Disability Insurance For Business Loans

We receive requests for disability insurance quotes everyday from people who do not tell us the reason why they are requesting a quote. If the reason you want a quote is to insure a loan you are taking out for your business, Guardian has an entirely different product specifically made for you. The Business Reducing Term * disability insurance product issued by Guardian is an excellent choice for people who need to have disability insurance specifically for a business loan.

Do not make the mistake of purchasing an individual disability insurance product if your bank, or lending institution tells you that they require disability insurance on you before they will give you a loan for your business. Personal disability income insurance should be for your home mortgage, putting food on the table, and paying your personal medical bills in the event of a disability. If you are using your personal disability income policy to payback a business loan you have set yourself up for a potential disaster. If you purchase a Business Reducing Term policy from Guardian in addition to your personal policy, should you ever become disabled the BRT will make payments on your monthly loan obligation, and your personal disability insurance will be able to do what it is supposed to do.

The best part about the BRT product is that the price is less than most individual disability insurance products, and is customized to work with your business loan. If you have a $250,000 loan that you are paying off over ten years, then your Business Reducing Term disability insurance policy will have a ten year benefit period. The benefit period under this policy reduces each year to match the remaining period on the loan or other obligation. The actual loss payee of the policy is the bank or lending institution. Should you ever become disabled under the terms of the policy, the money goes directly to paying off your scheduled monthly loan obligation.

If you are expanding your business, buying a business, or buying into an existing business make sure that you protect yourself in the event of a disability. The bank will expect a monthly payment even if you are disabled. In order to protect your financial security make sure that you protect your business loan with a Guardian Business Reducing Term policy. When you request a quote from our web site, indicate that you want a Business Reducing Term quote. Please also let us know your scheduled monthly payments and for how long you will be making payments.

* Policy Form AH55-A provided by The Guardian Life Insurance Company of America, New York, NY.

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