PSA for anyone looking to get an SBA deal: Get life insurance now!

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May 01, 2026

by a searcher from State University of New York Empire State College in Jamestown, NY, USA

In the final steps of my first real business acquisition. It's been a huge learning experience and overall positive. One thing that took way longer than I thought it would is getting life insurance. I needed a term life policy to cover the equity gap in my deal and didnt have any life insurance. It took several weeks to go through the whole process and has probably pushed back closing by a few days. Not a big deal, but also could have been worse if I didnt stay on top of things. It also added unneeded stress to the process. Lesson learned.
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commentor profile
Reply by a lender
from University of Missouri in Denver, CO, USA
Your lender should have told you to get started on that earlier in the process, but I totally agree. If you wait until closing, it will delay your loan.
commentor profile
Reply by a searcher
from University of Wisconsin in Rochester, MN, USA
Are there any insurance companies that the lenders prefer you have a policy with?
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