Family Income Benefit
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Family Income Benefit
Family Income Benefit is one of the most useful and best value protection products you can buy. Rather than providing a lump sum should you die,
it provides a regular, tax-free, monthly income for your dependants from the time of the claim to the end of the plan term.
- For example:
- Plan term 20 years
- Claim made after 16 years
- Benefits paid for the remaining 4 years
This is why family income benefit often costs less than standard Level Term Assurance. Family income benefit is particularly attractive for people with children who would want a regular income paid on death.
Do you need Family Income Benefit?
If a loved one were to die, not only is it traumatic, there income would also soon be missed. Most couples would suffer financially if their partner were to die without life insurance of some kind.
Family Income Benefit can also be arranged to protect children. A parent or parents insure each other while their children are financially dependent. The term can be set by the parents to finish at the youngest child's 18th or 21st birthday or even longer if children are going to further education.
Family Income Benefit - The premiums
Premiums for family income benefit will depend on the sum to be insured, the period of insurance cover, your sex and whether you smoke or not. A non-smoker is usually defined as someone who has not smoked for at least twelve monthsbenefit will depend on the sum to be insured, the period of insurance cover, your age, your sex and whether you smoke or not. A non-smoker is usually defined as someone who has not smoked for at least twelve months.
Family Income Benefit with Critical Illness Insurance
Additional options like critical illness insurance can be added to increase the level of cover, although this in turn increases the premiums.
If you do add on critical illness insurance to the family income benefit, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy.
- Types of Life Insurance
- Companies like ours are paid commission by life insurance providers for arranging policies with them.
We have chosen to be paid significantly less than most other companies and passed on any of this reduction to our customers.
This is why our discounted life insurance premiums are likely to be cheaper than most
- Level Term Life Insurance
- Mortgage Protection
- Critical Illness Insurance
- Family Income Benefit