Business Loan Protection Rider
Help businesses cover a loan during a disability.
In addition to Overhead Expense insurance, the Business Loan Protection (BLP) rider can be added for an additional cost to help cover loans taken out for business-related expenses, such as:
- Purchase or expansion of a practice or business
- Purchase of expensive equipment
- Facility renovations
- An increase in working capital or build-up of inventory
It's available as a cost rider on Overhead Expense insurance policies (HH789 and HH702) - in approved states (DI2696) (PDF). In the event of a total disability, benefits can be assigned to the financial institution holding the loan. This rider offers guaranteed premium rates until the client reaches the Termination Date. It cannot be conditionally renewed beyond the age 65 policy anniversary. Note: This rider is not available in California and is not approved in all states.
Target market
- Small to midsize businesses with up to 8 owners
- Ages 35-55
- Occupation classes 3A/3A-M and above
- Personal service is key to earning business income
Business customer profiles (BB11233) | Order
Resources
- BLP profile (JJ1873) | Order
- BLP highlights for clients (JJ1368) | Order
Working with Principal®
We’re more than just products. It’s about the service you’ll receive from Principal and the experience, education, and ease of doing business to help you succeed with IDI.
- Get direct access to your local IDI wholesaling team (800-654-4278, option 2,2).
- Access underwriting and submitting business resources (800-654-4278, options 3,3).
- Get claims information (800-654-4278, options 4,3,4).
Important Information
For financial professional information only. This summary is not a complete statement of the rights, benefits, limitations, and exclusions of the coverage described here. For cost and coverage details, contact your Principal® representative.
3150420-102023