The Process Required for Non-Recourse Premium Financed Life Insurance.

A simple flow chart of the Specialized Premium Financing Informal Insurance Offer.

 
  1. Complete the attached medical authorization form (4 signatures) and the informal inquiry as best you can. This provides us with the names of the applicant's physicians and allows them to release the applicant's medical records to us.

  2. WAG arranges and applies for a life insurance policy by a top rated insurance carrier on behalf of the applicant.

  3. WAG in conjuction with the lender, arranges for ""Specialized" financing which includes the premium payments, and all related costs for the newly issued life insurance policy on behalf of the now approved insured.

  4. The new life insurance policy is issued in the name of the newly formed life insurance trust (or LLC where applicable ) that will be formed on the applicant's behalf. Trusts are used to eliminate the issues of gift taxation and incidents of ownership.

  5. The applicant designates a beneficiary or beneficiaries of his or her choice for the new life insurance trust with the trust as the beneficiary of the policy.

Notes:

  • The only collateral for the loan is the newly issued life insurance policy owned by the trust.
  • The applicant owes nothing, makes no payments, and does not offer any personal collateral or personal guarantee of any kind.
  • All decisions on insurability of the applicant are determined by the insurance carriers reviewing the case.
  • The insured may designate anyone or any entity, including a charity or trust, as his/her beneficiaries. The insured may also change his/her beneficiaries at anytime during the term of the program at his/her discretion.

 

Wealth Acceleration Group
PO Box 22594 * Kansas City, Missouri 64113
Phone: 316-650-0001
Fax: 816-442-7902
jay@waginsurance.com

Loans for life insurance are better served for clients age 70 and above and in good health. Clients from all states are applicable. Some clients do not qualify.   The Wealth Acceleration Group believes life insurance is best served as a long- term estate planning tool to satisfy estate taxes, estate equalization and business succession planning. If the estate tax laws change in your favor and you no longer need the policy, you can liquidate the life insurance policy for a living benefit by selling the asset to a financial institution on a secondary market for an average of 29% face value (researched by Life Policy Dynamics in Washington D.C.).  The Wealth Acceleration Group, LLC does not engage in the practice of law or accounting or give legal, accounting, tax or actuarial advice. For such advice, please consult your advisor(s). Clients may not receive a new life insurance policy with the intent to sell that policy.