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Debt protection

Make sure your business can meet its debt repayments, even after key person loss

As you’ll know, it’s vital to the ongoing success of your business to meet the repayments on your business debts, and to have the funds to repay the total outstanding amounts. However, if you, one of your co-owners or a key staff member was disabled, died or suffered a specified major trauma, it could quickly derail your business.

Debt protection can help you repay your business debts if the unexpected happens, allowing you to focus on other important business decisions.

This might suit you if…

  • you’re a business owner or partner 
  • your business has debts and you may not be able to continue with contractual repayments if you or a key person was disabled, died or suffered a specified major trauma
  • you have signed a personal guarantee for major borrowings and upon death would like financial assistance with the repayment of debts to prevent impact on your personal assets.

Here’s what you get:

  • A lump sum payment at an agreed amount to help meet your business’ debt obligations following the loss of a business owner or key staff member due to disablement, death or a specified major trauma.

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0800 267 263

Monday to Friday
8:00am - 5:00pm

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How much your cover costs depends on a number of factors. To get a quote, speak to an Adviser who can take your financial situation and needs into consideration.

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Is your business protected against debt?

If you, one of your co-owners or a key staff member suffered a specified major trauma, became disabled, or died, that can severely affect your business. The loss impacts on your revenue – which, in turn, impacts on your business’ ability to meet debt repayments.

If the worst happens, and the loss is permanent, then you may find your business needs to repay a total debt.

Debt protection means that whatever happens, you’ll have some financial support to meet your business’ debt repayment obligations.

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Would your business be able to cope?

If your business relies on funding for support with day-to-day cash flow and the capital funding of assets, it’ll typically come from a variety of sources:

- the business owners
- the bank
- your suppliers
- sales.
If you’re able to meet your debt repayments, your business will continue to run smoothly. However, should the unexpected happen to you, your co-owners or a key staff member and your business fails to meet debt repayments, your key relationships can deteriorate.
It pays to have a plan to ensure that you can always meet your debt repayments.

Having a debt protection plan makes good business sense. It’s likely that you and your co-owners have signed personal guarantees for any major borrowings – making you personally liable for any debts.

Debt protection cover can help you repay your business’ debts in case of the unexpected. This means one of your financial worries can be lessened. It also allows you to concentrate on other important business decisions in the wake of the loss of an owner or a key staff member.


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Apply for business protection

If you want to maintain your business’ ability to meet your business’ debt repayments, it’s good to talk to an Adviser. They can talk you through the different options and help you decide which suits you and your business best.

Find an Adviser
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Important information

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This information provides a general summary of the key features of the products described and is subject to change without notice. Terms, conditions, criteria, definitions and exclusions apply as set out in the relevant policy document and schedule. In addition, waiting periods, qualifying periods, no claims periods, and/or survival periods may apply. Full details are set out in the policy document and schedule, which is available on request. Applications for cover are subject to approval by AMP Life Underwriting. 

The content on this website is for information only. The information is of a general nature and does not constitute financial advice or other professional advice. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances. While care has been taken to supply information on this website that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission.

A disclosure statement is available from your Adviser, on request and free of charge.