ING Premium Financing
I found this little article while adding the latest news to Life Settlement News. I am waiting on more details, but it looks like ING will be getting into the premium financing market. This is good news for the Premium Finance Industry, anytime a large funding source jumps into the market, it really shows the popularity and need for premium finance programs.
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A large insurer will be working with a financial services distributor to provide financing for older, affluent consumers who sincerely want life insurance protection.
ING U.S. Financial Services, a U.S. arm of ING Groep N.V., Amsterdam, will be developing the program with National Financial Partners Corp., New York.
ING will be providing “hybrid premium financing programs” that will enable NFP firm clients to buy large life insurance policies without liquidating assets, NFP says.
In recent years, regulators and life insurance companies have expressed concern about premium finance operations aimed specifically at creating large life policies for the life settlement market.
The new hybrid financing program “generally requires a combination of personal liability and/or pledged assets to collateralize the loan,” NFP says in a description of the new hybrid program. “This program is not designed for any policy that is intended to be sold or investor-owned.”
Source: National Underwriter
