Slide 1: Manny Vidal, Slide 2: Manny's daughter, Danielle Vidal, Slide 3: Manny's son, Manual "Chino" Vidal
Manny Vidal
In the dynamic landscape of insurance, certain innovators stand out for their transformative impact. Among them is Manny Vidal, the visionary founder and CEO of Premium Finance Group LLC (PFG), a Florida-based company that emerged in 2002 after Manny identified a crucial gap in the market—a need for funding large insurance policies for high-net-worth individuals.
Founded with a steadfast commitment to excellence, PFG is driven by a relentless desire to set new standards in class and service provision. They are not just a player in the game—they are a game-changer. At the heart of their success lies a unique approach to premium financing for life insurance policies in the United States. Recognizing the distinct needs of high-net-worth individuals seeking extensive coverage for family and wealth protection, PFG funds 100% of the premium cost on behalf of its clients. This groundbreaking model allows clients to pay only the interest on the loan, ensuring comprehensive protection while preserving their hard-earned assets—a strategy akin to a 10-year interest-only loan.
Manny’s illustrious career spans over three decades, during which he has honed his expertise as a top producer and insurance advisor. His journey commenced in the realm of banking, where he served as vice president at Citigroup, spearheading successful introductions of financial products across Latin America. Transitioning seamlessly into the insurance sector, Manny’s tenure at AXA-Equitable Life Insurance saw him consistently ranked among the company's top 10 producers nationwide, earning accolades such as induction into the AXA Advisors Hall of Fame in 1995. Manny’s pursuit of excellence then led him to John Hancock, where he played a pivotal role in establishing the #1 Life Insurance Premium Finance platform in the country as managing director.
We spoke with Manny to learn more about PFG’s unique model and why it has been embraced by high-net-worth individuals across the country.
Manny, what inspired you to start PFG?
When I introduced our fully funded insurance product to the market in 2002, I recognized its potential to revolutionize the industry. Witnessing the reluctance of affluent individuals to shoulder high premiums, I foresaw a seismic shift in mindset.
There was a pivotal moment when one of the largest law firms in the U.S. reached out to me. They said, "You're one of three insurance professionals we're considering for a client requiring $50M of insurance." I seized the opportunity to differentiate myself by offering to cover the premium on behalf of their client, thus saving them a substantial sum. Leaving my proposal with them, I awaited their response. Within three days, they called me back, instructing me to proceed with the order. In that instant, I realized the transformative potential of this approach. This marked the beginning of a paradigm shift in how affluent individuals perceive life insurance. Notably, that client—a prominent entertainer—remains with me to this day.
What makes your PFG’s life insurance model unique?
We execute a comprehensive life insurance strategy that addresses the concerns and fulfills the needs of the affluent. There's simply no other product on the market that empowers individuals to safeguard their hard-earned wealth while ensuring the well-being of their heirs. This distinction is paramount.
The spectrum of circumstances is vast—chief among them is the challenge of liquidity. Despite substantial net worth, most assets are often illiquid—tied up in real estate, investments, or businesses. Consider a scenario where one's net worth amounts to $200 million. In the event of death, facing an estate tax bill of approx. $40 million poses a significant dilemma. How will heirs manage this liquidity crisis? Selling assets hastily, divesting portions of the family business, or resorting to borrowing become urgent imperatives.
The plight of the Robbie family, renowned for founding the Miami Dolphins, serves as a poignant illustration. Following the passing of both parents within months of each other, the heirs confronted a daunting tax bill that needed to be paid within a nine-month timeframe. However, the bulk of their wealth was tied up in the Dolphins franchise. Forced to sell the team for approximately $150 million minus the debt, plus what they paid to settle the taxes, the heirs were left with a fraction of their inheritance. Had the parents secured life insurance, the outcome could have been drastically different. His children would have retained ownership of the Dolphins—a venture now valued at $6 billion. The disparity is stark and profoundly disheartening.
Your unique life insurance product has been a game-changer for your high-net-worth clients—and their families. How does it work?
We offer a unique proposition: our clients need not concern themselves with the burden of paying life insurance premiums. Instead, we shoulder that responsibility, with the premiums covered by the lender while the policy cash values serve as collateral. When engaging with individuals of substantial net worth, we often pose a critical question: "Why have you not considered acquiring a life insurance policy to provide liquidity for your heirs, ensuring they can meet estate taxes and maintain their lifestyle without liquidating assets?" The common refrain we encounter is the perceived high cost of premiums. To their astonishment, we counter, "No need to worry, we'll cover it for you." This revelation invariably garners awe and appreciation. Further, by collaborating with esteemed Major Money Center Banks as well as Regional Banks we facilitate a streamlined process wherein they extend a loan to the client, covering 100% of the premium costs. In turn, the client is responsible solely for the interest on the loan, since the repayment of the principal amount also comes from the life insurance product itself, resulting in a savings of up to 70% compared to traditional policy payments —a significant reduction in financial outlay.
Manny Vidal
Founder & CEO
Premium Finance Group LLC
Website: https://premiumfinancegroup.com