Business owners often have to borrow money from the banks or other financial institutions, for one or the other reason.
Although these lenders/banks lend money based on business owner/ business’s credit worthiness, however they often demand for collateral insurance coverage to ensure that in case of premature death of the borrower (the business owner) lender could recover their funds.
Usually banks or lenders prefer the permanent life insurance but a term insurance equal to the loan term is often does the job at most affordable cost.
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