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 have Business Loan Protection cover?
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 cover 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 Cover?
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?
Other Business Protection Products available from The Business Protection Company
Key Person Cover, or Key Man Insurance is a business insuring itself against the financial loss it would suffer if a key person in their business died or had a critical illness.
Share Protection allows the remaining partners, shareholding directors or members to remain in control of the business following the death of a business owner.
A business will is an agreement that usually takes the form of a buy and sell option. It ensures the smooth transition of ownership of a business on the event of death, total and permanent disablement or trauma of an owner.
A Relevant Life Plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It is designed to pay a lump sum if the employee dies whilst employed during the length of the policy.
*Please note for these insurance products terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.