Business Bank Loan Life Insurance

When your client desperately needs a bank loan, but it is contingent on Life Insurance, an underwriting delay can be a huge hindrance. Petersen International Underwriters offers the Business Bank Loan Life Insurance plan. With this policy PIU can prescribe and issue a temporary life insurance cover in a matter hours to assist you clients who are waiting on the funding of bank loan.

Whether your client is unable to secure coverage from a traditional carrier, lacks the desire to purchase long term life insurance, or simply needs coverage more immediately than other carriers can provide it, PIU will take the necessary measures to quickly underwrite a policy that will satisfy any lender.

Petersen International Underwriters understands that it can be frustrating to wait on a necessary loan. This policy can be insured within 24 hours of the application being submitted and the term can be from 90 days to a year.

When time is of the essence, the Business Bank Loan Life Insurance plan is an effective gap measure to use until a more permanent life product can be underwritten and placed to satisfy the lender’s requirements.

 

Common Uses

Business Bank Loan Insurance would be appropriate for clients that...

 

  • have a history of drug use
  • have recently been charged with a DUI
  • need coverage effective immediately
  • do not want to secure Life coverage
  • are afraid of needles and are not willing to take the standard life insurance examx
  • are on assignment in a foreign country and are not able to secure a policy
  • must travel to War zones, causing the traditional insurance carriers to decline the application

Take The Case Of...

Mr. Real Estate Developer who had a project that he needed to get funded. The lender was requiring life insurance to be in place on the key person. Two years ago Mr. Real Estate Developer had a about with cancer, making him unable to find a life carrier willing to offer him coverage. In hopes of closing the deal by the end of the month and apparently out of luck, Mr. Real Estate Developer's agent called Petersen International Underwriters on a Thursday afternoon looking for help. Jumping into action, Petersen International Underwriters quoted $5 million of coverage using our Bank Loan Contingent Life Plan.

The only underwriting requirements were a 1 page application and a copy of the loan documents. Receiving this information on Friday morning, Petersen International Underwriters was able to underwrite and bind the coverage that same day. By emailing the agent a copy of the declaration page to provide the bank with proof of coverage, the lender was then able to fund the loan that same day.