Get the collateral you need to close on your business loan…fast!
You know just what it’ll take for your busines sto succeed. It could be a new piece of equipment. Upgraded office technology. Expanded inventory. Or financing to get a brand new business or acquisition off the ground.
Whatever it is, a loan from your lender will help you do it. If your lender requires life insurance as collateral, you won’t want to wait weeks and weeks for the policy you need to receive yorur loan. This is where QuickClose can help. Fast.
QuickClose is available for new or established businesses and can provide the security your banker requires to approve your loan.
QuickClose – Your Collateral Solution
QuickClose is a program developed by Massachusetts Mutual Life Insurance Company (Mass Mutual) to expedite the application process of a life insurance policy used to secure a business loan.* QuickClose has proven to be a succesful option for thousands of business owners and their lenders.
How QuickClose Works
You (or your business) own the life insurance policy, choose your beneficiary, and make the policy premium payments. While your loan is in effect, our lender retains “Collateral Assignment” of the policy. That means if the person insured by the policy dies while the loan is in effect, your lender has the right to claim a portion of the policy proceeds equal to the outstanding loan balance. ANy remaining proceeds are paid to the beneficiary you’ve named.
If your life insurance policy proceeds are not paid out during the term of the loan, the Collateral Assignment ends when you’ve paid off your loan. Your lender will no longer have any rights to the policy. Your policy remains in effect as long as you continue to make premium payments (or, in the case of a term policy, the term is completed and you do not renew it).
Many Product Choices and Coverage Amounts
You can choose from the many life insurance products MassMutual offers in your state – whole life, variable life, universal life, and term – whichever best meets your needs. Coverage amounts go up to $10,000,000.
Easy To Apply
When life insurance is required as collateral for your business loan, all you or lender need to do is call Synaptiq Life.
Knowing how important it is to you to have your loan application processed promptly, your representative will ensure your insurance application is processed quickly – usually within 7-10 business days. Meanwhile, you can be working with your lender on other aspects of your loan application.
*QuickClose is not a guarantee issue program. Your application will be fully underwritten and coverage may be declined.