What would happen to your retirement if your new business partner could no longer afford the purchase agreement because of a disability?
LOAN INDEMNITY DISABILITY INSURANCE (aka Loan Protection) is designed to pay the lender the required payment in the event of disabling illness or injury.
Loan Protection is typically used by retiring professionals who are receiving loan payments from a next-generation buyer. Oftentimes the retired seller will insure the buyer with Loan Protection coverage so that the retired seller can count of receiving their payments in the event of disability.
Loan Protection is also important for working professionals who do not want to use their own personal disability insurance benefit to cover the cost of business loans.