Premium Financing. Introduction.
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Premium Financing is the financing of a fixed life insurance policy by a third party lender. Similar to a home or auto loan secured by the property, a premium finance loan is secured by the life insurance policy.
Yes. Absolutely. As legal as a mortgage or an auto loan.
The best clients are:
People have been borrowing money to pay for life insurance for more than 150 years but structured programs from institutional lenders have been used since the early 1970’s by very wealthy individuals.
An insurance policy is an asset just like a house, car, raw land or a bar of gold. This is because the policy will pay a death benefit when the insured dies or the policy can be sold on the secondary market.
Once a client understands the value of a life insurance policy, he or she will also understand the value of insurability. Tapping into this value in a timely manner is important because as we get older the insurability window is always closing.
Getting the client to understand the concept of financing life insurance premiums and trust you with sensitive matters such as death, medical records, social security numbers, net worth etc. is more difficult then actually closing a case.
Call us today at (800) 846-3997.
1775 Sherman Street Suite 2700 Denver CO 80203 (800) 846-3997