Many businesses take out loans in order to start the business or to expand its operations. Sometimes, businesses take out a loan to help it get through a difficult time. This includes Commercial Loans and Mortgages, Director’s Loans, Venture Capital Loans and Personal Guarantees. In most cases, the ability to repay these loans depend on a few key people. So, what would happen if one of those people die or suffer from a critical illness? Lenders may have the right to demand the business to repay any outstanding loans immediately. These could be difficult to pay off at a short notice. It could have a great impact on the company’s finances. Therefore, it is important to protect your business in case the unexpected happens. This is where Loan Protection can help.
Loan Protection helps businesses pay outstanding loans when one of the owners die or suffer from a critical illness or injury. Knowing that you have Loan Protection will give you peace of mind that the business will survive should the worst happen. This policy is similar to a personal life insurance that is taken out to cover a mortgage. In most cases, you can insure the full amount with a life cover or a life and critical illness cover.
Our financial adviser can give you free advice and help you determine how much cover you need. If you wish to find out more about Loan Protection, you may call us or click on the ‘Get A Free Quote’ button below.