Easy and fast!
Fast Approval Life Insurance Plan for SBA Loans or Business Loans is often selected for its simplicity and speed of underwriting. In most cases, all you will need to do is fill out a quick form (either online or paper.) If you qualify medically, you pretty much get an instant answer. With our proprietary system, we have been able to get approvals in as fast as 1 day. As with most SBA Loans, the processing speed of your life insurance application can be critical. Please note that, mainly because of the simplified nature of these plans, rates will likely come out higher than with a full underwriting exam plan.
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SBA No Exam Term Life Insurance or No Exam Whole Life or Universal Life Insurance - Which is best?
The answer is actually simple! It all depends upon how many years of insurance you need. In other words, if all you need is 15 years of insurance then a 15 year, no exam term life insurance plan for SBA Loan or Business Loans will do. On the other hand, if you decide that you will need coverage for life (as in, final expense coverage, estate taxes, final debts, burial costs..) then, a no exam whole life or no exam universal life insurance may be best. By the way, do you know the difference between universal life and whole life? Remember, the bottom line is what your needs are and how long you anticipate those needs to be for. Please ask questions!!! Request a no exam whole life/universal life quote OR request a no exam term life quote. No Exam Whole Life Plans & Quotes
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Will The State Help In Case Your Insurance Company Goes Under?
We would love to just say yes to this one but it is not that simple. Actually, people who leave their money in the bank because they feel it is more secure with FDIC insurance obviously do not read all the fine prints. The issue is the same as each state has its own laws and you must contact your state insurance department for the latest on the insurance fund.
As far as we last checked every state has an insurance fund. What is it? Well simply put, if an insurance company wants to do business in your state, they must contribute to a general fund (State Insurance Fund) so that if an insurance company goes belly up the fund will protect all or some of the assets placed with that particular insurance company. Again last we check, this fund ranged from $80,000 to $500,000. Once again CHECK WITH YOUR STATE!!!
Another point, even better than the state insurance fund, it has been noted that in the history of insurance no one has ever lost any money (maybe a bit of interest.) It appears that every time an insurance company went down the tube, another, bigger one bought out their book of business. Actually, we have more confidence in that than even the state insurance fund.
By the way, we have tried many times to set up links to the different state insurance department, but those links are too often changed by the respective department so we had to stop doing that (too many people got frustrated with the broken links.) We can suggest though, that you do a Google search under "State Insurance Department TX" (please don't do TX if you live in AL!) and that should give the right link to your state insurance department. Click Here To Request a FREE Quote
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The Process Of Application For Fast Approval Life Insurance for SBA Loan or Business Loans
How simple can it get to apply for life insurance? You see, the Process of applying for fast approval life insurance for SBA Loan or Business Loans is a lot easier than applying for your SBA Loan or Business Loan. It includes very few steps and underwriting can be done in as fast as one day. Here are the basic steps::
- You request your quote (click here)
- You ask questions (as many as you need to (We encourage that!))
- You like the answers and you like your great quotes even more, you apply online or by fax/mail and answer all medical questions (truthfully of course.)
- Some insurance companies may check your MIB other reports & may call you for a phone interview
- If you select a full underwriting plan, an exam may be coordinated
- We may ask you to supply medical records so that the answer will be much faster
- And within days you get your final answer (maybe a but longer with full underwriting plans with exam)
- That is it! Not bad at all, No?
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Yes, You Do Have Options!
Ok, so here it is. You take the time to apply for your fast approval life insurance plan only to find out that you did not qualify because you answered yes to one of the medical questions, your weight is too high, you are over the acceptable age... Whatever! Now What?
Well your options are actually many. You can apply to our impaired risk plans (very popular), you can try to qualify for a guaranteed issue policy (although those are very limited), you can request that your case be reviewed again (you never know) or you can simply start saving a tone of money and hope you live long enough to accumulate a good stash of cash (that should be your last option unless, of course, you enjoy living dangerously and no-one depends on you.)
Your first goal in deciding what to do is to find out why you were declined in the first place. If you decide to apply for a fully underwritten plan, be sure to fully communicate all information to your broker or anyone else who is helping you apply.That will greatly improve your chances of selecting the right path and being approved by the new insurance company. Second, you can always use us as your unbiased source of information and we can try to guide you in the right direction. Of course we are always ready to help. All you have to do is ask. Be well!
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