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Insurance Premium Financing | Orchard Funding Ltd Why does someone need to borrow money to pay insurance premiums? There are two primary reasons why people borrow money to pay life insurance premiums. • The first one is liquidity. Some people have assets but having less cash. So they can use their asset assurance to get money approval for insurance premium payment. • The second reason is that the borrower wants to invest the borrowed money to generate more profit.
Financing your life insurance premiums is the best, adaptable, and tax-efficient option. First, let’s look at why people would even consider insurance premium financing. People take insurance policies to protect their loved one financially after them. It is also a good option for tax saving. Premium interest and payment depends on various factors like • Policy type • Age of applicant • Health status • tenure or time of the policy
Advantages of insurance Premium Finance: • Attain life insurance without paying investments or assets • Reduce or eliminate the property tax. • Reduce the amount of gift tax on the estate. • It is an effective business planning tool. It is not easy to decide which insurance policy we should take for a better future. You should always consult some professionals who have experience in financing. Orchard funding is an insurance premium finance company having 40 plus years of establishment in finance that can surely help you in this.