Business Loan Protection
If your business has outstanding borrowings such as a loan, commercial mortgage or director loan account then Business Loan Protection could help you.
- 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 our 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?