Life insurance to protect a business partner -
How would your business partner fair financially after the upheaval caused by your death?
How much business debt would currently be outstanding at the date of your death?
How much capital would be required in the short term to take account of the reduction in profits that your death might cause?
How much capital might be required for the recruitment costs of an individual capable of completing the work you used to do for the business?
How much capital might be required to cover the first 6 to 12 months wage of that individual whilst they settle in to their new role?
How much would you expect your business partner to pay your beneficiaries to effectively buy out your share of the business?
Once you have had chance to consider all of the above you will be in a far better position to work out exactly what level of life insurance you might need.
Until you have a good idea of how much your dependants or a business partner would need, it's difficult to know if you will be getting quotes for the right amount of life insurance most relevant to your actual needs.
