Does A SBA Loan Require Life Insurance?
65 POINTSview profileYasir ZiaFinancial Services Professional, New York Life Insurance Company, Maryland, Virginia, New York, Texas.Hi the SBA loan does required a life insurance it is mostly decreasing term and match with the term of the loan and in case of the death of business owner the Beneficiary is the bank. for more information and about the process and life insurance quote please contact me at yzia@ft.newyorklife.com or 410-903-1396 thanksAnswered on April 14, 2013flag this answer
410 POINTSview profileDrew WardOwner, LifeInsuranceForBusinesses.com, Atlanta, GeorgiaThe SBA does not require life insurance on all of their loans. The need for life insurance is actually determined by the bank or lender. The best way to handle the loan requirements is to ask the lender what is required. Also, depending on how long you have before you need the life insurance, you might want to consider using a no exam simplified issues product.Answered on August 25, 2014flag this answer
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