Many of us in the business have called on personal mortgage leads, which does not require life insurance. However, to get an SBA loan the government requires life insurance. Some banks actually require additional disability insurance (special kind) to collateralize the loan. This is spelled out on our www.sbasuperclose.com and www.practiceloanins.com websites.
The market to indemnify the banks is huge and the mortgages are usually higher than personal mortgages. Besides business owners have more needs in general for other insurances more than personal.
Personally, I would rather be in the market to show people who must have it to get their loan as opposed to those individual mortgages where life insurance is not a requirement.
We have in many states all the SBA mortgages that closed. Just because they bought it last year does not mean you can’t beat what they have already. The bank does not care as long as it is papered correctly. Many of those policies issued by other companies may have been simplified issue or just not competitive but the client and banker were under the gun to have the insurance before they got the money.
We would be happy to help you in this marketplace by giving you all the necessary tools you need. All you have t do is contact us. At 860-761-1216 or email to firstname.lastname@example.org.