QuickClose - Get the collateral you need to close your business loan…fast
You know just what it will take for your business to succeed, and you've created a plan that may include buying real estate, expanding operations, investing in equipment or restructuring debt. A business loan will help you accomplish your goals, but if your lender requires life insurance as collateral, you won't want to wait weeks for the policy you need to receive your loan.
QuickClose can help.
QuickClose was developed by Massachusetts Mutual Life Insurance Company to expedite the application process and approval time of a life insurance policy used to secure a business loan.1 When life insurance is required as collateral for your business loan, call us. We 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.)
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, your lender retains "Collateral Assignment" of the life insurance 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.
Easy to apply
If you've just applied for a loan - or will be doing so soon - and you need life insurance to help meet collateral requirements, call us today for details about QuickClose. It can make all the difference in helping you quickly get the loan you want to help your business succeed. | 
