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Common Questions
Q: What if the insured dies immediately after the policy is premium financed and put in force? Who will receive the death benefit proceeds?
Similar to purchasing and owning a life insurance policy without financing the premiums, if the insured dies while the policy is in force, the death benefit will be paid to the policy's beneficiaries. The one difference of a policy that was financed is that the premium finance loan must first be repaid in full and then the remaining death benefit proceeds will be paid to the policy owner's beneficiaries.
Q: Can I use my own bank to finance my new life insurance?
Although there is a growing number of well known national and international banks that are providing the funding behind the majority of the premium finance programs, these programs require that you comply with submitting your loan request though insurance agents and financial advisors that work with these programs. If, however, you are willing to post 100% collateral for your loan, there is a chance that your business or personal bank may loan you the funds needed to finance new or existing life insurance coverage.