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Does your business have borrowings such as a loan, overdraft or commercial mortgage?
It may be worth reviewing where this money will come from. Remember the company's capacity to borrow could be impacted by the loss of any individual who contributes substantially to profits. Market conditions may not be favorable to lending at the time of death or critical illness. Personal guarantees may be risky.
Loan protection
This cover funds the repayment of business loans if a shareholder or business partner dies or suffers a terminal illness.
Why take it?

Director loans should be paid off on death. This can include overdrafts, loans and commercial mortgages.

Where will the funds come from without adequate insurance, particularly if the deceased person's estate cannot afford to meet their obligations? Then the responsibility will fall back upon the company.

You can receive funds to pay off outstanding debts with this cover.

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Key Person Cover If a vital employee dies or becomes terminally ill that can hit your profits. You get a lump sum payment to replace lost profit or fund the recruitment of a replacement Shareholder and Business Partner Protection If a shareholder or business partner dies their shares may pass to someone who wants to sell them or become active in the business. You get funds to purchase those shares