Pay your insurance premium by monthly instalment

Have you ever wondered why you pay for your insurance annually in advance when other business expenses are paid for as you use them?  Think salaries, rent, leases, light and power, fuel: the list goes on.

Premium Funding Background

• Originally an American concept premium funding commenced in the Australian market during the late 1970’s and early 1980’s. 
• Approximately 40% of all insurance premiums are funded in Australia. 
• Made possible to obtain as the premium funding company uses the unexpired portion of the client’s policy as security.

Insurance premium finance smooths the cost of your insurance by enabling you to pay your premiums in regular monthly instalments throughout the policy period at a very competitive rate of interest.

Benefits
The following are just a few of the reasons why premium finance continues to grow in popularity:

• Easier cash-flow management with smaller monthly payments rather than a single up-front payment.
• No encumbrances on existing assets, therefore not impacting on your client’s balance sheet.
• Does not interfere with other credit arrangements.
• Allows capital to be retained for other business opportunities.
• You, the client, are able to claim the “whole” of the GST in your next BAS statement.
• Interest payable on the loan is tax deductible.
• Alternative source of capital.
• Contract is simple to complete and in most instances additional financial information is not required.
• Cash flow is improved by removing the upfront lump sum payment
• Unused capital in reinvested back into your business to create further wealth
• An additional line of credit is created, leaving existing facilities intact
• There is certainty in repayment amount (fixed rate / fixed term)
• Security is generally afforded by the unexpired portion of the policy
• Insurance and interest may be tax deductible (check with your accountant)
• Funding is available on all general insurance, including Workers Compensation
• Single page documentation is easy to understand and complete

Process
The Westcourt General team of professionals can arrange for a quotation for your consideration.  If you proceed, the premiums are paid in full to insurers and your monthly instalments are conveniently deducted via direct debit.

Centrepoint Alliance Ltd

• No original documents! – loans settled on scanned or faxed documents.
• Add endorsements or new covers to existing loans! (No client signature required).
• Loans up to $250,000 with no Financials!  Workers Compensation and General Business on the same Quote / Contract.
• Workers Compensation loans on up to 12 instalments!
• No cheque required for the initial instalment.

Simple, cost effective payment solutions for premiums of any size.