Loan Protection
This cover funds the repayment of business loans if a shareholder or business partner dies or suffers a terminal illness.
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.
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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