Business loan protection
Businesses will often take out loans to start up or expand a business with the repayment responsibility lying with a few key persons. Critical illness or death of a key person can leave behind outstanding loans, commercial mortgages and overdrafts which can cause serious problems. Business loan protection can help your business to pay such outstanding debt in this eventuality.
Business loan protection policies are usually issued on a decreasing term or level basis and pay a cash lump-sum upon the death of the life assured, or upon diagnosis of a specified serious illness if it occurs during the term of the policy.