Premium Financing Cheapskates, Free Life Insurance

I was eating my third packet of mothballs when I read this article on the New York Times about the latest in life insurance. I wanted to choke on my balls about how good the news was (well, have you ever heard about free life insurance?). But you know that your grumpy old blogger always wants to roll them good news under the pins (see my post Asphalt Rolling Pin, The Beginning), you know, just to see if there are some juicy bits of fakeness.

But there it was straight across the page “Premium Financing: Free Life Insurance”. I was sure if it were some cub journalist who wrote it, I wouldn’t believe it. The cubbies are too scared of their editors to miss a deadline, I’m sure they’d waste no time squeezing the truth out. But there it was, the author’s name: Charles Duhigg. 

Hmm.. my old gray matters seemed to remember that half sissy  name. Ah, I did sell him insurance ten years ago. The cheapskate couldn’t keep paying his premiums (I assumed his policy shortly after the forfeit). But maybe the experience traumatized him so much, he’s spent an entire decade just researching on getting policy funding. 

So, do I think premium financing is free insurance?

Well, if you ask, there ain’t a thing called free insurance, baby. There are only expensive insurance premiums that you can’t pay offe (unless you sell your investments). And there are also premium financing companies that can pay for your premium if you want them.

You only need to sign a premium finance agreement with any of them premium financing companies (the best that Steve has seen so far is this one: http://www.life-insurance-finance.com/ here is their address). The company then pays the life insurance provider while you, on the other hand, pays the premium financing company. Payments are usually in monthly installments.  

It’s not free insurance, but at least you can get a policy even when you still don’t have the money to pay for the premium. If only there had been premium financing in my heydays, I’d have only one insurance policy now, not thirteen, (cheapskates).  

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