Need a Loan for Your Business - CBIZ Life Insurance

Need a Loan for Your Business? Life Insurance Can Help.

Owning your own business comes with many challenges. To grow your business or sustain it, you may need a loan from a bank. In today's economic environment that can be a challenge. Lenders look at a variety of factors when deciding to provide financing: Your balance sheet, amount of time in business, overall track record and stability. Increasing your reliability as a business owner increases your chances of having your loan application approved. Permanent life insurance enhances your credit worthiness and also provides added benefits for your business.

Permanent Life Insurance is a Business Asset

Permanent life insurance builds cash value over time which becomes part of your balance sheet. A lender will take that into consideration and that may tip the scale in your favor.

The Cash Value of Life Insurance Can be Used as Collateral for Your Loan

Many banks will accept the cash value of a life insurance policy as collateral against the possibility of default on the loan. By assigning the benefits of the life insurance policy to the lender, if you don't repay the loan, the lender can access the death benefit or cash value of the policy to

satisfy the loan and when you repay the loan, you regain full rights to the life insurance policy benefits.

Your Insurance Policy Can Serve as Your Line of Credit

Should you need to access the cash value for an emergency, you can go directly to your insurance carrier. You can borrow against the cash value without any delay. Keep in mind that you must repay the policy loan and interest or your death benefit and cash value will be reduced and your policy may lapse.

Life Insurance Provides Liquidity in the Event of Your Death

Life Insurance is often part of a business owner's succession plan because of the liquidity that can benefit the business partners, employees, creditors and family depending on how it is structured.

Life Insurance an Essential for Your Business.

Call Us Today! 800-422-7536

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