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Loans

Business Loan Protection

Boost your business back to life

Protect your business and the people you care about

What happens when a business owner passes away? Or when a key employee has an accident or falls ill? These are situations we never want to imagine, but they happen more often than you might think. And if your business is unprotected, the consequences could be difficult for you and the people you care about.

The good news is you can protect your business with Norvalden Business Loan Protection.

Norvalden Business Loan Protection is simple but effective insurance. If you or another key employee loses the ability to work, Norvalden Business Loan Protection can make regular payments or completely pay off your Norvalden line of credit, loan or credit card. If you or another key employee passes away, your outstanding loan amounts can be paid in full.

This vital protection is available to critical members of your business operations, including:
  • A sole proprietor or partner;
  • A guarantor
  • Shareholders owning at least 10% voting shares of the business
  • A key employee whose contributions are essential to an eligible business entity and without whom the eligible business entity would have difficulty operating.
You can choose Basic Protection or Comprehensive Protection:
  • Basic Protection

    With Basic Protection, your business can receive a life insurance benefit of up to $2,000,000 if an insured person passes away.

  • Comprehensive Protection

    With Comprehensive Protection, your business can receive the following benefits:

    • Life insurance benefit of up to $2,000,000 if an insured person passes away;
    • Disability benefit paid monthly and equal to 1% of the Comprehensive coverage amount if an insured person becomes disabled;
    • Hospitalization benefit equal to 2% of the Comprehensive coverage amount; or
    • Terminal Illness benefit equal to the outstanding balances on your insured borrowings.
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Terms, conditions and fees for accounts, products, programs and services are subject to change. Not all accounts, products, and services as well as pricing described here are available in all jurisdictions or to all customers. Your eligibility for a particular product and service is subject to a final determination by Norvalden. Your country of citizenship, domicile, or residence, may have laws, rules, and regulations that govern or affect your application for and use of our accounts, products and services, including laws and regulations regarding taxes, exchange and/or capital controls that you are responsible for following.