With personal life insurance there is very seldom a reason to panic if there is a delay or an unexpected decline that needs to be worked on to overcome. I know it happens anyway (the panic), especially when there has been a decline, but given a little time and the right agent using the right company declines can usually be overcome. It just might take a little time.
It’s a very different world when it comes to business life insurance. For those of you who are business owners, CEO’s, CFO’s or company board members you know that in most cases it can be very costly not to have life insurance in force when it’s needed and preferably not a day later. The reason for the urgency is that deadlines in business can often cost money if not met and if the deadline is contingent on a life insurance policy. I can’t tell you how many times I’ve heard from business people whose life insurance applications have gone over a cliff and they have a week before a loan closes that requires that policy, sometimes just a few days.
It always seems to come down to a week or less and that decline throws everything into a potential tailspin. Not meeting a deadline for closing on a loan can affect the interest rate. Heck, it can affect whether the bank wants to deal with you or not because if you can’t do the simple stuff, how much trust can they put in a CEO to ensure a loan is paid timely. Not meeting that deadline with an investor over a simple thing like getting life insurance may shake their confidence. You see, people who have never experienced problems getting life insurance don’t get it. They jump to conclusions generally centered around you not really working on getting things in order.
But it, the life insurance challenge, can be handled even with just a few days to the deadline. Life insurance can be approved, placed and put in force so you can walk into that closing ready to present proof of insurance and an assignment of benefits. You can walk into that closing like nothing every happened.
Bottom line. We’ve pulled this off for small and large companies more times than I can even begin to say. We can get this done for up to $100 million in coverage. We can get it done fast and efficiently. We can save the day. If you have questions or are in a bind for business life insurance, call or email me directly. My name is Ed Hinerman. Let’s talk.