Business Loan Protection | Disability Insurance

During a total disability, this policy provides reimbursement coverage for a variety of business-related financial loan obligations, such as:

  • Purchase of a practice or existing business                    
  • Facility renovations and improvements
  • Purchase of a large piece of equipment                          
  • An increase in working capital or build up of inventory
  • Expansion of the business or practice                             
  • Purchase of building or land

Types of loans not covered: line of credit, credit card, revolving line of credit, interest only

 

Benefits To The Borrower

  • Helps them keep the doors of their business open
  • Creates goodwill among their customers, employees, stakeholders and creditors
  • May help them uphold their financial obligation and maintain their credit rating
  • Benefits are a deductible expense for the borrower

 

Benefits To The Lender

  • Helps your institution manage risk – transfers the risk of all or part of the loan obligation to Principal Life
  • Helps ensure you continue to receive loan payments in the event of a borrower’s total disability
  • May help you extend loans to additional borrowers
  • Benefits can be assigned to the financial institution holding the loan, allowing for a direct benefit payment
 

 

 

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