Helps pay off an outstanding overdraft, loan or commercial mortgage in the event of death or critical illness.
Who is the guarantor for each loan?
What happens if they die or become critically ill?
How would you fund that repayment?
51% of businesses
have some form of borrowing
25% of business owners
are unaware director loan accounts need to be repaid on death
68% of business owners
have not taken out any life insurance to ensure that director loans could be repaid.
Statistics from a Legal & General survey, 2013
Questions to ask yourself:
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If you start a policy, we will be paid a commission by the insurance company. The insurance company will usually pay for any doctor's fees if reports are required.