Borrowing money is common practice in growing and running a business. In terms of their credit policies, South African banks and other financiers usually require the owner of a business to sign surety on behalf of the business to secure a loan. This means that you, the business owner, or your estate will be personally responsible for repaying this debt, should you become disabled or pass away before the loan is paid back in full. In order to repay the business’s debt, you or the executor of your estate may have to use capital that was intended to take care of your family, leaving them unprotected.
Sanlam’s Surety Cover protects your estate against creditors of the business, for which you signed surety, in the event of your death or disability.
