There are many reasons why a business may require cash, in the form of a loan. Are all your business loans covered by the appropriate life insurance cover?
All businesses who are exposed to the risk of outstanding loans must consider not only how to meet any ongoing repayments but also how to finance full repayment on the death or critical illness of a key individual. Alternatively, if finance has come from a director’s loan account, and the director were to die, then their estate may demand repayment of the outstanding loan.
The MAPFRE MSV Business Loan Protection Plan can provide a business with a cash sum that can be used to help repay a loan on the death or critical illness of a specific employee.
- The plan provides life insurance for the length of time that you choose.
- It pays a lump sum upon death of the individual.