When Life is Required

[limitless84]

In what situation is life insurance mandatory?
I have heard of people being required to get life insurance in order to buy a house. What other reasons might Someone be required to get life insurance?

Do some insurance agents exclusively partner with loan officers?

I might sound clueless but I would love to learn about this!

 

[xrac]

Some banks will require life insurance as a loan provision.

 

[limitless84]

Do agents ever partner with loan officers to refer business?

 

[scottstreet]

SBA loans. Great opportunity to sell non-med to folks who want the loan more than they want to save a few bucks on fully u/w.

 

[WinoBlues]

When splitting the sheets.

 

[limitless84]

So it's most common with people getting a small business loan, is that correct?

 

[JRoot]

Correct - SBA loans. It's not always required, but most of the time it is.

Also, in some states it's required in divorce decrees.

 

[limitless84]

So is it common to network with people who deal with those types of loans, and people who deal with divorce decrees?

 

[jdeasy]

Some banks will require life insurance as a loan provision.

I was of the understanding that was made illegal to require credit life as a condition of getting a loan?

 

[TwiLight]

I was of the understanding that was made illegal to require credit life as a condition of getting a loan?

on personal loans it is usually a no no.

Any commercial loan or non Fanie/Freddie loans it may not be required but without it you may not get the loan.....Is that a Requirement or a 'read between the lines' statement.