If an overdraft, loan or commercial mortgage is unable to be repaid due to the loss of a key person, it can have huge implications for the business.
As its name suggests, Business Loan Protection is a type of insurance designed to repay all or part of a business’s debts upon death of the life insured. It is taken out to provide cover against death or a critical illness (where that option is chosen) that could adversely affect a business’s ability to repay its borrowings.