Looking for Business Loan Protection?
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What are the benefits of business loan protection?
Business loan protection can be used to provide a sum to a company in the event of a key person suffering a critical illness or passing away. That lump sum can then be used to pay off the loan and ensure business continuity.
If a key person should suffer a serious illness or pass away, it can lead to financial difficulty for the company, in some cases to the closure of a business. A business protection loan would enable the company to repay any outstanding debt. In some cases, a personal guarantee is also provided to the lender, such as a family home. A business protection loan serves as a safeguard to shield your family from any adverse impacts in the event that the bank seeks to repossess your home to settle the debt.
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Group life insurance is an employee benefit provided by an employee’s company, which pays out a lump sum to beneficiaries, in the event of their passing.
Key Person Cover
Key person cover is life insurance taken out by a business on the life of a crucial person. It can include critical illness for cancer, heart attack and stroke, as well as many other conditions, depending on the insurer.
Shareholder protection can help to mitigate some of the disruptions to the business. Typically, the cover consists of life insurance; however, it may also include critical illness cover.