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Insurance Premium financing | Orchard Funding Ltd Many people still use bank loans and their savings to pay for their insurance premiums. But if they take the help of insurance premium finance, it will be easy for them to maintain their savings and credit scores. In recent years there is a rising trend of using multi-line policies. In multi-line policy, different types of policies are combined to create a single payment. Premium financing can be a helpful tool for high-worth individuals who need life insurance but don’t want to bind up money. Now let us discuss how it works?
How commercial premium financing works: • Borrow money from a third party to pay insurance premiums. • Make payments to the lender company. • A rider may provide a high initial cash value from the policy that can be used as security to secure a part of the loan. • Repayment to the lender • Death benefits to the beneficiary.
The insurance premium finance policies are frequently be funded with the legal premium for initial 4-7 years to gain high profit on money. Although, the receiver will generally pay the first premium out of pocket to avoid posting a deposit. The policyholder should be ready to maintain enough assets or commercial securities.
If you want any guidance regarding insurance, Orchard funding is here to help. We have an expert team with experience in accounting and insurance fee funding. 24*7 services are available in the UK office to consult you over visit or phone call.