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There are signs that the capital freeze may be starting to thaw, according to Boca Raton, Florida-based Life Insurance Concepts (LIC), a major player in the life insurance premium financing industry.
In March 2009, amidst what seems to be a never-ending credit crisis, LIC secured $500 million in capital from a highly rated U.S. bank.
Through its Cambridge Financing Plan, LIC allows life insurance policy owners to finance their premiums instead of liquidating assets to do so, thereby making the death benefit more affordable for individuals who require this critical coverage.
“The fact that we, as a company, were able to obtain funding is a great story in itself,” said insurance industry veteran Ted Bernstein, LIC’s co-founder and president. “But there is a story beyond that story. Because of this funding, we are able to extend credit to our clients, enabling them to finance the premiums on life insurance policies, which help them preserve their wealth while eventually transferring their legacies to their heirs. Furthermore, life insurance can help recover losses that they may have suffered during these recent financial times.”
Bernstein is delighted that the lender chose LIC to deploy its capital, and that his company, through its Cambridge Financing Plan, in turn is able to continue offering carrier-approved, premium-financed life insurance. He is optimistic that this is an indication that the tide will soon turn.
“This certainly positions us as the leader in premium financing done right,” Bernstein pointed out. “Cambridge has continued to fund policies and excelled in the market when others were forced to stop funding due to a lack of capital.”
Also contributing to LIC’s stature is its leadership role in education. The success of the company’s cutting-edge solutions prompted the creation in 2007 of LIC’s School of Premium Finance, the only one of its kind in the industry. With regular sessions throughout the year, the school covers all aspects of the life insurance premium finance industry as well as the Cambridge premium financing program, including prospect identification, financial underwriting, collateral evaluation, carrier guidelines, processing, compliance and more. “The school has become a critical component of premium financing done right and it continues to thrive,” Bernstein explained. “Today many insurance carriers will only work with agents who have attended the sessions and been certified by LIC, knowing that they have learned the industry’s best practices from the industry’s most experienced premium finance group. In this environment, where increased regulations and oversight are proving to serve as preventive medicine, our school is a benefit to the insurance companies, the consumers and the agents.”
LIC was established in 2000 by Simon and Ted Bernstein who collectively offer more than six decades of experience to clients who want to protect their wealth. After adding Bill Stansbury, CLU, CHFC to this impressive team, the collective experience of the principals exceeds a century. Their business savvy has earned LIC national respect and recognition among its peers, insurance carriers, attorneys, tax professionals, consumers and the media. For further information, call 561-988-8984.
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