What is Family Income Benefit?
Family Income Benefit is a life insurance policy that pays an income to dependants on the death of the insured. The income is payable for the remainder of the policy term.
These policies are suitable for people with young families who wish to protect against the loss of income provided by either or both parents. On top of the normal cover you can also add critical illness cover, this protects your family if you are taken ill with a serious condition.
How does it work?
If you choose a Family Income Benefit Life Insurance policy your dependants will receive an annual income from the time you die to the end of the policy term.
The income is tax free and the money from your life insurance payout can be used for whatever purpose your dependants require. Premiums can be paid monthly or annually by direct debit from your bank account.
Why purchase Family Income Benefit insurance?
If you were to pass away unexpectedly then you will be leaving your family without a major source of income. So family income benefit is set up so that even if the worst should happen that your family will remain to be looked after by you.
How can we help?
We will help you through deciding what level of cover you should have. We will then go directly to all the different providers to get quotes on who can give you the best offer.