Getting a high face value insurance policy is not a simple thing. Everyone knows about the premium amounts charged for high face value policies. Premium financing offers a great solution for this. However, not everybody is eligible for premium financing. There are certain eligibility criteria for getting a premium finance insurance policy.
In order to get premium finance loan, one has to be at least 65 years old but should not older than 85 years. Moreover, the insurer should have an insurable asset worth at least 2 million dollars. If the above conditions are satisfied, a person can apply for premium financing through a broker. Due to the nature of this policy, the insurance amount will be significant for the insurer.
Though premium financing is quite appealing for insurers, only a small percentage of people can enroll themselves for premium financing. Senior citizens applying for premium financing should prove that they are in good health. This is also a necessary criterion for premium financing.