What is premium finance and how is it used in your practice?
Life insurance premium finance is used to leverage succession capital. While our clients often have the ability to pay premiums that can be several hundred thousand dollars each year, many find writing such large checks to be unappealing (Click here for an article on this topic).
*The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.