Business Loan Protection
Manufacturer of the product is: MAPFRE MSV Life
All businesses who are exposed to the risk of outstanding loans must consider not only how to meet any ongoing repayments but also how to finance full repayment on the death or critical illness of a key individual. Alternatively, if finance has come from a director’s loan account, and the director were to die, then their estate may demand repayment of the outstanding loan.
The MAPFRE MSV Business Loan Protection Plan can provide a business with a cash sum that can be used to help repay a loan on the death or critical illness of a specific employee.
The cost of these loans is actually covered by the business’s income, however, this income can be affected by the loss of certain, often key, individuals or someone who has acted as a guarantor for the loan.
Unpaid loans can result in a loss of confidence by banks. This can have a devastating effect on the business’s ability to grow or even survive.
The MAPFRE MSV Business Loan Protection Plan allows a business to put in place an appropriate solution that will provide funds to repay any borrowings.
- The plan provides life insurance for the length of time that you choose.
- It pays a lump sum upon death of the individual.
- To keep up the premiums throughout the period of cover.
- To give us all the information we ask for throughout the application process and if and when you have to make a claim.
- The Plan only pays on death and you cannot get back the premiums you have paid.
- If you do not truthfully provide all the information we ask for, we might not pay the lump sum on your death.
- If you stop paying the premiums your cover would stop 30 days after the payment was missed.