Exclusive Innovations in Premium Financed Life Insurance: Available Only to BackNine's Preferred Agents
Paul Pichie
10/9/2023 · 2 min read
BackNine is elated to bring forth significant enhancements in the realm of premium financed life insurance, a traditionally sophisticated product designed for ultra-high-net-worth individuals. As a preferred vendor, BackNine has gained exclusive access to these innovations through our collaboration with NIW, the company that holds ownership of the Kai-Zen program. This partnership empowers us to simplify the complex, reduce risk, and extend product accessibility to a broader demographic.
Watch an Introduction to New Enhancements video HERE!
Simplifying Complexity
Premium financed life insurance involves intricate structures where policy owners borrow funds to pay their premiums. These arrangements have been chiefly targeted at individuals with a net worth above $15 million, requiring nuanced relationships between lenders and policy owners. Through BackNine’s unique partnership with NIW, we have incorporated technology that makes these financial instruments far more straightforward and safer.
Broadening the Scope
What’s particularly notable is that these advancements are not just for the ultra-wealthy. For the first time, couples with a combined annual income of at least $200,000 can also benefit from premium financed life insurance. This makes these complex financial tools reachable to a whole new class of policy owners.
Exclusive Enhancements for Preferred Agents
We are pleased to announce the launch of two new automation features from our Advanced Markets department. These features are accessible exclusively to BackNine’s Preferred Agents.
Monthly Payments
This collaboration allows us to introduce the first-ever monthly payments into premium financed arrangements in the USA. This flexibility transforms the way policy owners can manage their personal and business finances. We expect full rollout of this option before 1/1/2024.
Online Payments
Additionally, we’re offering the ability to make electronic payments for premium financed arrangements, another industry-first in the USA. This simplifies payment processing, enhancing convenience for all involved and its rollout will coincide with the monthly payment options.
Become a Preferred Agent
To take advantage of these groundbreaking features, consider becoming a preferred agent with BackNine. For more information, contact:
Paul Pichie
Director of Advanced Markets
(818) 221-0010 direct
Join us in this exciting new phase as we make premium financed life insurance more manageable, accessible, and secure for a wider audience.