands of an agent that doesn’t have impaired risk and business life insurance expertise. Do your due diligence in selecting a life insurance or disability income agent for your business needs. You probably didn’t take lightly the task of finding a banker to work with, or an investor and I’m guessing you didn’t just pick your accountant out of the phone book. You looked for experience because you need it and you deserve it. If Hinerman Group is the go to business life insurance office when things are falling apart it just might make sense that we would have been a good place to start. If you have questions about your business life or disability income insurance, or are crashing in on a deadline without the insurance in place, call or email me directly. My name is Ed Hinerman. Let’s talk.