Products/Insuring loans...

Commercial and Agricultural Loans

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Insuring the lives of your farmers and ranchers to whom you make ag loans is a critical part of your lending practice. It is not only critical as a risk management tool for your bank, but it is also a crucial service to the agribusiness industry that is part of the backbone of your customer base.

Key Executive Coverage, along with Creditor Protection, serves many needs for your customers, now and for the future. In addition to providing the assurance that their loans with your bank will paid off in the event of their death, they also can use those same PrimeLenders products to serve the following needs:

  • Funding for business succession planning for transfer of the business to the future family generations
  • Provision for orderly business succession planning to surviving partners or stockholders
  • Liquidity for payment of Federal and state inheritance taxes and other transfer costs
  • Funding to replace key people whose death will impair future operations of the business organization
  • Cash for repayment not only of your bank’s loans, but also liabilities to others, to assure a smooth ownership transition following the death of key borrowers
  • Insures lines of credit as well as term loans or amortized debt
  • We have witnessed situations in which proceeds from PrimeLenders life insurance plans have literally saved farms and ranches the livelihoods of families and employees that are so critical to the life blood of your community.

Mortgage Life and Disability Loans

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  • Paperless Application
  • Competitive life and disability rates
  • "Stand-alone" disability coverage also available

Not Everyone is Perfect
Impaired Risk Cases

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When it comes to underwriting life insurance applications, the great majority of your customers will be assessed at some degree of either standard or preferred risk classes. We may encounter situations where blood chemistry or build or family history may not yield the Preferred class for which we applied, but we are generally close to what your customer will accept.

On the other hand, you will encounter a customer from time to time who has serious conditions or medical history that indicate a median life expectancy that takes them out of standard or preferred classes. As professionals, we owe these clients the extra effort to search insurance markets for not only carrier that is not only financially sound, but also has expertise in underwriting the medical history or condition in question.

Unlike your standard risk classes, where a routine application provides most of the information needed to issue the coverage, we need more detail about your customer condition(s) in order to give them an estimate of what their coverage may cost. Please review the list below and select the medical condition or history that best fits your customer's situation. We will provide you with a few questions to ask your client on a confidential no-name basis. With that information we can then shop insurance markets with sufficient data for underwriting officers to make an informed suggestion of the likely insurance costs.

With the information provided by prospective insurers, you can then discuss the case with your customer. If he or she feels that the tentative quote is realistic for their budget and objectives, we will then move to a typical formal application and underwriting process. Using this approach to impaired risk cases saves you and your customer the hassles of filling out form and taking medical exams for numerous insurance companies on to find that none will make a reasonable offer.