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Talk to an agent today about obtaining term life insurance coverage for an SBA loan.
SBA loans are term loans offered by banks or lending institutions that are guaranteed up to 80% of a loan’s principal, or the substantial amount of the loan. Government loans are often inaccessible to many due to the high financial risk they pose. If too many people don’t pay back their loans, the government could find itself in serious financial trouble. SBA loans are accessible and have figured out a way to reduce lender risk by tying the loan to something most families already need: life insurance.
Life insurance is the simplest form of collateral: in assures that your loan will be paid off with minimal impact to your family. Other forms of collateral could include your stocks, bonds, savings, land, real estate holdings, or any machinery you own. In some cases, families will be forced to take on debts and sell what they can to pay them. An SBA loan insures that your family is protected, as well as the lender’s interest.
If you’re gone, key person life insurance can help offset the costs of recruiting, hiring, and training a successor to your position. This allows your company to transition smoothly and won’t take away from valuable time and profits necessary to keep a business running.
Finding the proper life insurance policy to cover your SBA loan and to protect your family will require the help of a trained and knowledgeable agent, particularly if you aren’t in the best health.
These factors can make the process of donating to charity through life insurance more complicated and include:
You can work with an agent to find a life insurance policy and can get a personalized, free, and no-obligation life insurance quote in just a few minutes. It’s that easy to start protecting your family’s financial future! Requesting a life insurance quote through AIG Direct is now faster and easier than ever!
With My Term Life Guy, you can get quality term life insurance coverage for less. Call now and save up to 60% on your term life policy compared to the same coverage through other carriers. That means you can get similar coverage for your money – and that’s always a good thing!
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