If a business owner dies or suffers a terminal illness, lenders may have the right to demand that any outstanding loans are paid back.
Should a business owner die or suffer from a terminal illness, lenders may have the right to demand that any outstanding loans are paid back immediately. This could have a major impact on cashflow, or simply not viable.
Insurers would provide you with a lump sum that would enable the business to repay outstanding business loans, some of which may have been personal guarantees or have to be repaid when someone dies. This protection also helps when trying to source additional lending.
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