Insurance Premium Funding

What is Insurance Premium Funding?

Premium Funding is a Cashflow finance product that can be used to pay your Insurance Premiums, Work cover, or even your accounting / legal fees.

Rather than reaching in to your Cashflow and paying your insurance bill in one (1) lump sum, it suits a lot of people to pay this over in more manageable monthly instalments. In simple terms, the financier pays the Insurance Premium on your behalf and you pay this back like a short term loan. There is obviously an interest component, but this cost is generally very low because of the amount of the premium and the short term of the credit.

Following is a simple guideline:

Funding amounts: $4,000 and above

Repayment terms : 6-12 months;

Policy types : plant and equipment, trucks, professional indemnity, workers compensation, and more;

Application : generally, little more than a copy of the Insurance Premium Renewal Notice. Financial analysis is generally not done for amounts under $50K.

Premium Funding is one of the simplest forms of finance available and it is a very convenient and cheap way of paying for insurances.

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