Can You Get Life Insurance With An SBA Loan With Multiple Sclerosis?
Getting financial assistance for your business is pretty hard to do sometimes. But when you have a pre-existing condition, like multiple sclerosis (MS), it can be even more difficult. Sometimes the best bet for financial assistance is a Small Business Administration (SBA) loan. SBA loans offer low interest rates, longer repayment terms, flexible use of funds, access to capital, and other great benefits.
However, SBA loans require you to get life insurance to serve as collateral for the loan. So, can you get life insurance with an SBA loan if you have MS? Let’s start off with the answer.
It really comes down to how serious your symptoms are. If you have mild to moderate MS, it may be possible to get life insurance. If your symptoms have caused any organ damage or mobility issues, then you could be denied coverage. Another thing you need to consider is the cost of the premiums, as they may be way more expensive due to your condition.
Here are some further details to account for when it comes to getting life insurance with MS:
- You’ll Need To Get a Medical Exam (Most Likely): Most life insurance companies will require you to get a medical exam before they’ll approve you for coverage, especially with MS.
- What types of MS You Have: We’re not going to get into each type, but the less severe your MS is, the more likely you’ll be able to get life insurance.
- The Date You Were Diagnosed: If you were just diagnosed, they are less likely to accept you due to the fact that it’s new and they don’t know how it’s going to progress. If you could show a history of dealing with MS in a positive way, it may help.
- Your Age: When it comes to deciding on your premiums, your age comes into play as well. The younger you are when you apply for coverage, the better your chances of getting approved and getting a better rate.
- Your Health Other Than MS, And Your Lifestyle: These both play a role in how insurers view you. If your MS is mild and you are healthy otherwise and live a relatively healthy lifestyle, then your chances of qualifying for coverage increase.
What Is The Best Type Of Life Insurance For Someone With MS Looking To Get An SBA Loan?
If your case isn’t too bad, you’re making great lifestyle choices, and you have been diagnosed for a while, then term life insurance could be the best option for you, specifically level term life insurance. With this type of life insurance, you can choose the length of the coverage (e.g., 10, 15 or 20 years) and the premiums are guaranteed to stay the same throughout the duration.
The reason why it’s the best is because SBA loans require collateral for the total duration of the loan, so when you take out a term life insurance policy, you know that your coverage will last for the required period.
What Happens If You’re Declined?
If you’re declined for term life insurance, you could go with a Guaranteed issue policy. However, the problem with guaranteed issue policies is that the death benefit is usually limited. Because of this, it may not be enough to cover the loan’s collateral requirements.
Because of this inconvenience, your best bet would be to either appeal the decision of the company you were declined by. You could do this by giving them more information and evidence of your MS being not as bad as they think and your lifestyle choices, or you could shop around for other companies who might offer coverage even with your condition.
Steps To Finding The Right Life Insurance For An SBA Loan With MS
Below we are going to go over the steps you want to take in order to get the best life insurance for an SBA loan with MS.
Make Sure You Are Up To Date Medically Before Getting Started
The first thing you want to do is make sure you’re staying up to date medically. This means getting regular checkups and taking any prescribed medications as directed by your doctor. Doing this will make it easier for you once you start the process of looking for good companies to get life insurance from.
Do Your Research
Researching different companies is a must. You want to look for ones who have experience dealing with similar cases and get quotes from each one. If you can, find reviews from people who have dealt with the same companies so you can get a better idea of what type of customer service to expect.
Compare Rates In That Process
During the process of your research you also want to compare the rates of all the different companies. You want to make sure you’re getting a good deal and not overpaying for the life insurance coverage.
Have Experts Handle The Process For You
Dealing with insurance brokers who are used to dealing with MS cases can make the process a lot smoother and less stressful.
CFA insurance is a great company to deal with when it comes to looking for life insurance coverage with MS. They deal with over 60 top A-rated life insurance companies which makes finding the best coverage and rates easier.
The best part about CFA Insurance is that they never take a cookie cutter approach. They will take a deep dive into your individual, unique situation and approach it based on what you need.
Last but not least, they offer you quotes within 1 minute, with no obligation to buy.
Life Insurance For SBA Loans
Life Insurance For SBA Loans is another great option to find the life insurance policy for your SBA loan. Life Insurance For SBA loans makes it easier for entrepreneurs and small business owners who need to secure a life insurance policy.
Being experienced entrepreneurs and business experts themselves, they can provide tailored advice and find the best policies available.
With Life Insurance For SBA loans you will have access to an SBA life insurance at all times, which will make the process much easier.