What is Family Income Benefit?
Family income protection or family life insurance
provides your family with a monthly income for the remaining term of the policy, rather than a single lump sum.
Family income benefit product features:
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A fixed term policy.
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Providing a tax free income from the date of death to the end of the term.
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Option on claim to commute the regular income for a single lump sum.
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No benefit on survival.
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No surrender value.
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Level premiums throughout the term.
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Policy is arranged for a fixed term of years.
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Family income life assurance is now available with critical illness cover as an option.
Family Income Benefit Policy Benefits:
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Low cost cover providing a tax free income, particularly useful for young families.
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Benefit is paid on death (or diagnosis of a specified critical illness if that option is taken out) of the insured person for the remaining years of the policy term.
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Provides valuable income to the surviving spouse/partner to bring up children etc.
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Available for long or short term plans.
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Available for single or joint applicants.
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Family Income Benefit Policy Limitations
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Fixed term means no flexibility, you may wish to extend cover but this is not possible.
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No continuing insurability, you may be ill at the end of the term and unable to obtain further cover.
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No investment element.
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The fixed sum assured does not take account of inflation.
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