Coventry Capital Announces Premium Financing for Existing Life Insurance Policies; Innovative Program Enables Consumers to Finance Existing Policies.FORT WASHINGTON Fort Washington, military post during the American Revolution, situated on the highest point of Manhattan island, New York City, overlooking the Hudson River opposite Fort Lee, N.J. , Pa. -- Coventry Capital today announced its latest innovation that makes premium financing available to owners of existing policies. The program enables policyowners to maintain needed life insurance coverage by financing the premiums using the market value of the policy itself as collateral. This program greatly expands the range of options available to life insurance consumers. Until now, premium financing has only been available to policyowners purchasing new coverage. Not only does Coventry's program enable policyowners to fund existing coverage, but it also eliminates the need to put up other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. as collateral. "Premium Finance Plus utilizes the underlying value of an existing policy to maintain or obtain cost-effective non-recourse financing," said Alan Buerger, Coventry co-founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "It is yet another example of how the secondary market for life insurance is creating greater flexibility and greater value for life insurance consumers." The announcement follows Coventry's recent introduction of the industry's first 60-month premium financing loan term on newly issued policies. With these latest innovations, policyowners will now have three different ways to access the secondary market value of their life insurance. Consumers can 1) sell their policies in the secondary market using a life settlement, 2) SWAPP SWAPP Surface Wave Processes Program (Settlement With a Paid-up Policy Paid-up policy A life insurance policy in which all premiums that are due have been paid. ) their policies for reduced coverage requiring no future premiums, and 3) finance future premiums on either new or existing coverage. "A few years ago, policyowners could only surrender their policy back to the life insurance company or let it lapse altogether. Now, with life settlements, SWAPP and our innovative expansion of PFP PFP - Plastic Flat Package , consumers have several options for making their insurance do more than ever before," said Mr. Buerger. "Our mission is to redefine insurance and make it more flexible, more powerful and more valuable. We are proud to say the secondary market for life insurance is doing exactly that." About Coventry Coventry (www.coventry.com) bridges insurance and capital markets to create groundbreaking products for the financial services industry. The company leads the secondary market for life insurance and has pioneered all of the market's major innovations. Fueled by bold ideas, a deep understanding of life insurance, and impeccable standards, Coventry continues to create new opportunities for consumers and the financial professionals who serve them. Based in Fort Washington, PA, Coventry was the first secondary market company to receive Standard & Poor's highest Servicer ranking and was named the nation's 10th fastest-growing privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. in the annual INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . 500 listing. |
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