Need Life Insurance with a Collateral Assignment?
Look no further. We’re your agency.
Whether you need it for a SBA loan, structured settlement, pension advance or anything else, we can help you. Every day we work with banks, settlement companies and consumers around the United States to secure life insurance with a collateral assignment.
Be careful. Not all life insurance companies allow collateral assignments and most that do have specific requirements. Make sure you work with an agency that handles these every day so you can get your money quicker and without headaches.
An experienced Rootfin life insurance agent can make this process fast and easy for you. Here are the simple steps:
- We contact your lender to determine the specific terms of the life insurance collateral assignment required. We need to know the EXACT wording and amount required on the collateral assignment.
- Apply for a term life insurance policy. Depending on when you need it, we’ll decide if a no-medical exam policy is appropriate (approved within days, but more expensive) or if we can rush a fully underwritten policy (approved in 4-6 weeks, least expensive option). Also – you can assign a current life insurance policy if it meets the lender’s requirements.
- Process the appropriate collateral assignment form. Almost every lender will accept the life insurance company’s collateral assignment form, however it’s always smart to consult the lender to verify the form and wording used in the life insurance company’s collateral assignment form is ok. We don’t want any surprises at the end. We’ll take care of this for you.
- Finalize the life insurance collateral asssignment form. Once the policy is approved, the form is signed by the lender and the insured - then finally sent back to the life insurance company for signature and completed copy will be sent back to the lender.
While it may sound easy, it’s actually very technical. It’s important that you work with an experienced, independent life insurance agent who is familiar with the life insurance collateral assignment process or you’ll be in for a lot of headaches along the way.
Call us at 888-430-7668 or fill out our contact form here at Rootfin.com.