Getting life insurance as collateral for an SBA loan should not be difficult or complicated.
The process is automated, instant, and exactly the same as if you were applying for only yourself with one exception: you will be required to complete collateral assignment documents once you have been approved.
Thankfully we have made buying life insurance fast and easy, the entire process takes less than 10 minutes for most. Here are 5 easy steps to buy life insurance through Quote Bot:
Step 1: Start a quote. This process takes less than a minute because we need very little information to instantly show you a quote that you can customize. You just need to know your name, date of birth, state, general health, and tobacco status. We always send you a link to this quote for you to refer back to.
Step 2: Continue application. On your quote, we provide a link to continue to the application. This brings your first through a short pre-qualification so you know if you’re expected to qualify. This process can be as fast as two minutes to complete.
Step 3: Complete application. Once you see the pre-qualification results you can complete the application. This process takes between 5-10 minutes depending on your health history and customizations chosen. You will receive another instant verification of your expected eligibility before you sign your application. You will also put your payment information in on this step, but you are not charged until the insurance company has approved your signed application.
Step 4: Sign your application. After you received your approval you will be able to instantly electronically sign your application. Once you finish your signatures, we bring you back to the final decision page and the Insurance Company will let you know within 90 seconds of your approval status. The insurance company will send your policy for electronic delivery after you’ve been approved!
THAT’s IT! It really is that simple and for most, this can be completed from beginning to end in 10 minutes or less.
Once you have your instant decision life insurance in place, you need to send us an email or chat with us on screen and we will arrange the collateral assignment documents for you. These will need to be signed by you and the bank so it is properly documented that you both understand the collateral assignment exists. Once you have everything signed we will process it with the insurance company and then you’re all set.