A collateral assignment is a legal agreement filed directly with your insurance company that grants your lender a primary claim on your policy proceeds, but only up to the exact amount of your outstanding debt.

For Life Insurance: Upon the insured's passing, the policy pays off the remaining loan balance directly to the bank. Any remaining policy funds above the outstanding debt go straight to your personal or business beneficiaries.

For Disability Insurance: Monthly disability benefit payments are remitted directly to the lender to cover your loan's ongoing principal and interest payments, keeping your loan fully current while you recover without draining your business's cash flow.

Lenders mandate loan protection insurance to shield the bank, your business, and your family from financial default. If a business owner passes away or becomes disabled, the insurance policy pays off the bank debt automatically—preventing the bank from liquidating business assets or going after your personal estate and family to recover the loan.

No. You pay us nothing. Our consulting, lender coordination, tech-enabled pre-screening, and collateral assignment services are 100% free to you and your business. We are compensated directly by the insurance carriers only if and when you elect to activate coverage.

• No Hidden Fees: Working with us does not add a single penny to your premium. You pay the exact same carrier-set rates as going directly to an insurer.
• Ongoing Lifetime Support: Our service doesn't end at closing. We manage your policy, handle collateral assignment updates, assist with lender releases when the loan is paid off, and support all your ongoing business protection needs for the lifetime of your policy.

Unlike automated lead-gen sites or massive call centers that sell your contact information to third parties, you work directly with our founder, Greg O'Rourke—a fully licensed specialist in Life, Health, and Fixed Annuities.

• Proprietary Express Technology: Our advanced digital platform and tech-enabled pre-screening process allow healthy applicants to secure instant decisions and instant policy issuance—knowing your exact approval probability before you apply.
• Independent & Direct Access: As an independent agency partnered with premier national insurance carriers and multinational wholesale brokerages, we give you access to exclusive pricing and custom policy structures that standard agencies simply cannot offer.
• 100+ Years of Underwriting Expertise: Our backend support team brings over a century of combined underwriting experience, maintaining direct relationships with carrier underwriters to clear tough cases and accelerate approvals.
• End-to-End Ownership: From your initial pre-screening and bank coordination to policy delivery and future collateral assignment releases, your file is personally managed by a licensed expert.

Greg O'Rourke is an independent insurance agent. We do not issue insurance policies directly—that is the responsibility of the insurance company. Our role is to act as your agent and advocate to make the process as simple as possible.

While captive agencies (like State Farm or Allstate) can only sell you their own proprietary products, we have direct access to over 90 top-rated life, disability, and health carriers. This allows us to shop the entire market, compare rates, and find the exact coverage and policy structure required for your loan.

Your overall timeline depends on two core steps: policy issuance and carrier collateral assignment recording.

• Step 1 – Smart-Match Policy Issuance (Minutes to Days): While standard brokers take weeks for applicants with slight health conditions, our process is built for speed. By shopping your profile across 90+ top-rated carriers, we target insurers with the most favorable guidelines—skipping unnecessary medical exams and avoiding lengthier record requests (APS) whenever possible to get qualified applicants approved in minutes to a few business days.
• Step 2 – Hard-to-Fit & Previously Declined Cases: If you have been declined, rated, or turned down elsewhere, we work directly with specialized carrier underwriters and wholesale partners to build a custom solution for your situation. While complex or hard-to-fit cases naturally take longer due to required medical record reviews, our direct underwriter access ensures your file is presented properly to secure the coverage your loan requires.
• Step 3 – Instant Online Remote Notarization: Once approved, the collateral assignment forms must be executed. If your lender requires a notarized assignment, we provide access to an Online Remote Notary, allowing you to legally notarize your documents from the comfort of your home in minutes—eliminating branch visits and physical mail delays.
• Step 4 – Direct Carrier Title Department Recording: Executing the assignment paperwork as early as possible prevents unnecessary closing hold-ups. The insurance company's internal Title/Assignments Department must formally log and acknowledge the bank's claim. We work directly with carrier title departments to bypass standard mail queues, secure stamped acknowledgments as quickly as carrier processing allows, and deliver compliant proof straight to your lender's closing desk.

Yes, provided your existing policy meets your lender's required face amount, term length, and policy structure. However, if your current policy is meant to protect your family or personal mortgage, assigning it to a bank leaves your loved ones unprotected. Many borrowers choose to secure a low-cost, dedicated policy specifically structured for the business loan instead.

The moment your loan balance is fully paid off, your lender executes a formal Release of Collateral Assignment. Full, unencumbered control of the policy and 100% of the benefit rights automatically revert back to you and your named beneficiaries.

Yes. Whether your bank requires Life Insurance, Disability Overhead Expense, or Key Person Disability, we specialize in structuring both types of coverage and delivering compliant assignment documents directly to your lender's closing desk.

Absolutely. Your privacy and security are our top priorities. When you request an instant quote or complete a pre-screening, your information is kept strictly confidential and secure. We do not share or sell your details to third-party lead brokers or marketing lists. Your file is handled with the utmost integrity and respect.

Not at all. When an insurance carrier checks your credit profile during underwriting, it is processed as a "soft inquiry." Soft inquiries do not affect your credit score, do not show up on external credit reports, and will leave your credit rating exactly as it was before you applied.

If premium payments stop, your policy may enter a grace period and eventually lapse, resulting in a loss of coverage. If the policy is collaterally assigned to a lender, a lapse will notify your bank, putting your loan in default of its covenant conditions. For permanent life policies with cash value, accumulated cash may temporarily cover premium payments to prevent a lapse.

While we specialize in commercial loan protection and collateral assignments, Greg O'Rourke is a multi-licensed independent agent providing comprehensive business continuity, wealth preservation, and personal insurance solutions:

• Business Continuity & Succession Planning: Buy-Sell Agreement Funding (Cross-Purchase and Entity-Purchase structures), Key Person Life & Disability Insurance, and Executive Bonus Plans to ensure smooth ownership transitions and protect equity value.
• Commercial Loan Protection: Term and Permanent Life Insurance, Business Overhead Expense (BOE) Disability, and Collateral Assignments tailored for SBA and commercial bank financing.
• Personal & Family Life Insurance: Term Life, Whole Life, and Universal Life Insurance designed for income replacement, wealth transfer, estate tax liquidity, and personal mortgage protection.
• Disability & Health Coverage: Individual Disability Income Protection, Key Person Disability, Group & Individual Health Plans, and Supplemental Health Coverage.
• Retirement & Wealth Preservation: Fixed and Fixed Indexed Annuities to protect principle, generate guaranteed lifetime income, and accumulate tax-deferred wealth.