Allianz Premium Finance Program Re-Opening + New Guidelines

We are excited to announce that we reopened our traditional premium finance program effective January 31. Since Allianz stopped accepting traditional premium financing business last July, we have been analyzing our block of business as well as our practices related to premium financing. We have made the determination that there will be new requirements and guidelines.

Please note the following changes that have been implemented since business resumes:

• We are requiring agent training for anyone who will be submitting a premium financed policy with us, effect 3/1/2022. Allianz will reject any cases submitted on or after 3/12022 that have agents on the application that have not completed the training. The link to the training can be found here:  https://www.brainshark.com/allianzlifedtt/vu?pi=zIFzlgThBzNaaTz0
• New loan ledger standards. We have been communicating with our premium finance vendors on the new requirements and on how they can implement the changes.
• A new client checklist will be part of the application process. There’s no action required on your part, rather a heads-up that this checklist will now be required to be signed by the client before a policy is put inforce.
• We will no longer accept issue ages above 60; new issue ages 18 – 60.

• Minimum net worth to qualify for the program is $5 million for individuals and $10 million per household if there is more than one applicant.
• Please provide a copy of full trust documents/operating agreements (LLCs, Businesses, etc.) if involved in application in any capacity. If not provided, underwriting may request prior to approval.
• Provide a cover letter explaining the design, rational for financing and the client’s out of pocket percentage for their loan. If out of pocket percentage is not provided, underwriting may request prior to approval.
• Provide two illustrations, one that reflects the policy being financed and the second reflecting no financing.
• We are no longer permitting designs where all or most of the interest is rolled up into the loan. Please contact your divisional vice president if you have questions about this.