Will your family inherit your business debts if you are no longer with them?
Many business owners are personally responsible for business loans, leaving their families in a perilous position if they die or are no longer able to work due to permanent disability. How are your business loans structured? Will your family inherit the liability and how will they pay for it?
The best way to protect your family from inheriting a business debt is to put in place Life and TPD insurance as a form of “loan protection”. Insurance used in this way can provide funds to pay out any loans to your business if you die or become permanently disabled and can no longer work. This leaves your family with financial security and protects your personal wealth.
Talk to one of our experienced advisers today to ensure you have adequate business loan protection insurance in place.