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 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 only pays on death and you cannot get back the premiums you have paid.
- If you do not truthfully provide all the information we ask for, we might not pay the lump sum on your death.
- If you stop paying the premiums your cover would stop 30 days after the payment was missed.