What is Business Loan Protection?
The loss of the person or people who have guaranteed a loan is particulary serious for a business. Business Loan Protection helps your client pay an outstanding overdraft, loan or commercial mortgage, should the guarantor die or become terminally or critically ill (if critical illness cover is chosen as an additional option).
How Does Business Loan Protection Work?
Business Loan Protection is life assurance (sometimes life assurance and critical illness cover) written on the life of an individual or individuals. When a valid Business Loan Protection claim is made, a sum equal to the outstanding debt could be paid to either the business or directly to the lender.