Family Income Benefit
What you need to know
Let’s start with understanding some of the basic terms and considerations so you can make an informed decision.
Family Income Benefit is an insurance policy which is designed to pay a monthly income to your family upon your death or you if you contract a critical illness
You can take Family Income Benefit to cover death or if the insured person contracts a Critical or Serious Illness.
If you take the policy out to cover £500 per month over 25 years and you make a successful claim in year 5 then you will receive £500 per month for the 20 years that are left on your policy.
There are different types of Family Income Benefit and each have pros and cons, according to your needs.
We would be happy to help you explore the type most suited to you!
What is Family Income Benefit?
Family Income Benefit is an insurance policy which is designed to pay a monthly income to your family upon your death or you if you contract a critical illness
You can take Family Income Benefit to cover death or if the insured person contracts a Critical or Serious Illness.
If you take the policy out to cover £500 per month over 25 years and you make a successful claim in year 5 then you will receive £500 per month for the 20 years that are left on your policy.
Family Income Benefit is an insurance policy which is designed to pay a monthly income to your family upon your death or you if you contract a critical illness.
Yes, there are..and each have pros and cons, according to your needs.
We would be happy to help you explore the type most suited to you!
It's worth having a chat!
We know it gets confusing!
That is exactly why we’re here to explain your options and how to make it work for you!
....so, in a nutshell...
What are the benefits of family income benefit?
Family Income Benefit has a whole host of benefits some of which are below
Click below for more info!
Covers death or Critical Illness
Family Income Benefit is designed to pay a monthly income to you or your family upon death or diagnosis of a defined Critical Illness.
Not expensive
Family Income Benefit is cheaper than your normal life or critical illness because you get a monthly payment amount rather than a lump sum
Lasts as long as your policy term
Family Income Benefit lasts for as long as your policy term lasts. Typically, people set it for as long as their mortgage term but you can set it to whatever term you like.
Can Family Income Benefit cover keep up with the cost of living?
Yes. If you choose the “indexation” facility you can choose how much the cover will rise by each year so you can beat inflation.
Our role is to help you make an informed decision
There are many aspects to all types of insurance and we understand that you need to make the best decision.
You will undoubtedly have many more questions, so please feel comfortable enough to arrange a free, no-obligation chat!
Frequently Asked Questions
Here are a few of the questions we regularly answer for those who are wondering if this is the correct choice.
Just remember, we’re ready to chat and answer many more!
Here are a few of the questions we regularly answer for those who are wondering if this is the correct choice.
Yes. You can take out a joint policy. It works in the same way as a life insurance policy. It will only pay out once when the first person passes away. It is cheaper than you both taking out separate policies but then you do not get as much cover.
This depends entirely on how much your monthly expenditure is. If you have life insurance to repay your mortgage, then you may wish to insure a smaller amount to cover monthly expenditure. If you don’t have life insurance, then you may wish to cover your mortgage and monthly expenditure.
It works by paying your family a monthly income should you die.
Family Income Benefit is an insurance policy designed to pay out a monthly payment to your loved ones should you either pass away or contract a critical illness.
There are many insurers who provide Family Income Benefit. Royal London and AIG are to name just two providers. If you want the cheapest and best policy, then please get in touch with us to find out
Yes. You can take out a joint policy. It works in the same way as a life insurance policy. It will only pay out once when the first person passes away. It is cheaper than you both taking out separate policies but then you do not get as much cover.
This depends entirely on how much your monthly expenditure is. If you have life insurance to repay your mortgage, then you may wish to insure a smaller amount to cover monthly expenditure. If you don’t have life insurance, then you may wish to cover your mortgage and monthly expenditure.
It works by paying your family a monthly income should you die.
Family Income Benefit is an insurance policy designed to pay out a monthly payment to your loved ones should you either pass away or contract a critical illness.
There are many insurers who provide Family Income Benefit. Royal London and AIG are to name just two providers. If you want the cheapest and best policy, then please get in touch with us to find out
