If your business has outstanding borrowings such as a loan, commercial mortgage or director loan account then business loan protection could be help make sure that you can make sensible commercial decisions should a key person die or suffer an earlier critical illness.
What is Business Loan Protection?
Business Loan Protection helps businesses pay an outstanding overdraft, loan or commercial mortgage, should a key person die or become terminally or critically ill.
How does Business Loan Protection work?
Business Loan Protection is a life assurance or life assurance and critical illness policy. It can be taken out on the life of a person/s within your business. When a valid business loan protection claim is made a sum equal to the outstanding debt could be paid to either the business or directly to the lender.
Why do I need Business Loan Protection?
Being unable to repay loans can be a serious problem for a business following the death of a key person. For instance, Director loan accounts should be paid off on death – without business loan protection, where would this money come from?