No one wants to pay for insurance, any kind of insurance. But it’s an economic necessity in our culture. Permanent life insurance has many planning applications, as long as early policy liquidity isn’t a prime component to the overall planning strategy. However, today financing premiums also requires outside collateral for any annual shortfall that may occur regarding policy projections. Most banks participating in premium financing are more apt to go forward with this strategy knowing the client has personal skin in the game.
Steve, Bruce and attorney Rick Veit walk you through the recourse loan environment for collateralization. Steve Savant hosts the weekly TV/radio and Internet consumer talk show One for the Money, as well as the daily Internet talk show, The Business Insurance Zone. Steve is a national financial columnist, blogger and money color commentator. Steve’s special guest is Bruce Haydu, CFP and Rick Veit, CFP, JD.
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Steve Savant is the host of the daily producer show, Let’s Get Down to Business, and the weekly consumer show, Steve Savant’s Money, the Name of the Game. Steve is the number one online author and videographer of insurance content. During his 30-year career in the financial services industry,... More