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Goheen Insurance: Securing Legacies with Expertise and Integrity.

Premium Finance

Look for these 4 Characteristics When Choosing a Partner on Premium Finance Cases

The right premium finance partner will provide fast turnkey solutions, rigorous stress testing, and a breadth of industry partnerships.

Premium financing is a valuable strategy for many clients, but writing a premium finance case effectively requires enormous expertise and industry relationships.

Many companies are quick to make bold claims about their experience and the quality of service they can provide, so it can be challenging to cut through the noise and find the right partner to help you achieve the outcomes you’re looking for.‍

If you’re searching for a partner to help build premium finance cases, here are 4 key characteristics that set the true experts apart from the crowd:

1. Rigorous Stress Testing

In 2022, banks are stricter than ever about their premium financing agreements, and that’s partly because they’ve seen far too many cases written without proper stress testing. 

A stress test demonstrates to us and to the bank that clients can handle both the collateral and the annual interest rate increases involved in a premium finance case. It also should include a solid exit strategy in the event that a client needs to renegotiate or get out of their contract. 

At Goheen Insurance, we conduct a thorough “five zeros stress test,” which helps ensure that our clients will be taken care of even in less-than-ideal financial situations.

2. Rapid Turnaround Times

When it comes to something as important as your clients’ financial legacy, working with companies who respond quickly and deliver timely results should be a top priority.

Goheen Insurance leads the industry with our quick turnaround times, and we’re committed to providing illustrations within 24 hours of receiving a client inquiry whenever possible. 

3. Large Number of Industry Partnerships

There’s no one-size-fits-all solution when it comes to premium financing, so it’s important to partner with someone who can customize each case to fit your clients.

One of the best ways to differentiate premium finance partners is by looking at their industry relationships. The more insurance carriers and banks a company is partnered with, the more they’ll be able to shop around to find the best rates and build a policy that meets your client’s unique needs.‍

At Goheen Insurance, we’re partnered with more than 40 insurance carriers and 15 banks, and we take the time to shop carriers and banks annually for every case we work on.

4. Turnkey Process

Not all companies approach premium financing the same way, so make sure you find out the specifics of a company’s process before choosing to partner with them. In particular, you’ll likely want to find someone who can handle many of the details and documents so that you and your client don’t have to worry about it.

At Goheen Insurance, we can make the entire process turnkey, from running illustrations, to gathering physician statements, to conducting medical and financial underwriting, to negotiating rates. All you have to do is provide some basic information at the beginning of the process, and then work with us to decide on the best suite of services for your client based on the illustrations we provide.

The Numbers Speak for Themselves

Numbers rarely provide the full story of a company, but they can give you a clear picture of just how much experience someone has and how satisfied their customers are with the services they provide.

At Goheen Insurance, we manage more than $1 billion in premiums, and we’ve worked with 1,000+ satisfied clients. Along with our vast network of industry relationships, our own team brings 100 years of combined experience to the table, so you can trust that we have the knowledge and capabilities you need to create the best possible premium finance case for your client.

If you’re interested in learning more about partnering on premium finance cases, contact us today.

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Meet Shawn Goheen, the heart and soul behind Goheen Insurance. Since the early ’90s, Shawn has been more than just a financial advisor; he has been a trusted confidant to high-net-worth individuals. His journey has led him to build strong connections with over 15 specialty lenders and insurance carriers, and relationships with 20+ banks, giving him a rare edge in navigating the often-complex financial world with ease and transparency.