What is Premium Finance?

Premium financing is an arrangement to fund life insurance premiums by borrowing funds from a commercial lender instead of paying them out of pocket. The primary cost is the loan interest, which can be paid in cash or accrued in some instances. The loan is collateralized using the cash value of the policy and/or pledging personal assets to cover any shortfall.

Life Insurance Premium Financing Chart

What Type of Insurance Is Best For You?

Typically, a large insurance policy equates to large premiums. Premium financed life insurance is an alternative method of funding large life insurance policies and lowering premiums. This is possible because the funds to pay your premium are borrowed from a third party. Premium finance is a great option for high net worth individuals, though Goheen Companies offers a variety of services to fit any individual’s budget.

Our group was founded by Shawn Goheen in 1990 and quickly became one of the fastest growing providers of premium financed life insurance in the United States.

We offer advanced life insurance planning to business owners and high net worth individuals. Whether you’re seeking to secure your personal legacy, professional legacy, or both, we will help you maximize the performance of your life insurance assets.

Shawn Goheen is nationally recognized for his industry expertise and is frequently called upon to conduct seminars on Estate and Investment Planning by numerous banking associations. Past speaking engagements have included the Independent Banking Association of Texas, Community Banking Association of Illinois, National Association of Investment Banking, and Life Underwriting Council Training Fellow.

Goheen Companies delivers innovative and unique wealth creation strategies to the most discerning individuals. Most high-net worth individuals have a significant amount of life insurance. Goheen Companies works with the client and lending advisor to deliver a comprehensive wealth creation strategy tailored to each client’s objectives.

While the obvious and primary purpose of life insurance is to replace lost income after the passing of a wage earner, Goheen Companies also implements expertise for succession planning, tax sheltering and estate planning.

During the accumulation phase of life, people can use life insurance as a cost effective tool to:

  • Help protect future income
  • Help achieve long-term financial goals

For clients working on estate planning, life insurance often provides an effective method to transfer wealth to others. Business owners can utilize it to protect their partner’s interest.

Allianz
OneAmerica
John Hancock
Minnesota Life
Nationwide
EquiTrust
North American Company
Mutual of Omaha
Athene
Assurity
MetLife
Principal
Lincoln Financial Group
American National
Symetra
AIG
National Western Life Insurance Company
Guggenheim
Great American Insurance Group
Protective
Pacific Life
Voya
American Equity

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