#OCFN ~ Omega Asset Management
Premium Finance Operations
The purpose of this company is to engage in all activities specifically centered around and without limitation to Life Insurance Premium Financing in addition to providing loans collateralized by Eligible Collateral and/or the Guaranteed Cash Surrender Value ( “GCSV”) of a life insurance contract within the United States and globally. Life Insurance Premium Financing entails the lending of funds to a person or company in order to cover the cost of an insurance premium mainly devoted to financing life insurance policies as part of their estate planning. In addition to financing life insurance premiums, the company shall also monetize and access existing GCSV values in existing inforce life insurance contracts. The individual or company requesting insurance must sign a loan agreement with Omega. The loan arrangement may last from one year up to the life of the policy. Omega shall then pay the planned premiums directly to the insurance company, usually in monthly, quarterly, or annual installments, or in predetermined sums. In cases where there are existing GCSVs of inforce or paid-up life insurance contracts, they are to be pledged to Omega as collateral for a loan. Those loan proceeds are then distributed directly to the borrower. Omega’s client profile of whom shall engage in the premium finance and GCSV lending transaction encompasses the ages of 1 to 121 with a net worth of $5MM (USD) or greater, or a future net worth of $5MM (USD) or greater. Only indexed universal life and whole life contracts will be considered to be eligible collateral. Furthermore, Omega will facilitate the aforementioned financing with a fully collateralized loan arrangement with the intention of holding the life insurance policy and other eligible collateral to maturity or repayment of the outstanding loan. Traditional financing arrangements are generally established for estate liquidity and business continuity purposes. The borrower may decide to implement various exit strategies for the loan, which include but are not limited to using other assets within the estate, using accumulated cash values within the life insurance contract, or the proceeds paid from the life insurance contract’s benefit. Omega shall possess and may exercise all of the powers and privileges granted to it and may also acquire additional portfolios consisting of premium financing loans from outside lenders.
