Small Business Bank Loan Disability Insurance
Being the owner of a small business requires a lot of your time and financial
resources, which is stressful enough. In the event that you became disabled,
would you have the necessary funds to cover all of your monthly business and
living expenses? If you are unable to work because you are disabled, there is
undoubtedly going to be less money coming in, making it difficult to meet your
monthly obligations.
What is a Bank Loan Disability Insurance Policy?
The main purpose of a Small Business Bank Loan Disability Insurance Policy is
to make sure that you do not have to choose between your personal finances
and your business finances. You won’t be forced to sacrifice your mortgage
payment or a payment on your business loan month to month. It is a fallback plan
that you can utilize to relieve the financial stress and anxiety associated with
experiencing a disability.
Understanding a Bank Loan Disability Insurance Policy
If you do not have the personal funds to start your business, you will need to rely
on a small business bank loan. Most lenders will require you to sign up for a
disability insurance policy before you are granted your loan. It is important to
realize, that even though you may believe you have total coverage with your
current personal disability policy, it is only intended to help you with your
everyday living expenses.
In most cases you can be sure that your personal disability insurance will not
include coverage for payments towards your business loan. This is where your
Small Bank Loan Disability Insurance Policy comes into play. In the event that
you, the policyholder, become disabled, a Bank Loan Disability Insurance Policy
will fund the money needed to cover your monthly business loan payment. This
type of coverage is essential for your business and will prevent you from
incurring more debt as a result of your disability.
If you are interested in learning more about how a Bank Loan Disability
Insurance Policy can help you to save your business and allow you to focus on
your health instead of your finances, contact us today!
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