SMART PLANNING FOR SMART BUSINESSES
What is loan protection?
One of the biggest challenges to the success of many businesses is finding the money to set up or expand. And if you’re not fortunate enough to find someone willing to invest in your business, you may have to borrow to realise your plans.
Quite often your ability to repay any borrowing depends on one or two key people in your business.
If these people were off work for a long time, sales might fall, customers may go elsewhere and profits could drop making the repayment of these debts very difficult. The pressure of trying to run your business and deal with mounting debts is likely to take its toll.
Why have loan protection?
If you have protection in place to cover the loan, you’re making sure that even if a key person suddenly becomes ill or dies, the loan will be paid off.
And although you may think you have enough savings and investments to rely on, they’re likely to run out more quickly than you’d expect.
With the right cover in place, if you or a key person were to die or be diagnosed with a critical illness you could…
Recruit a temporary or permanent replacement
Train one of your other employees to step into the key person’s shoes
“Half of being smart is knowing what you are dumb about.”
Ablestoke’s Registration Number is: OC367708 and Place of Registration is: England. The Company Registered Office is : Admirals Offices, Main Gate Road, The Historic Dockyard, Chatham, Kent, ME4 4TZ.
Ablestoke Financial Planning LLP is an appointed representative of Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited, which is authorised and regulated by the Financial Conduct Authority. Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited are entered on the FCA register (https://www.fca.org.uk/register/) under reference 440703 and 440718.
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.