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Business loan protection is a policy paid for by the business which allows an individual, or group of individuals (e.g. Directors) to put cover in place so that should they die or be critically ill, their loan obligations will be met. Either by repaying the full loan or covering the payments for a set period of time to allow the business to restructure.

This is often used in scenarios such as buying premises or a management buyout of a business.

A level term policy can be used for interest only loans, or a decreasing term for repayment loans (such as a repayment mortgage). The interest level for repayment loans can be set to match that of your loan, to ensure you are never in a position where there is a shortfall on the pay out of the policy against the amount owed.

The policy is paid for by the company and is an allowable expense.

In order to ensure you have the correct product to meet your needs, we would highly recommend discussing the details of your loan and your future business plans with an adviser to make sure you get the right cover, with the most suitable insurer, without paying for benefits that are not required.

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Haven Financial Solutions Limited

Head Office
41 Seldown Lane
Poole
Dorset
BH15 1UA

01202 082 380

info@havenfs.co.uk

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