Most businesses find their bank have taken a charge over the business or personal guarantees. In the event of the demise of the business owner how does the bank react?

All too often, we meet with clients who have taken business loans with their bank. Frequently the bank has recommended putting life cover in place just in case. This we must normally support but the banks are normally connected with a particular life company which may not be the most economical option.

We met with Mr C recently. Some 3 years ago Mr C had taken a business loan with his bank and covered the loan with life insurance placed by the bank with Scottish Widows. The policy was for a 10-year term. The premium was over £500 per month.

Although now 3 years older we were able to offer the same level of cover with another very well-known British insurer at £90 per month less. A saving of over £1,000 per year or over £10,000 over the 10-year term.

Just a brief telephone call to us and we can provide an appraisal of your life cover and check your policy is well suited for your needs and check for any potential cost savings.