When Business Life Insurance Is Hard To Get!
I wrote this post 4 years ago and there have been changes in business life insurance and specifically the SBA requirements, so here’s an update. Hope it helps. All the best.
Business Life Insurance Proving Hard To Get? Let’s Change That
Just because someone is the CEO of a large company, or owner of a smaller company, doesn’t make them immune from the same challenges that you or I run into when trying to purchase life insurance. Those in need of business life insurance cover the full spectrum of impairments – from being overweight or having diabetes to having a history of drug or alcohol treatment or HIV. The thing that often sets those in business apart from applying for personal life insurance is that there is often someone, a bank, investor, board of directors, or partner, who is requiring that the coverage is in place.
We Really Can Change That
At Hinerman Group, we have positioned ourselves to be the go-to agents for both business and impaired risk life insurance, with 21 years of learning and experience. We make it our business to treat each new impairment we run into as a learning experience. We listen to our clients and hear how their situations impact their lives. We study all we can from reputable online medical experts, and we have several medical profession clients that help when they can. This helps us know what questions to ask and what information we should ask clients to provide (labs, pathology reports, etc.) And we know the life insurance underwriters that we will be working with, so we can discuss how to put together even the most challenging cases to get approval.
In those rare cases where we can’t get an offer from the 20+ business and impaired risk life insurance companies for your need, or when you have run out of time and need coverage sooner than later, we will have a backup plan. We use Lloyds of London as a bridge policy, for lack of a better explanation, in cases where traditional life insurance companies don’t have time to underwrite your case or your situation isn’t one that traditional underwriters will approve right now. There are also times where you simply can’t qualify for traditional life insurance during, for instance, the life of a 7 or 10-year loan that requires that policy. As an example, let’s say you just completed inpatient alcohol treatment 9 months ago. There isn’t a traditional life insurance company, like Prudential or Lincoln Financial, that will touch an approval, in a best-case scenario, for two years post-treatment.
There are plenty of CEOs and business owners who are HIV positive and would prefer to avoid traditional underwriting. This is because their admission of that fact goes into MIB or has to be admitted to an examiner they don’t know. We can put a Lloyds policy in force to meet your business needs and give you time to wait out the traditional underwriting – or avoid it altogether. For those of you who are simply caught with your pants down needing business life insurance in a short period of time, Lloyds can meet that challenge for you as well. They are fast and the pricing is fair. They didn’t get to be one of the largest business life insurance companies in the world by dragging their feet.
Bottom Line
You don’t have to use an experienced and successful business and/or impaired risk life insurance agent, but using the best in the business is going to save you both time and money. We will save you time because we know how to get the job done quickly and efficiently. We will save you money because we can shop your case and get the lowest cost per thousand available, guaranteed. If you have questions or want to talk about your business life insurance challenge, call or email me directly. My name is Ed Hinerman. Let’s talk.
