Can You Get Life Insurance For An SBA Loan If You Have a History Of Thyroid Cancer?
The process of getting an SBA loan is an exciting one, especially if you’ve struggled with getting financial assistance for your business for a while. An SBA loan could help you invest in the growth of your business and achieve your goals.
One important aspect of getting an SBA loan is the process of getting life insurance to serve as collateral for the loan itself. This protects the lender in the case of an unfortunate event like your death.
One common question that arises when it comes to getting life insurance for your SBA is whether or not you can get life insurance if you have a history of thyroid cancer. Here’s the answer:
The answer is yes. It’s definitely possible to get life insurance if you have a history of thyroid cancer. However, it’s not guaranteed. The life insurance company or companies will often have to look at a wide range of factors in order to decide on your coverage. Oftentimes, even in remission, your premium rate will still be higher than someone without a history of thyroid cancer. However, it’s important to note that many companies will still be willing to provide life insurance coverage for you if you have a history of thyroid cancer.
Here are the factors companies will look at when considering life insurance coverage:
- How long your Thyroid Cancer has been in remission.
- The type of Thyroid Cancer you have had (certain ones are more common to come back)
- How many times you have had Thyroid Cancer
- The treatment plan you went through and how successful it was.
- Your current health status and any other pre-existing medical conditions you may have.
- Any lifestyle factors that could influence your risk profile such as smoking or alcohol consumption.
What Are The Benefits Of An SBA Loan For Your Business
There are many benefits that come to mind when it comes to getting an SBA loan for your business.
- First off, the interest rates are much lower than traditional loans due to the SBA’s guaranteed part of the loan.
- Secondly, SBA loans allow for longer repayment terms which allows for you to spread out your payments, making cash flow easier to manage.
- Last but not least the funds could be used for a wide range of purposes from expanding your business to buying land or equipment.
Best Type Of Life Insurance For an SBA Loan
The best kind of life insurance for an SBA loan is level term life insurance. This is because of a few different reasons:
Premiums Stay Level
The first benefit to getting Level Term life insurance is that the premiums remain level throughout the time of your term. So you don’t have to worry about the cost of your coverage increasing over time, as it remains steady.
The Time Of The Insurance Could Match The Time Of The SBA Loan
The biggest factor when it comes time to get life insurance for an SBA loan is the time of coverage. You need to have coverage for the whole entire period of the loan, which level term life insurance can provide. This keeps costs lower because you’re only getting coverage for the period of the loan.
What Happens If You’re Not Approved For Life Insurance?
If you’re not approved, you should keep trying. Due to the fact that your sole reason for this policy is to cover the SBA loan, you can always shop around and see if another insurer is willing to provide coverage.
In regular circumstances, you could consider getting a Guaranteed Issue Life Insurance policy, however this will not cover the loan itself. The reason for this is because Guaranteed Life Insurance is expensive and it also doesn’t allow for a high amount of coverage.
If all else fails, you could also explore other options for financing such as getting a loan from a family member or friend who is willing to put up the collateral instead of using life insurance.
Steps To Finding The Right Life Insurance With A History Of Thyroid Cancer
Have Your Information Ready, And Be As Up To Date As Possible
The more up to date you are when it comes to your medical records, the better. Make sure the company you are applying with has all of the information they need, including any tests or treatments you have gone through since being diagnosed with Thyroid Cancer.
Clean Up Your Lifestyle
If you smoke, before trying to find life insurance, you should consider quitting. Also, if your diet isn’t as healthy as it could be, start making changes now. Life insurers look at your lifestyle habits when deciding how much to charge you for a policy.
Look Around For The Best Rates
Another thing you want to do is deal with as many companies as possible when it comes to the process of finding the best rate. It might be time-consuming, but it will help you find the best deal.
Deal With Experts Who Can Help You
CFA Insurance makes things easy because they deal with over 60 A-rate insurance companies which will increase your chances at getting the policy you need. They take a personalized approach which makes it easy for people dealing with pre-existing conditions such as Thyroid Cancer.
CFA insurance focuses on giving you top quality service, attention to detail, and an agency that cares about your wellbeing.
Life Insurance For SBA Loan
Life Insurance For SBA Loan is another option that will definitely lead you in the right direction. They have experience in business and know what it takes to help you get the life insurance coverage you need, regardless of your health condition.
With Life Insurance For SBA Loans you’ll have an SBA Life Insurance expert available to you at all times.
Both of these options could get you where you need to be in terms of coverage for an SBA loan.