It’s been amazing when I put the word out that I could business life insurance in tough situations quickly to see how many professionals I’ve been able to help when they are truly in a jam. The scenario usually goes something like one of these,
1. A partner in a company needs a buy/sell funding life insurance policy. The other partner applies and is approved but the first partner applies and for a reason that was previously unknown to him he is declined. A not so unusual surprise decline is when someone finds out on the exam that they have prostate cancer or diabetes, but they still need life insurance to meet the commitment.
2. A professional puts off getting life insurance as collateral on a loan because they know they can get a temporary insurance agreement. But when the labs are done and all of her liver functions are out of whack, she is declined. Not just declined, but declined life insurance right before the closing on the loan.
These folks are in a bind and they don’t need to be told the long version of how to get life insurance eventually. It might only take a few months and it might take a year or two before traditional term life insurance is available, but the need is now and without it, well, can you spell train wreck? So, the same underwriters that help out my clients working as civilian contractors in the middle east or Africa have business life insurance products that can be approved and issued within a few days. It might cost a little more, sometimes not, but when you stack up an approved life insurance solution to the problem against the decline they just got, the picture gets real clear, real fast.
And what about those times when a business person has to jump on a deal that will make them billionaires, but jumping is time sensitive and they have to be able to produce a $100 million life insurance policy to get the deal done. Temporary insurance agreements won’t bind that much and that size traditional life insurance policy will take months to get approved. Through our connections we can have that policy in force within a week, maybe two at the most.
Bottom line. Business deals seldom offer the luxury of taking your time and more and more the lenders are requiring life insurance as collateral. Just like a client that called today, closing on a loan next week and just found out that she has diabetes and won’t be able to get traditional life insurance for at least a year because of how high her A1c is. We’re shooting for Tuesday to have her policy in force. If you have any questions or just need life insurance far sooner than later, call or email me directly. My name is Ed Hinerman. Let’s talk.