Key Person Loan Protection
Being unable to repay loans can be a serious problem for a business following the death of a key person. As a business owner you may have given a personal guarantee or even used your home as security; the loss of yourself or any person who have guaranteed a loan can be particularly serious for a business.
If finance has come from a director’s loan account, your estate or business partners’ estate may demand repayment of the loan on death. By taking out Key Person Business loan protection, it can provide the funds to ensure that these outstanding loans can be repaid in full should the guarantor die or suffer a critical illness.
To proceed, or seek more information, please speak to our independent financial advisers at People and Business. Click here