While you may be familiar with the concept of premium financing, oftentimes the question comes up as to whether the loans that are provided by premium financing companies are similar to those that are offered by banks. The answer is that yes, in many cases they are. Although, there are various aspects where they also are not.
Premium financing entails the lending of funds to an individual or a company that is in need of liquidity to pay the premium on a large insurance policy. As you are likely familiar, these loans are typically provided by third party finance organizations referred to as a premium finance company or specialist.
There can be many similarities between the loans that are provided by banks and those that are offered by premium finance companies. In fact, like banks, premium finance loans typically mirror the funding and the services that are offered by banks in many areas, such as:
- Real time quoting
- Ability to obtain account information via the internet
- Multiple payment options
- Customized payment plans
When working with a premium financing company, application paperwork will be required from your client, as well as a down payment in most cases. Then, once the loan is funded, the premium financing specialist organization will typically provide additional services such as making the client?s insurance premium payment to the insurer and subsequently billing the client for the loan repayments that are due.
While many bank loans are for items such as homes and cars, premium finance loans are specifically ?for the purpose of funding a large amount of insurance coverage. Therefore, these agreements will typically set forth that the loan collateral will be the insurance proceeds (or a portion of such proceeds).
Partnering with a premium financing company can help to ensure that you and your clients are getting good advice from an industry expert. These specialist organizations will put together the official premium finance agreement and will usually also be the actual lender of the borrowed funds.
Both banks and premium financing companies must abide by certain industry and state specific rules and regulations as they relate to lending. This can include complying with certain maximum interest rate and service charge amounts. In addition, certain types of industry licensure are also typically required for the professionals in both of these fields.
While banks are in the business of providing loans to their customers, it is best to work with a premium finance company when in need of funding for insurance policy premiums. This way, you will be working with professionals in that specific area who have focused knowledge of how these types of loans work as well as in how to best service this type of funding arrangement.
Top Premium Finance Providers
Although the premium financing niche is still relatively new and unknown to many, there are a number of top companies that are active in the industry ? and a number of these firms possess several decades of experience in the field.
To find your next premium financing partner, contact any the companies that are listed below. These firms can provide you with the guidance that you need, even for those hard to place deals. Help can typically be found via phone and online chat, and quotes can usually be obtained by submitting a no obligation application directly on the companies? websites.
Capital Premium Financing, Inc.
Capital Premium Financing, Inc. provides life insurance premium financing solutions for a number of different types of commercial insurance policies. It is considered to be a top rated premium finance company in the industry and its reputation makes that clear.
Established in 1988, the company has well over two decades of experience in the specific area of providing necessary cash to fund high face amount insurance plans. Recognized as a leader in the field, Capital Premium Finance can offer you the support you need to get your premium financing deals done right. For more information visit:
Capital Premium Financing, Inc.
12235 South 800 East
Draper, UT 84020
Or
2931 Kerry Forest Pkwy #103
Tallahassee, FL 32309
Customer Service / Operations: (801) 571-0775 / Toll-free: (800) 767-0705
Agency Relations / Quotes by Phone: (877) 730-1906
info@capitalpremium.net? / agencyrelations@capitalpremium.net
www.CapitalPremium.net / www.capitalpremiumfinance.com
?
Premium Financing Specialists, Inc.
Premium Financing Specialists, Inc., now known as Imperial PFS, offers a number of services to clients and potential borrowers. IPFS was created via the combination of both Premium Financing Specialists, Inc. and Imperial Credit Corporation, two of the strongest premium finance companies in the premium financing industry.
The firm is able to successfully provide online quoting directly from its website as well as allow access to account information, electronic signatures, and payment option ? all conveniently available on the company?s site.
In the specific premium finance arena, Premium Financing Specialists, Inc. provides direct access to premium finance loans in addition to premium finance agreements via insurance companies and agencies, as well as through general agents, for the purpose of financing commercial property and casualty insurance premium loans.
For more information on Premium Financing Specialists, Inc., go to:
Premium Financing Specialists, Inc.
Headquarters
8245 Nieman Road
Suite 100
Lenexa, KS 66214
(816) 627-0500
Arizona Premium Finance Company
Arizona Premium Finance Company specializes in financing the premiums for a wide variety of insurance policy types. Through the firm?s website, you can send an instant information request in order to obtain policy quotes as well as additional details on how to partner with the firm in getting your clients the funds that they need. For more information, visit:
Arizona Premium Finance Company
12406 N. 32nd Street
Suite 110
Phoenix, AZ 85032
Toll-free: (800) 873-2732
adminept@apfcinc.com
http://www.apfcinc.com
First Insurance Funding Corp.
First Insurance Funding Corp. is one of the largest independent insurance premium companies in the United States. The company specializes in putting together customized premium loan packages that are uniquely based upon the specific needs of each client. Even those hard to place cases may find the ideal solution with First Insurance Funding. For additional details, go to:
First Insurance Funding Corp.
P.O. Box 66468
Chicago, IL 60666-0468
Toll-free: (800) 837-3707
http://www.firstinsurancefunding.com
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