If companies borrow money from lenders, it is reasonable to want to cover repaying some, or all of that loan if a key person dies or has a severe illness. If you lend money to your own business as a Director's or Partner's loan account, this may also need to be repaid on death. Personal guarantees can also mean that personal assets, including homes and business premises, could be put at risk if the loan defaults due to the death of a key worker, and some businesses may not have the funds to deal with this.
The Loan Protection we offer via VitalityLife means that this worry is taken care of. If a key worker or owner of the business dies or falls seriously ill, it will provide a lump sum to cover your business loans or credit facilities. With a Guaranteed Insurability option, you can also increase your cover in line with an increasing loan. Choosing this option would mean that your premiums will increase depending on the increase of additional cover needed.Get A Quote