This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2020/04/02/is-life-insurance-required-for-your-sba-loan-approval/
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When applying for a loan through the Small Business Administration (SBA), you have to meet some basic qualifications. For example, you need excellent credit, $5 million or less in annual revenue, and a net worth equal to or less than $15 million.
Once you meet the SBA’s requirements for being a small business, you’ll need to meet an additional set of requirements provided by your lender. These requirements often include holding certain types of insurance policies that designate the lender as a payee.
What types of insurance coverage will you need? That depends on your industry and your loan’s collateral. It also depends on the program you’re applying for and most importantly, whether your loan is secured. However, one thing is virtually guaranteed – if you’re the only one running your business and your loan is unsecured, you’ll need a life insurance policy. Your policy must be valid for the duration of your loan with a benefit that matches the amount of your loan.
For some entrepreneurs, a whole life insurance policy makes more sense than term life insurance. However, the details of every policy will differ, so it’s crucial to choose your policy after you know your lender’s requirements.
Are you considered high risk? You can still get life insurance.
Some life insurance companies won’t approve people considered to be ‘high risk.’ High risk people include smokers over 50, people who engage in dangerous activities, and people with health problems. It’s also hard to get life insurance with a felony on your record.
Although getting life insurance through standard insurers is hard, some companies have insurance policies designed for high risk people. For example, Gerber has a policy for people aged 50 to 80 years old. Gerber’s hi… Read More
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