What is Loan Protection?
Business lending - whether secured or not, needs to be repaid. Directors loans, bank finance, hire purchase, or even Coronavirus loans will all need to be paid off over a period of time.
Loan Protection provides your company with the funds to cover the outstanding finance; should you become ill or pass away.
How much do I need?
As the insurers pay the claim tax-free, you should simply consider how much outstanding debt there is in the business. As Loan Protection insurance is often required by the lender, it is also good practice to consider any possible future lending plans too.
I already have personal insurance
Great, but this cover is for Family Protection and will pay differently from Loan Cover. A Loan Protection policy will be arranged in a way that is tax efficient for you and your business.
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