Family Income Benefit Insurance
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Family Income Benefit Insurance is a form of life insurance that provides regular support to the family of the policyholder in the event of their death or terminal illness. Family Income Benefit Insurance helps your clients ensure financial stability for their loved ones by providing monthly pay-outs. Thanks to this flexibility, families are less likely to struggle with bills. If your circumstances change, our team will help them switch from monthly payments to a lump-sum pay-out during the claim.
Why choose Family Income Benefit Insurance
With a monthly benefit paid from point of claim to the end of the policy term, this cover provides certainty and security for your family – allowing them to plan ahead. A guaranteed income also gives them relief and reassurance that monthly mortgage payments, bills or living expenses could be taken care of if they weren’t able to support their family anymore.
With Family Income Benefit Insurance you can choose:
- The monthly benefit;
- Whether the monthly benefit stays at the same level throughout the term of your cover, or increases by 5% of the current monthly benefit each year;
- The term of the cover;
- Whether to take out single life cover or joint life cover (with the benefit payable once); and
- Whether to include Waiver of Premium.
The solution for a variety of financial needs
If you’re searching for insurance, there are a number of different scenarios where Family Income Benefit Insurance could provide an ideal protection solution.
Family with children
Family Income Benefit Insurance policies can be very important to families with young children. If one of the parents is diagnosed with a terminal illness or dies, Family Income Benefit Insurance policies can help safeguard the family’s lifestyle by covering things such as childcare and utility bills. It can ease the financial burden on remaining family members should the worst happen and allow them to concentrate on supporting each other.
Single parents
When a custodial parent dies or becomes terminally ill, Family Income Benefit Insurance can help provide for their children by providing a monthly income. This may be helpful in covering day-to-day expenses like food, clothes and school supplies.
Carers
Family Income Benefit Insurance is perfect for the person who has become your loved one’s full time carer. Having this in place means that if you are no longer around, there is an income available to pay for things such as private home care visits or to help pay the utility bills.
Find out more about Life Insurance by reading our Life Insurance Explained guide
Why Choose Family Income Benefit Insurance: A Steady Income for Your Loved Ones’ Future
Navigating the labyrinth of life insurance options can seem daunting. Yet, amidst the multitude of choices, Family Income Benefit Insurance stands out as a unique and cost-effective way to ensure your loved ones maintain their lifestyle and financial security, even in your absence.
Family Income Benefit Insurance is a type of life insurance policy that, instead of providing a lump sum upon death, pays out a regular, tax-free income to your dependents for the remainder of the policy term. This ongoing income helps your family cover day-to-day living costs and maintain their standard of living without worrying about managing a large lump sum.
The foremost advantage of Family Income Benefit Insurance is the financial predictability it offers. Receiving a regular income can be more manageable and less risky for your family compared to a lump-sum payout, which could potentially be depleted quickly due to large, unforeseen expenses or inadequate financial management.
Furthermore, Family Income Benefit Insurance is often more affordable than other life insurance types, making it an attractive option for those seeking comprehensive coverage on a budget. This cost-effectiveness doesn’t compromise the benefits, providing you with excellent value for your money.
Another strong selling point for Family Income Benefit Insurance is its flexibility. You can tailor the policy to match your family’s needs, choosing the income they would receive and the duration of the payout. This personalisation ensures the policy will provide adequate financial support to your family in your absence.
Additionally, the payout process in Family Income Benefit Insurance is straightforward and uncomplicated. Upon the death of the policyholder, the family can claim the benefit, which is then paid out as a regular income for the remaining policy term, ensuring a hassle-free experience for your loved ones during difficult times.
Moreover, Family Income Benefit Insurance can be an ideal supplement to your existing life insurance policy. While a standard life insurance policy may cover significant costs like mortgages or loans, a Family Income Benefit policy can ensure that everyday living expenses are taken care of, providing a comprehensive safety net for your family.
Trust in Family Income Benefit Insurance to provide a financial safety net for your loved ones. With this policy, you’re not just securing an insurance plan, but the assurance of a regular income for your family, helping them navigate the future with confidence and stability.
Life Insurance
Life insurance provides a lump sum in the event of death during the term of the policy. Life insurance will be paid to your loved ones and can be used to ensure your family can maintain their lifestyle should anything happen to you.
Critical Illness Cover
Financial worries are the last thing you want to be dealing with should you become critically ill. A critical illness policy will pay a lump sum, upon diagnosis of a qualifying illness. These conditions will vary depending on the chosen insurer.
Income Protection
Income protection is a form of insurance cover that can provide a regular income if you are unable to work due to long-term illness or injury. This type of protection will typically provide policyholders with between 50-70% of their incomes, in a regular monthly payment.
Mortgage Protection
A mortgage protection policy is a life insurance policy that protects your loved ones in the event of your death during the term of your mortgage. If you become seriously ill or die, mortgage protection is designed to clear your mortgage balance in full to protect your family.
