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Business Loan Protection Insurance
There are a few different types of business loan protection, each with their own pros and cons. Business loans are a very common source of finance for many different companies. Business Loan Protection Insurance is an essential piece of protection for any business that has taken out finance.
What is business loan protection insurance?
There are a few different types of business loan protection - however, they are all designed to provide a financial lifeline should a key person die.
Let us guide you through the process
Why do you need business loan protection insurance?
Business loans are a very common source of finance for many companies. In the event of a key person or owner leaving the business, such as through a critical illness or death, your loan provider could make this situation even worse by requesting any business loans to be repaid, particularly if personal guarantees were made.
For cover meant to cover any outstanding business debts, then this type of life insurance will provide a lump sum payment to pay off any outstanding business debts if an owner or key person becomes seriously ill or passes away. It can cover most types of corporate debt, including bridging finance, commercial mortgages, overdrafts, and venture capital.
There is also key person/keyman insurance. The main difference between the two however is that with key person insurance, lump sum payments are intended to cover the cost of replacing or surviving the key person. However, with business loan protection, the lump sum payout is solely intended for paying off outstanding debt
There are also tax differences between the two types of life insurance, and we would recommend you discuss this with your accountant or tax adviser.
With all the options and variations out there it is important you get impartial advice before taking out cover, to ensure it covers what you want and you understand all it has to offer. This is where we at Woodason Financial Services can help you.
We will assess all your options, taking into account what you want protected, and will then come back to you with a bespoke solution that covers all your needs. We will work with you to ensure that not only does the solution work for you, but that it also works for your budget - there is no point in taking out insurance that you cannot afford to keep paying for.
Best of all? We will do this all for you without charging you a single penny.
Online comparison sites will not have the insight or knowledge that an insurance adviser will. Speak to an adviser today and ensure you are getting the right insurance for your needs, and that you understand exactly what you are protected against.
At Woodason Financial Services we have in-depth knowledge of what is possible with many insurers, including specific niche circumstances. For example, we could:
• Get you insurance with no medical underwriting
• Bundle multiple policies with one insurer, reducing the total cost
• Arrange insurance for both you and your business
• Get you insurance when you have been declined elsewhere
• ...and many more!
Contact us today and find out how Woodason Financial Services can help you, completely for free.
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IMPORTANT INFORMATION
Think carefully before securing other debts against your home. Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage repayments.
We may charge a fee for mortgage advice in exceptional circumstances. The amount we charge will be confirmed before any charge is incurred. Please refer to the Terms of Business or contact us for further information.
woodason.co.uk is a trading name of Thanet Mortgages Limited which is authorised and regulated by the Financial Conduct Authority. Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it. Think carefully before securing other debts against your home. Not all forms of bridging finance, secured loans, buy to let and commercial mortgages are regulated by the Financial Conduct Authority.
Woodason Financial Services Limited is never directly compensated to provide opinions on products, services, websites, and various other topics. The views and opinions expressed on this website are purely those of the authors. If we claim or appear to be experts on a certain topic or product or service area, we will only endorse products or services that we believe, based on our expertise, are worthy of such endorsement. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer or provider.
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Registered address: 76 High Street, Brierley Hill, West Midlands, United Kingdom, DY5 3AW.
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