This pandemic has changed the way we live over the short term and will have longer term implications for us all. Many of us will have had direct experience of the effect this virus has had and over time we have learnt that no one is immune. Business has been significantly impacted with some winners and many more losers but we will come out the other side. To help to maintain business generate income and your standard of living there is some government support, many will be considering or have taken a Business Interruption Loan or Bounce Back Loan.
What else should a business consider, what would the banks like to see to encourage them to provide that support and give them the certainty that they will get their money back under any circumstances Bounce Backs loans guaranteed 100% by government, but only 80% of a Business Interruption Loan is guaranteed. You still need to pay it back so what happens if a business owner or key person to the business dies before that the loan is repaid?
Business is successful because of the effort, belief and resourcefulness of the business owner. Without these skills and attributes business will fail regardless of how much money is lent to recover from COVID-19.
How can I protect it?
Critical Illness Cover provides a lump sum when diagnosed with a specified Illness such as cancer, heart attack or stroke. Life cover on the other hand, provides a lump sum if you die.
What’s in it for me?
Helps to get the financial support you need, when you need it. Helps to safeguard you, your family, your business and those who depend on the business, for their financial security.
Find out what you need, what it will cost and make sure that if you claim it will go to the right place. It is also important to get advice on who is the best provider and how it should be arranged – cheapest is not always best.
Why protect a loan?
It provides additional confidence to the bank and helps secure the loan you need. If a business owner dies or becomes critically ill it will help you, your family, your business and others that are dependent on you.
For independent advice on the whole of market, please get in contact.