Business Loan Protection?
What is Business Loan Protection?
Business Loan Protection can help businesses pay an outstanding overdraft, loan or commercial mortgage, should a key person die or be diagnosed with a specified critical illness (if chosen) during the length of the policy. It can also pay out on a diagnosis of terminal illness if the definition is met.
How does Business Loan Protection work?
Business Loan Protection is a life assurance policy or a life assurance and critical illness cover policy. It can be taken out on the life of a person within your business. When a valid business loan protection claim is made a sum is paid to help repay an outstanding debt.
Why consider 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?
If your business has outstanding borrowings such as a loan, commercial mortgage or director loan account then Business Loan Protection could help you!
"Business Loan Protection helps businesses pay an outstanding overdraft, loan or commercial mortgage, should a key person die or suffer from a specified critical illness (if chosen) during the length of the policy."
Want to Know more about Business Loan Protection?
Please feel free to book a free consultation with a specialist today.
If you are interested in booking a free consultation in order to discuss how Business Loan Protection Cover can protect your business please get in touch?