Increased Issue Limit on the Business Loan Repayment Rider
As of September 29, 2023, for DInamic Foundation Business Overhead Expense policies, the maximum aggregate issue limit on the Business Loan Repayment Rider has increased to $2,000,000 (total potential payout of all loan riders) and the maximum monthly issue limit has increased to $20,000 between all active riders.
No other features of the Business Loan Repayment Rider will be impacted by this enhancement, including but not limited to:
- Available loan riders (total of three)
- Available elimination periods (30, 60, 90, 180 and 365)
- Covered loan duration periods (3-10 years; 15 years)
The eApply system will be updated to reflect this change. In the interim, please complete the BOE electronic application as follows:
- Input the maximum amount allowed by the system for the rider ($15000)
- Indicate in the remarks section of the Producer Statement, the amount the client is applying for.