Business debt for lorries
Our client needed to protect against the commercial debts for lorries being recalled on death of the managing director.
Client: Business debt for lorries
Location: Medway
Service: Debt protection
Description
Our construction industry client had recently taken out commercial finance to purchase some lorries as the old ones had become too old. The company recognizes the importance of protecting their business in the event of the death of their sole director and wanted to take out life insurance to pay the lender back in case of such an unfortunate event.
Key Challenges
The key areas causing concern was that the client had been through several tests for a hereditary illness present on his mothers side. This required specialised reports and testing to ascertain the health of the client.
Outcome
Through pre-sales underwriting we were able to get a good indication of the terms that would be offered and make a decision regarding who we applied through. Given there were two insurers coming in very closely to one another and both were competitively priced, we did two applications and after simultaneous underwriting, we were able to select the option that was most attractive to the client. Ultimately we were able to provide cover for the client to protect against the debt being recalled just after the managing directors death, should it occur during the term.