Like any other human concept, Premium Financing is misconceived in so many ways. It almost seems fair to believe that new myths are made up about it day by day. These myths have stopped many deserving policyholders from attempting to consider premium financing. In this blog post, we will debunk these myths with facts so that you will be able to make an informed decision about premium financing.

Myth 1:  Premium Financing Interest Rates are High.

Fact: Let’s be clear, many loans require one form of interest or the other. Whether you want to obtain a loan to start a business, buy a house, or finance your premium, you should be prepared to pay some interest. But many people do not know that interest rates for premium financing are actually lower than most other loan products. The borrower has a level of control over how much interest is paid.

Myth 2: The Process of Premium Financing is a Rigorous One

Fact: Thanks to technological advancements, you do not have to go through a rigorous process to access premium financing. Many premium financing companies have online facilities that allow you to access their services from your phone or computer in your comfort zone.

Coronation Insurance offers you quick and easy access to premium financing through an approved digital platform at any time.

Myth 3: Premium Financing is for People Who Make a lot of Money

Fact:  Ideally, you need to be a steady income earner before considering premium financing. But this does not mean only people who earn millions can apply for premium financing. As long as you devise a plan that works within your income limit with your insurance company and/or premium financing company, you will have nothing to worry about.

Myth 4: Premium Financing Only Covers Life Insurance

Fact: You can cover premiums on different insurance policies aside from life insurance with premium financing, depending on your insurance company or premium financing company.

Coronation Insurance Premium Finance covers the following insurance products: motor insurance, fire and burglary insurance, marine insurance, and credit life assurance.

The need for a Premium Financing Policy cannot be over-emphasized. Coronation Insurance even makes the process easier and seamless.

For more enquiries, contact 2341-2774500 or email contactcentre@coronationinsurance.com.ng