Starting a business? Having life insurance may secure your business loan
Want money from the bank? Starting a business can be an expensive investment and getting a business loan from the bank may be a great place to start. In order to secure a loan, the bank may want to see proof that you’re a dependable person and are capable of honoring your financial responsibility. Having a life insurance policy shows the bank that no matter what, you’ll be able to return the money back to them.
Banks need collateral to give you coinage to keep your business alive. After all, it’s their money that they are lending out, and they want to make sure that they’re going to get it back. This is a business deal for them, so it’s important that they feel that their funds are in safe hands. Having a life insurance policy as a business asset can work as collateral, helping you obtain your business loan and protect the bank should anything occur.
Peace of mind for everyone involved. A life insurance policy provides assurance that the bank will be paid even if you happen to pass away unexpectedly. This is very important when it comes to business matters, for both you and the bank. By having a life insurance policy, you are proving to the banks that no matter what, their money will be repaid.
My agency shops all the carriers to receive the best quotes. It’s our goal to help you get the best life insurance policy, no matter what your needs are - even if you’re using it primarily for business purposes, such as taking out a loan for your company. We can help you secure a life insurance policy that you feel happy with and that works with your budget.
We’ll provide you with explanations for how these kind of policies work. It’s important that you have a thorough understanding of how a life insurance policy can affect your chances of getting a business loan, and how it can help should any issues come up regarding your loan.
Call us at (818) 404-1446 to learn how you can secure a business loan with a life insurance policy.