If your business has any outstanding borrowing such as a loan, commercial mortgage or director loan account then business loan protection could be help make sure that you can make the right 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 it work?
Business Loan Protection is a life assurance or life 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 repaying the debt.
Why do I need Business Loan Protection?
Being unable to repay debts can be a serious problem for a business following the death of a key person. For example, Director loan accounts should be paid off on death – without protection, where would the funds come from?