1. Peggy MacePRO
    President and Senior Agent, Outlook Life, Most of the U.S.
    Yes, you can use life insurance as collateral for a loan. SBA loans commonly come with the requirement that the borrower purchase a life insurance policy that will pay off the debt if the borrower should pass away before their obligations are fulfilled. Many people use No Exam life insurance for this purpose, so that they can get it in place more quickly.
    Answered on August 11, 2013
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