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What is premium financing?
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I often work with clients who are land rich but cash poor.
They might have 30 acres of land worth $5 million, but no liquid cash. When they die, the IRS will value that land at $5 million, but they don’t have the cash to cover taxes or buy $5 million in life insurance.
No problem, there’s something called premium financing. You can borrow the money for the premiums through a bank that specializes in financing life insurance.
This way, you can qualify for $5 million of life insurance, using your net worth as leverage without needing the cash upfront.
#3DimensionalWealth
#FoundationalHealth
#IntellectualHealth
#FinancialHealth
They might have 30 acres of land worth $5 million, but no liquid cash. When they die, the IRS will value that land at $5 million, but they don’t have the cash to cover taxes or buy $5 million in life insurance.
No problem, there’s something called premium financing. You can borrow the money for the premiums through a bank that specializes in financing life insurance.
This way, you can qualify for $5 million of life insurance, using your net worth as leverage without needing the cash upfront.
#3DimensionalWealth
#FoundationalHealth
#IntellectualHealth
#FinancialHealth
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