How is Group Life Insurance Taxed?
Question asked by Tina Pearson
Is Business Loan Protection Compulsory?
We have taken out a sizeable business loan. I am wondering whether it is mandatory or just best practice to insure outstanding corporate debt?
Question asked by Claire Cook
11/06/2020
No, Business Loan Insurance is not mandatory.
However, it’s true that many banks require Business Loan Insurance before agreeing to a business loan. This is because they want to make sure their loan will be repaid even if you pass away and your business suffers as a result.
You’ll know if your bank requires Business Loan Protection as a stipulation of your loan. Either the bank will have mentioned it or it will be in your loan agreement.
It’s always worth asking an independent insurance adviser for quotes rather than going with the cover the bank offers. This is because the bank may be tied to a few or even just one insurer, limiting the scope of their search. As a result, the bank may not find you the best deal.
Frequently Asked Questions
Who is required to provide a workplace pension in the UK?
Question asked by Stephen Carter
What is a P11D or Benefit in Kind?
Question asked by Laura Grisham
What's the Difference Between Group Life and Individual Life Insurance?
Question asked by Ms K Prajapati
Is Death In Service Benefit Compulsory?
Question asked by Grace Hersh
What Is A Free Cover Limit With Group Insurance?
Question asked by Darrell Plant
Contact Us
LondonBrighton
Head Office & Pensions and Investments
Senator House
85 Queen Victoria Street
London
EC4V 4AB
85 Queen Victoria Street
London
EC4V 4AB
Personal Insurance & Accounts Payable
Telecom House
125-135 Preston Road
Brighton
BN1 6AF
125-135 Preston Road
Brighton
BN1 6AF
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