If you’ve taken out loans to grow your business, those debts don’t just disappear if you pass away. Business loan protection ensures your company can pay off its obligations without burdening your partners or family.

This coverage is usually a life insurance policy that names the lender or the business as the beneficiary. If the insured passes away, the policy pays off the outstanding loan balance, keeping the business financially stable and preserving relationships with creditors.

Business owners choose loan protection to safeguard their investments, reassure lenders, and avoid putting personal assets at risk.

A construction company owner had a $750,000 equipment loan. When he passed unexpectedly, his business loan protection policy paid off the debt, allowing the company to keep operating and protect the jobs of its employees.

Business loan protection can give you and your lenders peace of mind that your company’s future is secure.