Family Income Benefit
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 used a tobacco product for at least twelve months, benefit 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 hasn't used a tobacco product for at least 12 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.
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