FOR IMMEDIATE RELEASE
Finance For Life Takes In Record Number of Policies For financing in October and November
“We’ve had overwhelming success in getting cases funded,” Comments Company President
Memphis, TN, November 7, 2008, Finance For Life, LLC (FFL) announced today that they have taken in a record number of life insurance premium finance cases in October and to date in November. According to Ronnie Katz, CPA, Company President, “Due to relationships forged with our lenders before the economic decline and change in mortality calculations by life expectancy companies, we are still able to get cases funded. Our relationships are with solid lenders that are able to withstand the current market challenges.”
In difficult times, FFL has been successful in funding hybrid premium finance cases for those 70 and older and has several sources, with unique programs, that provide clients with a funding solution for short and long term needs. “Time is of the essence in getting cases funded,” according to Ronnie Katz. “Year-end underwriting and carrier’s wanting to fund premiums before the end of 2008 make the remaining months ripe for funding policies. Our lenders have allocated enough funds to get our clients’ cases funded before the end of the year.
Katz strongly advises to act now, while funds are available. “Our staff will guide agents through the process from start to finish – with success.” Katz continues, “We also have a large presence in the traditional life insurance premium financing market and have some unique programs worthy of looking in to. We currently have hundreds of millions of dollars of traditional cases in process that require no out of pocket and reasonable collateral for individual insureds or groups (such as medical groups or law firms) needing $10 million or more of life insurance coverage.”
FFL has built its name on successful funding of cases, having seen over $10 billion of face amount and having assisted in the funding of over $1 billion of policies. FFL continues to service its clients with unsurpassed customer service and excellent communications.
About Finance For Life
Founded in 2004 by Ronnie Katz, CPA, Finance For Life was created to eliminate the confusion and red tape that often accompanies premium financing. FFL prides itself on being able to offer a variety of life insurance premium financing solutions, including hybrid premium financing for senior clients and traditional premium financing for all ages. In addition, FFL’s ‘Beat The Street’ Programs earns producers higher commissions on their cases. Whether your case is large, small or difficult to finance, the experienced team at FFL will find the premium financing that fits your specific needs.
To receive more information about Finance For Life, please contact Ronnie Katz, Company President at 877-763-0098 or by email, info@financeforlife.com Web: http://www.financeforlife.com/
Showing posts with label Premium Financing. Show all posts
Showing posts with label Premium Financing. Show all posts
Friday, November 07, 2008
Thursday, August 07, 2008
Growth Continues for Finance for Life
(As seen in Memphis Daily News, August 4,2008 Edition)
ERIC SMITH | The Daily News
Ronnie Katz started Finance for Life in 2004 in a tiny East Memphis office. The company now employs 15 and operates in 9,200 square feet in the SunTrust Building. --
It’s easy to track the growth of Finance for Life, the premium finance brokerage firm that Ronnie Katz launched in 2004 as a one-man operation in a 120-square-foot office on June Road in East Memphis.
The company has expanded steadily over the past four years: In 2005 Katz added three employees and moved into an office six times as big as the shoebox where he began; in 2006 he added new employees and moved to 9,200 square feet in the SunTrust Building on Poplar Avenue; and within the past few weeks, more personnel came aboard, bringing Finance for Life’s total to 15 employees.
But Katz’s company has prospered in quantifiable categories other than office square footage and payroll.
Since its inception, Finance for Life (www.financeforlife.com) has processed more than $10 billion in life insurance policies and brokered nearly $1 billion in death benefits for affluent seniors and their families. In 2007 it closed $15 million of target premium – what a policyholder pays on life insurance – and through June 30 of this year, Finance for Life already had surpassed that total with expectations of hitting $30 million by year’s end.
MEETING TIME: Since its inception, Finance for Life has processed more than $10 billion in life insurance policies and brokered nearly $1 billion in death benefits for affluent seniors and their families. Here, the staff members meet in the board room of its Poplar Avenue offices.
For Katz, all the growth is the result of getting into the business at the right time, when few companies locally or nationally were offering such a niche array of financial services.
“I knew it was a great opportunity, and I knew there was a great need for it,” said Katz, who worked as a certified public accountant in the area for 24 years before starting the company. “But things accelerated much quicker than I possibly could have imagined.”
Hot market
Premium financing is basically a loan that helps someone pay for their life insurance, hence the name of the company. Financing life insurance premiums can benefit someone planning an estate, retaining assets or establishing charitable donations. It’s geared toward seniors and high net worth individuals of all ages.
Finance for Life offers life insurance sales, case processing, premium financing, case design and sales assistance, working with numerous providers of life insurance loans. Katz said when he first started talking about these products – even to legal and financial professionals – most people didn’t know anything about them. That’s changed in the past four years.
“What’s happened over time is it’s become much more of a popular concept,” he said. “Premium financing is very hot right now for those who have a lot of assets but don’t necessarily have a lot of cash, so they’re looking for ways to get the insurance they need on their appreciated assets for estate planning purposes.”
The key is diversity and innovation for consumers and the life insurance professionals who become Finance for Life clients.
“No one likes the idea of forking up cash for life insurance,” Katz said. “We have strategies where we show clients how they can get this life insurance, not fork up cash, keep their cash invested and still get the kind of coverage they need. There’s a great need for that.”
Key location
Katz said the company started out in the senior market with specialized loan programs for those 70 and older, later branching into financing of policies for all ages. The timing was critical, as more and more baby boomers began to age.
“We got in very early, and we established ourselves across the country through a lot of Internet marketing, national advertising in magazines and getting our name in articles, which is always very helpful,” he said.
Katz’s management team includes vice president of operations Gershon Yarmush and closing manger Marvin Rubenstein. Finance for Life’s largest markets are Southern California, South Florida, Texas and New York, with relatively few clients in the company’s hometown.
“Memphis is a very centrally located place to work from,” he said. “Dollar-wise, overhead-wise, it makes a lot of sense to be here. But very little of our business comes from Memphis.”
Katz hopes that will change, hence the hiring of additional sales staff with potentially more on the way. With the success the company has enjoyed in 2008 already, it seems likely that Finance for Life will eventually double to Katz’s goal of 30 employees.
“I don’t know that I see any extreme growth spurts like we saw this year, but I see steady growth and a continued demand for life insurance,” Katz said. “For our company, I see a continued growth trend, similar to what we’ve seen this year – not so much with the same products, but with an addition of products and with different strategies.”
Share
ERIC SMITH | The Daily News
Ronnie Katz started Finance for Life in 2004 in a tiny East Memphis office. The company now employs 15 and operates in 9,200 square feet in the SunTrust Building. --
It’s easy to track the growth of Finance for Life, the premium finance brokerage firm that Ronnie Katz launched in 2004 as a one-man operation in a 120-square-foot office on June Road in East Memphis.
The company has expanded steadily over the past four years: In 2005 Katz added three employees and moved into an office six times as big as the shoebox where he began; in 2006 he added new employees and moved to 9,200 square feet in the SunTrust Building on Poplar Avenue; and within the past few weeks, more personnel came aboard, bringing Finance for Life’s total to 15 employees.
But Katz’s company has prospered in quantifiable categories other than office square footage and payroll.
Since its inception, Finance for Life (www.financeforlife.com) has processed more than $10 billion in life insurance policies and brokered nearly $1 billion in death benefits for affluent seniors and their families. In 2007 it closed $15 million of target premium – what a policyholder pays on life insurance – and through June 30 of this year, Finance for Life already had surpassed that total with expectations of hitting $30 million by year’s end.
MEETING TIME: Since its inception, Finance for Life has processed more than $10 billion in life insurance policies and brokered nearly $1 billion in death benefits for affluent seniors and their families. Here, the staff members meet in the board room of its Poplar Avenue offices.
For Katz, all the growth is the result of getting into the business at the right time, when few companies locally or nationally were offering such a niche array of financial services.
“I knew it was a great opportunity, and I knew there was a great need for it,” said Katz, who worked as a certified public accountant in the area for 24 years before starting the company. “But things accelerated much quicker than I possibly could have imagined.”
Hot market
Premium financing is basically a loan that helps someone pay for their life insurance, hence the name of the company. Financing life insurance premiums can benefit someone planning an estate, retaining assets or establishing charitable donations. It’s geared toward seniors and high net worth individuals of all ages.
Finance for Life offers life insurance sales, case processing, premium financing, case design and sales assistance, working with numerous providers of life insurance loans. Katz said when he first started talking about these products – even to legal and financial professionals – most people didn’t know anything about them. That’s changed in the past four years.
“What’s happened over time is it’s become much more of a popular concept,” he said. “Premium financing is very hot right now for those who have a lot of assets but don’t necessarily have a lot of cash, so they’re looking for ways to get the insurance they need on their appreciated assets for estate planning purposes.”
The key is diversity and innovation for consumers and the life insurance professionals who become Finance for Life clients.
“No one likes the idea of forking up cash for life insurance,” Katz said. “We have strategies where we show clients how they can get this life insurance, not fork up cash, keep their cash invested and still get the kind of coverage they need. There’s a great need for that.”
Key location
Katz said the company started out in the senior market with specialized loan programs for those 70 and older, later branching into financing of policies for all ages. The timing was critical, as more and more baby boomers began to age.
“We got in very early, and we established ourselves across the country through a lot of Internet marketing, national advertising in magazines and getting our name in articles, which is always very helpful,” he said.
Katz’s management team includes vice president of operations Gershon Yarmush and closing manger Marvin Rubenstein. Finance for Life’s largest markets are Southern California, South Florida, Texas and New York, with relatively few clients in the company’s hometown.
“Memphis is a very centrally located place to work from,” he said. “Dollar-wise, overhead-wise, it makes a lot of sense to be here. But very little of our business comes from Memphis.”
Katz hopes that will change, hence the hiring of additional sales staff with potentially more on the way. With the success the company has enjoyed in 2008 already, it seems likely that Finance for Life will eventually double to Katz’s goal of 30 employees.
“I don’t know that I see any extreme growth spurts like we saw this year, but I see steady growth and a continued demand for life insurance,” Katz said. “For our company, I see a continued growth trend, similar to what we’ve seen this year – not so much with the same products, but with an addition of products and with different strategies.”
Share
Tuesday, July 29, 2008
Finance For Life Announces New Company Hires
Premium Finance Leader Adds Key Positions To Growing Staff
Memphis, TN, July 29, 2008 – Finance For Life, an industry leader in premium finance since 2005, announced the addition of several new company hires. They are:
Tina England joins Finance For Life as Executive Assistant. She has a strong background in paralegal work and office administration. Ms. England will act as the personal assistant to the President, Ronnie Katz, and will handle most of the duties relating to office management.
Rachel McKinley joins Finance For Life as Case Pricing Specialist. She will handle case pricing, case manager assistance and order specialized reports and records. Ms. McKinley will work under the direction of Gershon Yarmush, Vice President Of Operations for Finance For Life.
According to Ronnie Katz, CPA and President of Finance For Life, “We have seen more cases through the midway point of 2008 than we saw in all of 2007. As a result, we are adding staff to assure efficient operation and case processing.”
About Finance For Life
In addition to the growing staff, Finance For Life continues to add life insurance and financing services to better serve its clients. FFL now offers life insurance sales, case processing, premium financing, case design, and sales assistance. The company works with the most reputable and flexible providers of life insurance loans available to seniors. Finance For Life has brokered nearly 1 billion dollars in death benefit for affluent seniors and their families. Their professional, experienced, and caring team has led to a reputation for exceptional customer service, diligence, and utmost respect for client confidentiality and privacy.
To speak to a representative or to find out more information on premium financing, please contact a representative at Finance For Life:
Phone: 877-763-0098
Email info@financeforlife.com
Thursday, May 15, 2008
More Insurance Sales Mileage With Hybrid Financing.
More Insurance Sales Mileage With Hybrid Financing.
By Gershon Yarmush
Finance For Life, LLC
Everyone is talking about hybrid premium financing. But what is it exactly, how does it benefit clients, and how do agents sell it? What does hybrid even mean when used in an insurance context? The following is a short explanation of what hybrid premium financing is, how it evolved, and the proper way to sell it.
In order to properly discuss hybrid loans, we need to have a basic familiarity of how the old non-recourse loans worked. Non-recourse loans for life insurance first became mass marketed and popular with the public in early 2001. Agents approached a senior, of reasonable health and with assets usually in excess of five million dollars and offered to get them a loan for a substantial life policy with no recourse to them. How was this possible? You and I both know that when a bank loans a prospective home buyer hundreds of thousands, if not millions of dollars for the purchase of a home, they require security. (Or at least they used to, in the more sane world that existed before our present subprime mess.) This security is usually the home that the loan is being made upon, with a thorough investigation conducted by the bank to ensure that the home is worth more than the amount they are lending, should the borrower default. Life insurance loans also need the same level of security.
With traditional premium finance insurance loans, around for decades, the collateral is an “outside” asset, usually a letter of credit, collaterally assigned bank CD or real estate. In a non-recourse loan, similar to our home loan example, the object of the loan, i.e. the new life insurance policy being purchased, acted as the collateral for the bank. The bank, or a premium finance promoter acting for the bank, conducted a strict actuarial review to determine the policy’s worth at the loan term period, which was typically two years. By using the term “policy worth” I am not referring to its cash surrender value or its death benefit, but rather its predicted future settlement value at the two year mark. This value must be greater than the amount loaned or the collateral is deemed insufficient and the loan is not made. Sometimes the collateral value was deemed to be in such excess that an additional loan was made, in the form of a cash advance to the borrower. Typically these transactions also featured no out of pocket costs, with all interest and fees rolled into the loan. Needless to say, the math was good and insureds bought in like hotcakes.
However, although sales of this type of insurance product were brisk for several years, in December of 2005, sales slowed tremendously and insurers started denying applications. The insurers had several concerns. One, they felt their products were being sold as free insurance to clients who had no skin in the game, and were therefore more likely to let their policies travel to the settlement market. This they claimed impacted their lapse ratios. Second, since the funders were not actually collecting fees and interest on these deals upfront from the clients, they felt justified charging a very high interest rate and high fees, as the money would only come out of the profit on a backend sale. Insurers didn’t like the thought of their clients being gouged, and felt the steep exit costs would further force more of the paper onto the secondary market. The market got the message and evolved to meet new carrier requirements and continuing demand by developing hybrid premium finance.
By now, most of you have seen a Prius or two driving around your neighborhood, or you may even own one yourself. The car, one of the first hybrid models on the market, has been a fast seller amongst consumers interested in lowering their gas expenses. It is called a hybrid car because it has two different parts that perform the same function; the combustion engine runs off ordinary gasoline and the electric motor that runs off a battery pack. Both of them work together to make the auto function.
Hybrid, in an insurance premium finance context, refers to the collateral underlying the loan made to purchase the insurance. While in a pure non-recourse transaction the policy alone serves as the collateral for the loan, in a hybrid loan the collateral is supplanted with upfront out of pocket interest payments and/or partial personal guarantees. This “skin in the game” has gone a long way toward assuaging carrier concerns that the insureds lack a personal stake in the policy purchase. Since the clause allowing the client to “walk away from the debt” has been removed, the client will suffer a real financial loss if they do not meet their loan obligation. The matter of the high interest rates and fees has worked itself out as well through increased market competition for these loans. Funders who have stayed in and those who entered the market post 2005, have reduced these fees considerably and also removed onerous prepayment clauses and restrictive settlement broker “lock-ins,” in order to compete with each other. Historically most of these loans are also based on a simple spread above Prime or LIBOR, which right now is quite low. The rates charged on loans today are usually in the 6.5-9.5% range, as opposed to the 2003-04 era where they were effectively as high as 16-18%, or more. The evolution of the loans has also included an extension of the loan terms. While the old loans were two years or thirty months, the new loans allow for the original two year commitment to be extended for up to seven years with some programs, provided that a re-evaluation of the collateral proves it to still be sufficient.
The purchase of a life insurance policy utilizing a hybrid loan has many benefits to insureds. It allows them to get into a valuable insurance product, while they are relatively healthy, with little out of pocket. This is especially important to “land rich, cash poor” clients who have a well defined need, but poor cash flow. The collateralization aspect is not as burdensome as a traditional loan because the use of a partial personal guarantee and the policy’s secondary market value does not encumber any other specific assets. The hassle and costs of applying for a letter of credit can be forgone as well. Hybrid loan terms and documents are extremely client friendly.
As an agent, there is tremendous profit to be made as well. These cases are not run of the mill term cases. Each successfully completed case will result in a payout based on the sale of a permanent product, to a senior, in excess of five million in face and with targets ranging from the low end of $150,000 to the high end of $3-4,000,000, as we have seen on some sixty million dollar face cases on clients in their late 70’s to early 80’s. Even after the agent splits the commission with the funder and broker, as is required with all hybrid deals, the producer is usually left with a substantial case share of 55-70%.
Before you arrange sales meetings, you have to properly qualify your clients. Most hybrid finance providers are looking for cases on seniors (ages 65-89), in reasonable health (standard risk or better), that have face amounts in the five million plus range. While that may seem like a pretty narrow set of criteria, submitting cases outside of that box may result in a lot of wasted time, as it can take 4 to 8 weeks just to qualify the case enough for a “no.” That being said, we have received approvals on clients as young as sixty two and a half (albeit for nine million of face) and a table E rating (over seventy for ten million). So a good broker can advise you when it pays to stretch the box.
When you are finally in front of a qualified prospect, you must properly apprise him of the pros and cons. The transaction is by no means free or no risk insurance and the client will definitely not be receiving any upfront payments. It will be a long process; from the preliminary meeting to final close can be as long as six months, four if you are lucky. It is a shorter term loan, usually with no out of pocket, but the options and exit strategies at the end of the term should be discussed, be it loan payoff, refinance or reevaluation or posting of additional collateral. Some of your clients may be interested in the secondary market as a liquidation option, but must be warned that if they sell their policy their capacity to purchase future estate coverage will be jeopardized, as policies inforce on their lives count towards insurable capacity no matter who the present owner may be. Of course, a tax professional should be consulted as well.
Good brokers play an important role in navigating you through this new world of hybrid premium financing, so don’t try to do it solo. Their job is to facilitate these transactions, simplify and explain programs and allow agents to be assured that they are receiving the best loan package for their clients. Brokers also vet programs to ensure they meet carrier specifications and that they are competitive. Distributors and aggregators speak the language of the funders and know how to present and negotiate cases, ensuring a high placement ratio. They also ensure that the fees and interest being charged to the client are fair, and their agents are receiving the most competitive compensation.
To summarize, hybrid premium financing is a fancy name for an exciting tool that gives producers access to the high target, high face senior market. Hybrid is also a great way for seniors to get a large policy started with low startup costs and low risk to their existing capital and should be considered by advisors in the estate and financial planning process.
To receive more information about the premium financing programs that are available contact Gershon Yarmush, Vice President of Operations at
877-763-0098 or email: info@financeforlife.com.
By Gershon Yarmush
Finance For Life, LLC
Everyone is talking about hybrid premium financing. But what is it exactly, how does it benefit clients, and how do agents sell it? What does hybrid even mean when used in an insurance context? The following is a short explanation of what hybrid premium financing is, how it evolved, and the proper way to sell it.
In order to properly discuss hybrid loans, we need to have a basic familiarity of how the old non-recourse loans worked. Non-recourse loans for life insurance first became mass marketed and popular with the public in early 2001. Agents approached a senior, of reasonable health and with assets usually in excess of five million dollars and offered to get them a loan for a substantial life policy with no recourse to them. How was this possible? You and I both know that when a bank loans a prospective home buyer hundreds of thousands, if not millions of dollars for the purchase of a home, they require security. (Or at least they used to, in the more sane world that existed before our present subprime mess.) This security is usually the home that the loan is being made upon, with a thorough investigation conducted by the bank to ensure that the home is worth more than the amount they are lending, should the borrower default. Life insurance loans also need the same level of security.
With traditional premium finance insurance loans, around for decades, the collateral is an “outside” asset, usually a letter of credit, collaterally assigned bank CD or real estate. In a non-recourse loan, similar to our home loan example, the object of the loan, i.e. the new life insurance policy being purchased, acted as the collateral for the bank. The bank, or a premium finance promoter acting for the bank, conducted a strict actuarial review to determine the policy’s worth at the loan term period, which was typically two years. By using the term “policy worth” I am not referring to its cash surrender value or its death benefit, but rather its predicted future settlement value at the two year mark. This value must be greater than the amount loaned or the collateral is deemed insufficient and the loan is not made. Sometimes the collateral value was deemed to be in such excess that an additional loan was made, in the form of a cash advance to the borrower. Typically these transactions also featured no out of pocket costs, with all interest and fees rolled into the loan. Needless to say, the math was good and insureds bought in like hotcakes.
However, although sales of this type of insurance product were brisk for several years, in December of 2005, sales slowed tremendously and insurers started denying applications. The insurers had several concerns. One, they felt their products were being sold as free insurance to clients who had no skin in the game, and were therefore more likely to let their policies travel to the settlement market. This they claimed impacted their lapse ratios. Second, since the funders were not actually collecting fees and interest on these deals upfront from the clients, they felt justified charging a very high interest rate and high fees, as the money would only come out of the profit on a backend sale. Insurers didn’t like the thought of their clients being gouged, and felt the steep exit costs would further force more of the paper onto the secondary market. The market got the message and evolved to meet new carrier requirements and continuing demand by developing hybrid premium finance.
By now, most of you have seen a Prius or two driving around your neighborhood, or you may even own one yourself. The car, one of the first hybrid models on the market, has been a fast seller amongst consumers interested in lowering their gas expenses. It is called a hybrid car because it has two different parts that perform the same function; the combustion engine runs off ordinary gasoline and the electric motor that runs off a battery pack. Both of them work together to make the auto function.
Hybrid, in an insurance premium finance context, refers to the collateral underlying the loan made to purchase the insurance. While in a pure non-recourse transaction the policy alone serves as the collateral for the loan, in a hybrid loan the collateral is supplanted with upfront out of pocket interest payments and/or partial personal guarantees. This “skin in the game” has gone a long way toward assuaging carrier concerns that the insureds lack a personal stake in the policy purchase. Since the clause allowing the client to “walk away from the debt” has been removed, the client will suffer a real financial loss if they do not meet their loan obligation. The matter of the high interest rates and fees has worked itself out as well through increased market competition for these loans. Funders who have stayed in and those who entered the market post 2005, have reduced these fees considerably and also removed onerous prepayment clauses and restrictive settlement broker “lock-ins,” in order to compete with each other. Historically most of these loans are also based on a simple spread above Prime or LIBOR, which right now is quite low. The rates charged on loans today are usually in the 6.5-9.5% range, as opposed to the 2003-04 era where they were effectively as high as 16-18%, or more. The evolution of the loans has also included an extension of the loan terms. While the old loans were two years or thirty months, the new loans allow for the original two year commitment to be extended for up to seven years with some programs, provided that a re-evaluation of the collateral proves it to still be sufficient.
The purchase of a life insurance policy utilizing a hybrid loan has many benefits to insureds. It allows them to get into a valuable insurance product, while they are relatively healthy, with little out of pocket. This is especially important to “land rich, cash poor” clients who have a well defined need, but poor cash flow. The collateralization aspect is not as burdensome as a traditional loan because the use of a partial personal guarantee and the policy’s secondary market value does not encumber any other specific assets. The hassle and costs of applying for a letter of credit can be forgone as well. Hybrid loan terms and documents are extremely client friendly.
As an agent, there is tremendous profit to be made as well. These cases are not run of the mill term cases. Each successfully completed case will result in a payout based on the sale of a permanent product, to a senior, in excess of five million in face and with targets ranging from the low end of $150,000 to the high end of $3-4,000,000, as we have seen on some sixty million dollar face cases on clients in their late 70’s to early 80’s. Even after the agent splits the commission with the funder and broker, as is required with all hybrid deals, the producer is usually left with a substantial case share of 55-70%.
Before you arrange sales meetings, you have to properly qualify your clients. Most hybrid finance providers are looking for cases on seniors (ages 65-89), in reasonable health (standard risk or better), that have face amounts in the five million plus range. While that may seem like a pretty narrow set of criteria, submitting cases outside of that box may result in a lot of wasted time, as it can take 4 to 8 weeks just to qualify the case enough for a “no.” That being said, we have received approvals on clients as young as sixty two and a half (albeit for nine million of face) and a table E rating (over seventy for ten million). So a good broker can advise you when it pays to stretch the box.
When you are finally in front of a qualified prospect, you must properly apprise him of the pros and cons. The transaction is by no means free or no risk insurance and the client will definitely not be receiving any upfront payments. It will be a long process; from the preliminary meeting to final close can be as long as six months, four if you are lucky. It is a shorter term loan, usually with no out of pocket, but the options and exit strategies at the end of the term should be discussed, be it loan payoff, refinance or reevaluation or posting of additional collateral. Some of your clients may be interested in the secondary market as a liquidation option, but must be warned that if they sell their policy their capacity to purchase future estate coverage will be jeopardized, as policies inforce on their lives count towards insurable capacity no matter who the present owner may be. Of course, a tax professional should be consulted as well.
Good brokers play an important role in navigating you through this new world of hybrid premium financing, so don’t try to do it solo. Their job is to facilitate these transactions, simplify and explain programs and allow agents to be assured that they are receiving the best loan package for their clients. Brokers also vet programs to ensure they meet carrier specifications and that they are competitive. Distributors and aggregators speak the language of the funders and know how to present and negotiate cases, ensuring a high placement ratio. They also ensure that the fees and interest being charged to the client are fair, and their agents are receiving the most competitive compensation.
To summarize, hybrid premium financing is a fancy name for an exciting tool that gives producers access to the high target, high face senior market. Hybrid is also a great way for seniors to get a large policy started with low startup costs and low risk to their existing capital and should be considered by advisors in the estate and financial planning process.
To receive more information about the premium financing programs that are available contact Gershon Yarmush, Vice President of Operations at
877-763-0098 or email: info@financeforlife.com.
Thursday, February 14, 2008
Wet Ink Deals, Buyer Beware!
Wet Ink Deals also know as ‘wet ink transactions,’ 'contestables' or ‘3% deals’ have historically become a profitable item for promoters to sell to the uninformed consumer. As in any premium financing program, a buyer beware policy applies in this case more than ever.
Know the risks associated with these types of premium financing programs:
· May raise your risk of securities regulation and litigation issues
· May put you at risk for unexpected tax fees
· In some cases you may be charged extremely high penalty fees
Finance For Life prides itself on being able to offer a variety of loans, including Hybrid premium financing. Our experienced team will find a reputable premium financing plan that fits your specific needs.
If you have questions or inquiries on premium financing, please contact us direct:
Phone: 877-763-0098, visit our web site at http://www.financeforlife.com/ or email info@financeforlife.com
Know the risks associated with these types of premium financing programs:
· May raise your risk of securities regulation and litigation issues
· May put you at risk for unexpected tax fees
· In some cases you may be charged extremely high penalty fees
Finance For Life prides itself on being able to offer a variety of loans, including Hybrid premium financing. Our experienced team will find a reputable premium financing plan that fits your specific needs.
If you have questions or inquiries on premium financing, please contact us direct:
Phone: 877-763-0098, visit our web site at http://www.financeforlife.com/ or email info@financeforlife.com
Tuesday, January 29, 2008
Finance For Life: Meet our Staff
Finance For Life prides itself on personal service for it's clients. In an attempt to bring this personal service even closer to our clients, we would like to share their employee profiles. Our first introduction is Ronnie Katz, President of Finance For Life.
Ronnie Katz, President of Finance For Life
Mr. Katz began his career in public accounting. He spent 24 years as a partner in the CPA Firm, Katz & Co., CPA’s and has experience in the following areas of tax, accounting, auditing and business and personal advisory service. He is a licensed life insurance agent and has decades of experience counseling agents and clients in the affluent senior market. His years as a personal producer and entrepreneur have helped him create customer focused companies that aid and assist consumers with a maximum of efficiency and profitability. He is a member of the American Institute of Certified Public Accountants, The Tennessee Society of Certified Public Accountants, the Memphis Estate Planning Council, The National Ethics Bureau, and serves on the boards of several charitable institutions. He is the President and Founder of Finance For Life, a broker of specialty premium finance loans.
The staff and representatives of Finance For Life are comprised of a group of professionals with decades of experience in premium financing. Our representatives are well trained and qualified to provide you with exceptional service and to answer all of your questions. The dedicated staff at Finance For Life is committed to working hard for you and your clients. We look forward to the opportunity to work with you in the near future.
For more information please contact Mr. Katz direct:
Phone: 877.763.0098 or
Email: info@financeforlife.com
Ronnie Katz, President of Finance For Life
Mr. Katz began his career in public accounting. He spent 24 years as a partner in the CPA Firm, Katz & Co., CPA’s and has experience in the following areas of tax, accounting, auditing and business and personal advisory service. He is a licensed life insurance agent and has decades of experience counseling agents and clients in the affluent senior market. His years as a personal producer and entrepreneur have helped him create customer focused companies that aid and assist consumers with a maximum of efficiency and profitability. He is a member of the American Institute of Certified Public Accountants, The Tennessee Society of Certified Public Accountants, the Memphis Estate Planning Council, The National Ethics Bureau, and serves on the boards of several charitable institutions. He is the President and Founder of Finance For Life, a broker of specialty premium finance loans.
The staff and representatives of Finance For Life are comprised of a group of professionals with decades of experience in premium financing. Our representatives are well trained and qualified to provide you with exceptional service and to answer all of your questions. The dedicated staff at Finance For Life is committed to working hard for you and your clients. We look forward to the opportunity to work with you in the near future.
For more information please contact Mr. Katz direct:
Phone: 877.763.0098 or
Email: info@financeforlife.com
Thursday, December 27, 2007
Premium Financing-How Can I Benefit?
Q: Premium Financing-How Can I Benefit?
A: Finance For Life, a leader in premium financing wants to show you how
Finance For Life's primary tool is premium financing. This leader in the industry believes in sound, thought out UL coverage for their clients, with total policy control and insurable interest at its foundations. Using premium financing, an individual or corporation can leverage the value in assets they may have performing other tasks, such as portfolios of real estate, art, or securities, without having to liquidate them. Using OPM (other people’s money) is the most valuable technique available to the life marketplace, and you can use their expertise to help your clients unlock it. In some cases a client may qualify for a large face policy without the posting of any collateral against the premium loan, by paying out of pocket interest payments.
The goal of Finance For Life has always been to broker life insurance premium financing and offer the absolute finest in customer service and relations. The staff includes professionals with decades of experience in insurance and financial markets. The dedicated staff of case managers, closing managers and analysts takes a personal concern for each client’s needs. Each also has a high level of expertise in the mechanics of structured life financing. Finance For Life takes great pride in employing research and relationship experts who constantly search the marketplace for the best and most proven methods for lowering the total cost of purchasing life insurance.
For further assistance or if you need more information regarding premium financing contact Ronnie Katz, CPA & President at 877-763-0098
or email RKatz@FinanceForLife.com or visit their web site at http://www.financeforlife.com/.
A: Finance For Life, a leader in premium financing wants to show you how
Finance For Life's primary tool is premium financing. This leader in the industry believes in sound, thought out UL coverage for their clients, with total policy control and insurable interest at its foundations. Using premium financing, an individual or corporation can leverage the value in assets they may have performing other tasks, such as portfolios of real estate, art, or securities, without having to liquidate them. Using OPM (other people’s money) is the most valuable technique available to the life marketplace, and you can use their expertise to help your clients unlock it. In some cases a client may qualify for a large face policy without the posting of any collateral against the premium loan, by paying out of pocket interest payments.
The goal of Finance For Life has always been to broker life insurance premium financing and offer the absolute finest in customer service and relations. The staff includes professionals with decades of experience in insurance and financial markets. The dedicated staff of case managers, closing managers and analysts takes a personal concern for each client’s needs. Each also has a high level of expertise in the mechanics of structured life financing. Finance For Life takes great pride in employing research and relationship experts who constantly search the marketplace for the best and most proven methods for lowering the total cost of purchasing life insurance.
For further assistance or if you need more information regarding premium financing contact Ronnie Katz, CPA & President at 877-763-0098
or email RKatz@FinanceForLife.com or visit their web site at http://www.financeforlife.com/.
Wednesday, December 26, 2007
Premium Financing Defined
Just what is Premium Financing?
Premium Financing involves the lending of funds to a person to cover the cost of an insurance Premium. These loans are generally provided by third party finance entity known as a Premium Financing Company.
Finance For Life, a leader in the premium finance industry, has been assisting clients since 2004.
The goal of the firm is to provide affordable, leveraged life insurance coverage, using creative strategies to maximize death benefit and minimize client out of pocket.
For more information please contact Ronnie Katz, CPA and President for Finance For Life at 877-763-0098/RKATZ@FinanceForLife.com or visiting their web site at http://www.financeforlife.com/
Premium Financing involves the lending of funds to a person to cover the cost of an insurance Premium. These loans are generally provided by third party finance entity known as a Premium Financing Company.
Finance For Life, a leader in the premium finance industry, has been assisting clients since 2004.
The goal of the firm is to provide affordable, leveraged life insurance coverage, using creative strategies to maximize death benefit and minimize client out of pocket.
For more information please contact Ronnie Katz, CPA and President for Finance For Life at 877-763-0098/RKATZ@FinanceForLife.com or visiting their web site at http://www.financeforlife.com/
Wednesday, December 05, 2007
Finance For Life Reports Record Growth
FOR IMMEDIATE RELEASE
Finance For Life, Premium Finance Industry Leader, Reports Record Growth
Rapid expansion of Life Insurance Premium Finance Industry enablesorganization to assist in financing record number of policies
President and VP discuss reasons for growth and looking ahead
Memphis, TN, November 15 2007 – Finance For Life, one of the nations most experienced and fastest growing premium finance brokerage companies, today announced it’s recent financial results. FFL has brokered loans for nearly $325 million in new life insurance policies in 2007 and expects these figures to increase in 2008 to over $400 million. In 2008 FFL hopes to have surpassed the $1 billion mark in total face financed.
“We are quite pleased with these results because they demonstrate the strength and integrity this company has stood for since its inception. Our agents, producers, and general agencies turn to us because they know we can deliver product efficiently,” says Ronnie Katz, CPA, President of Finance For Life.
“We are proud of our growth and will strive to continue our expansion to accommodate more clients in search of our services,” adds Mr. Katz.
Founded in 2004 by Mr. Katz, Finance For Life has grown exponentially in its three years of business. Why the steady increase and company success?
“Service, great commission structure and a willingness to fight for the difficult cases, keeps our agents coming back for more. When they see how we handle their large cases they also send us great referrals,” comments Mr. Gershon Yarmush, Vice President of Operations for Finance For Life. “Our clients also appreciate the “one stop shop” convenience we offer. They know that we have the volume to command the attentions of the industries strongest and carrier approved lenders.”
“We are committed to educating our agents about the right way to do premium financing,” continues Mr. Yarmush. “Building relationships is key, and our agents know we will be supplying them with premium finance lenders for a long time.”
Finance For Life - One Call, One Stop For Premium Financing
Founded in 2004 by Ronnie Katz, CPA, Finance For Life was created to eliminate confusion and red tape regarding premium financing. As an experienced CPA and life insurance agent, he is regularly consulted on complex insurance cases. FFL has created a place where agents can bring their large face insurance cases under one roof with confidence and peace of mind.
Finance For Life - Aiming High and Setting The Bar for 2008 And Beyond
The goal of Finance For Life has always been to broker life insurance premium financing and offer the absolute finest in customer service and relations. The staff includes professionals with decades of experience in insurance and financial markets. The dedicated staff of case managers, closing managers and analysts takes a personal concern for each client’s needs. Each also has a high level of expertise in the mechanics of structured life financing. Finance For Life takes great pride in employing research and relationship experts who constantly search the marketplace for the best and most proven methods for lowering the total cost of purchasing life insurance.
“Bottom line-our staff, in my opinion, is the best there is,” says Mr. Yarmush. “We employ the most experienced, dedicated, and hard working employees in our industry. We’re very proud of that. It is this dedicated group of people that will help us continue to grow for many years to come.”
To receive more information about Finance For Life please contact Ronnie Katz, Company President or Gershon Yarmush, Vice President of Operations at 877-763-0098 or www.FinanceForLife.com.
###
Finance For Life, Premium Finance Industry Leader, Reports Record Growth
Rapid expansion of Life Insurance Premium Finance Industry enablesorganization to assist in financing record number of policies
President and VP discuss reasons for growth and looking ahead
Memphis, TN, November 15 2007 – Finance For Life, one of the nations most experienced and fastest growing premium finance brokerage companies, today announced it’s recent financial results. FFL has brokered loans for nearly $325 million in new life insurance policies in 2007 and expects these figures to increase in 2008 to over $400 million. In 2008 FFL hopes to have surpassed the $1 billion mark in total face financed.
“We are quite pleased with these results because they demonstrate the strength and integrity this company has stood for since its inception. Our agents, producers, and general agencies turn to us because they know we can deliver product efficiently,” says Ronnie Katz, CPA, President of Finance For Life.
“We are proud of our growth and will strive to continue our expansion to accommodate more clients in search of our services,” adds Mr. Katz.
Founded in 2004 by Mr. Katz, Finance For Life has grown exponentially in its three years of business. Why the steady increase and company success?
“Service, great commission structure and a willingness to fight for the difficult cases, keeps our agents coming back for more. When they see how we handle their large cases they also send us great referrals,” comments Mr. Gershon Yarmush, Vice President of Operations for Finance For Life. “Our clients also appreciate the “one stop shop” convenience we offer. They know that we have the volume to command the attentions of the industries strongest and carrier approved lenders.”
“We are committed to educating our agents about the right way to do premium financing,” continues Mr. Yarmush. “Building relationships is key, and our agents know we will be supplying them with premium finance lenders for a long time.”
Finance For Life - One Call, One Stop For Premium Financing
Founded in 2004 by Ronnie Katz, CPA, Finance For Life was created to eliminate confusion and red tape regarding premium financing. As an experienced CPA and life insurance agent, he is regularly consulted on complex insurance cases. FFL has created a place where agents can bring their large face insurance cases under one roof with confidence and peace of mind.
Finance For Life - Aiming High and Setting The Bar for 2008 And Beyond
The goal of Finance For Life has always been to broker life insurance premium financing and offer the absolute finest in customer service and relations. The staff includes professionals with decades of experience in insurance and financial markets. The dedicated staff of case managers, closing managers and analysts takes a personal concern for each client’s needs. Each also has a high level of expertise in the mechanics of structured life financing. Finance For Life takes great pride in employing research and relationship experts who constantly search the marketplace for the best and most proven methods for lowering the total cost of purchasing life insurance.
“Bottom line-our staff, in my opinion, is the best there is,” says Mr. Yarmush. “We employ the most experienced, dedicated, and hard working employees in our industry. We’re very proud of that. It is this dedicated group of people that will help us continue to grow for many years to come.”
To receive more information about Finance For Life please contact Ronnie Katz, Company President or Gershon Yarmush, Vice President of Operations at 877-763-0098 or www.FinanceForLife.com.
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