Business Loan Protection
If your business has outstanding borrowings such as a loan, commercial mortgage or director loan account, how will you continue the payments in the event of the death of a key person within the business? Did you know that directors loan accounts are to be repaid on death?
In the event of the death of a key person or director Business Loan Protection could help you.
What is Business Loan Protection?
In the event that a key person or Director dies/ is diagnosed with a terminal illness Business Loan Protection helps pay an outstanding overdraft, loan or commercial mortgage.
How does Business Loan Protection work?
Business Loan Protection is a life assurance. 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 is paid to help ease any outstanding business debts.
Why consider Business Loan Protection?
The death of a key person or director within any business carries with it some serious impacts. Directors loan accounts are payable on death, finding this money whilst also funding the costs of replacing the person who has died can be a huge financial strain on a business. Business Loan Protection is designed specifically to combat these issues.