Business Loanguard

When you're taking out a business loan or overdraft, it makes sense to buy a little extra peace of mind.

Business Loanguard

• Provides protection against the death, sickness or injury of its owners, partners, directors and key employees.
• When you have arranged a business loan with The Royal Bank of Scotland, you can also choose to select a level of benefit adequate to repay the initial loan.
• Cover is provided in units, each of which provides £1,000 Life and Permanent Total Disablement Insurance Benefit, and £50 per month Disability Insurance Benefit for Business Loans and £25 per month for Business Overdrafts.

Are you eligible?

To be eligible for insurance each nominated person must, at the date his or her insurance starts or increases, be: -

• aged at least 18 and under 65,
• in work for the business on a permanent basis for at least 16 hours per week,
• not absent from work because of injury or sickness, and not receiving state retirement benefit.

Provides Cover:

• If a nominated person is absent from work, because they are injured or sick, for at least 30 consecutive days, the insurers will pay an amount equal to 1/30th of the selected monthly benefit for each day of disability starting with the first day of disability.
• If a nominated person dies during the term of the loan Business Loanguard will repay the loan excluding arrears.
• If a nominated person is permanently and totally disabled solely due to an accident occurring during the period of the insurance, and is unable after 78 weeks to follow any occupation, the selected Permanent Total Disablement Benefit will be paid.

How much will Business Loanguard Cost you?

Each unit of cover costs £2.30 per month for each nominated person for Business Loans and £2.00 per unit per month for business overdrafts.

As with all insurances there are some exclusions, but they have been kept to a minimum. The main exclusions are claims arising from:

• any pre-existing medical condition a nominated person may have (i.e. a medical condition which the nominated person knew about, or should reasonably have been aware of at the start of his/her insurance, or for which he/she had seen or arranged to see a doctor about, in the 12 months immediately before the start of insurance).
• pregnancy, childbirth unless caused by a medical complication.
• alcohol or drug abuse, HIV or any related illness, including AIDS.

Business Loanguard is underwritten by Royal Scottish Assurance plc (life benefits) and Norwich Union Insurance Company Limited (disability benefits).