Commercial Credit Life Insurance
What is Commercial Credit Life Insurance?
Why should I have Commercial Credit Life Insurance?
- Commercial Credit Life Insurance helps a company to continue its operations in the event of the loss of life of the owner or partner.
- After deducting any credit debt, any remaining balance from the compensation is paid to your beneficiaries by the bank.
- You can deduct the premiums you have paid from your taxable income, to obtain tax advantages.
Life Risks Insurance provides two types of coverage:
Life Risks Coverage: In the that event the policyholder develops any of the covered conditions and becomes permanently disabled as a result of the condition or an accident, payment will be made upon the diagnosis of condition or upon documented proof of disability.
Loss of Life Coverage: In the event that the policyholder loses his/ her life, the payment will be made to their beneficiaries.
What You Need to Know
- The period of the insurance contract is one year.
- Anyone between the ages of 18 - 69 who is a company owner or partner with business credits taken out on behalf of the company may apply for Commercial Credit Life Insurance.
- Insurance premium amounts vary depending on the coverage and age.
- Insurance premiums may be charged to an account or credit card, either in a lump sum payment or in installments.