Life Insurance for SBA Loan

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by a searcher from University of Southern California
in Miami, FL, USA

3yrs ago

Life Insurance for SBA Loan

I have been told that in order to qualify for an SBA loan, lenders will require you to have a life insurance policy.

-Does the amount of the policy matter?
-Does it make a difference whether it is WHOLE vs. TERM?

Happy to hear any other recommendations you have. Thanks.

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reply by a lender 11mos ago
from University of Wyoming in Phoenix, AZ, USA

Mark it all depends on the shortfall of collateral. If the deal is fully collateralized you won’t need it. If not they will require an assignment of collateral of the life insurance policy for the amount of the shortfall at a minimum

reply by a lender 11mos ago
from Berkeley College in Chicago, IL, USA

Case by Case, depending if all goodwill or actual hard assets/ primary properties available, etc. Feel free to reach out if you like to discuss further.