The Bailey Group SBA Life Insurance Frequently Asked Questions:
- Will the bank be the beneficiary of my life insurance?
- No. You can name your beneficiaries (spouse, children, business partner) but the bank must be the assignee of your insurance policy.
- Can I assign my current life insurance policy instead of taking out a new policy?
- Yes, but most companies the 1-2 weeks with a few taking more than 30 days to do so. Also make sure the coverage is no longer needed for its original purpose and meets the SBA and lender requirements.
- Why choose The Bailey Group over my local agent or another firm for a new policy?
- The Bailey Group is an expert in placing and assigning life insurance policies that meet the SBA requirements and have relationships with many carriers with expedited programs.
- Can you really provide a new policy, with recorded collateral assignment, in less than 24 hours?
- Yes! TBG’s current record is 42 minutes!
- Do I have to complete a medical exam?
- Not necessarily. Requirements can vary depending on age, amount, health, and location, but we work with many companies that offer ‘no exam’ options.
- But I need a large policy…Surely I’ll have to get my blood drawn for that?
- It is possible to provide up to $5,000,000 without an exam, to clients that qualify, although if you need that much coverage, we often recommend having an exam to expand your selection of available carriers.
- Does it cost more given how quickly you can put a policy in place and have it assigned?
- There is no additional cost for the speed delivered through our partners and programs. In addition, after closing using our fast processes, we can shop out your case to our 50+ insurance companies.
- What if I have health issues?
- In addition to shopping amongst our 50+ traditional insurance companies, we also have specialty carriers that can offer some coverage to almost every client with some limitations.
- How much can you write a policy for?
- While some companies have limitations, we can provide coverage up to the loan amount, and often much more.
- Can I carry more coverage than my loan or more than what the bank requires?
- Yes. Any coverage amount above what’s used to pay off the loan of the assignee would be available to your beneficiaries.
- Can there be more than one assignee on a collateral assignment?
- Depends on the insurance company, but it is possible with many of our carriers.
- How do I start working with The Bailey Group or introduce a prospective borrower?
The Bailey Group is here to answer your borrower’s questions!
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