Bright Grey has enhanced its business protection menu to cover up to four key people for 100 per cent of the business loan.
The move means each key person can now be insured for the entire loan rather than just their share, as previously allowed.
Bright Grey hopes the enhancement will provide reassurance to small business owners who use their home as security against the loan that the whole loan can be repaid should one of the key people die or suffer a critical illness.
Bright Grey’s Ian Smart says: “Covering multiple lives on business loans ensures that businesses are protected against financial problems should the worst happen, with the whole loan being paid off rather than just a proportion. In addition, it will bring peace of mind to the family of the key person who will no longer be in danger of losing their home if the business cannot repay the balance of the loan in future.”
Income protection insurance: News update: 03/04/2009