What is Premium finance in Close Brothers?
Premium finance is a convenient alternative to paying in one lump sum, allowing customers to manage their finances more easily or free up capital for other uses. With 45 years’ experience in the industry, Close Brothers Premium Finance is a leading provider of premium finance.
How do you qualify for premium financing?
These qualities include:
- An insured that is financially savvy with a high net worth.
- Wealthy, but limited cash or liquid assets.
- Insured is generally under age 70.
- A clearly demonstrated insurable interest and financial need.
- An amount the insured would qualify for even if financing was not involved.
What is a premium finance quote?
Premium financing allows you to pay your insurance company in installments instead of all at once. Home and auto insurance policies often use premium financing and accept a small down payment while we pay the rest in monthly installments.
What is premium insurance financing?
Insurance premium financing is essentially a loan that a business takes out to purchase an insurance policy, such as life insurance or a retirement policy. The loan is secured against the cash surrender value of the acquired insurance policy.
Who uses Close Brothers finance?
Close Brothers Motor Finance work with over 8,000 dealer and broker partners across the UK and Ireland to provide finance for both new and used cars, light commercial vehicles (LCVs), motorcycles, and leisure vehicles like caravans and motorhomes.
How do premium finance companies make money?
A finance company generates income by borrowing money at a certain interest rate from one source (i.e. a bank, private investors, etc.) and lending that money at a higher rate to policyholders that request financing. Profits from premium financing also include late fees and other incidental charges.
Is premium financing safe?
For premium financing, the longer the loan is in place, the higher the risk. Although your tailored strategy may involve partial withdrawals or policy loans from the cash accumulation portion, you will also be diminishing the overall death benefits in the process.
What is close finance?
Personal Loans We’re here for you for any big life events, that trip of a lifetime, home improvement plans, helping your children reach for the stars, funding for medical, dental, cosmetic, legal or pets bills.
Why is Close Brothers on my bank statement?
When you set up your insurance policy your insurance broker should have discussed how you would like to pay your premium, e.g. in full, or monthly by Direct Debit using Close Brothers Premium Finance. Our name appears on your bank statement when we take these monthly instalments.
How long has premium financing been around?
Since our formal inception in 2005 we have been a marketing company exclusively comprised of premium finance professionals that work for our clients. From our modest beginning our focus and commitment has been the distribution of one product, property and casualty insurance premium financing.
How often do you pay an insurance premium?
Premiums are usually paid either monthly, every six months, or annually and are determined by various factors, including your driving record, age, and the coverages you select as part of your policy.