Collateral Assignment Of Life Insurance Policy

Collateral Assignment Of Life Insurance Policy-27
In other words, you can plan for your family and your business simultaneously!

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This means you not only have been approved for life insurance, but you’ve made (or are making) payments.In order to protect itself from undue risk, the lender is adding security to the loan by making sure an untimely death won’t be the reason a loan can’t be repaid.If a businesses profitability and solvency is completely dependent on you, your death creates this risk.The policy must be active and up-to-date on the key person for the loan, usually called the assignor.When your policy is active, you can contact the insurance company or your agent to request the assignment paperwork.You will need to fill it out with your information, as well as have your lender complete its portion before returning it to the insurance company.Most of the time, a collateral assignment of life insurance must then be approved by the home office of the insurance carrier.Obviously, you may not have the luxury of waiting around for the insurance carrier to make its decision or you’ll miss the opportunity to close on time.In this scenario, a no exam life insurance policy or life insurance for people with health problems would be a recommendation.If there is a remainder, it will go to your named beneficiaries.Often times, we receive calls from business owners who have a quickly arriving closing date.

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