life insurance that isn't confusing
Family Income Benefit Insurance
secure your family's financial future
What is family income benefit insurance?
At Multi Quote Ltd, we understand the importance of ensuring your family’s financial stability in the face of life’s uncertainties. Family Income Benefit Insurance is a unique and effective way to provide your loved ones with a steady income stream when they need it most.
Family Income Benefit Insurance is a type of life insurance policy designed to pay a regular, tax-free income to your family if you pass away during the policy term. Unlike a lump sum payout, this policy ensures that your family’s financial needs are met consistently, helping them maintain their standard of living.
Key benefits of family income benefit insurance
Regular Income Stream
Provides a consistent monthly income to your beneficiaries, making it easier for them to manage household expenses, mortgage payments, and other financial obligations.
Tailored Coverage
Choose the coverage term and income amount that best suits your family's needs, ensuring they are adequately protected.
Cost Effective
Typically more affordable than traditional life insurance policies, making it an excellent option for families seeking comprehensive coverage on a budget.
Peace of Mind
Offers reassurance that your loved ones will have financial support, allowing them to focus on healing and rebuilding their lives.
How does family income benefit insurance work?
When you take out a Family Income Benefit Insurance policy, you decide the term length and the monthly income amount your family will receive. If you pass away during the policy term, your family will receive the agreed monthly income until the end of the term, providing them with financial security.
Ideal Protection Solution
If you’re searching for insurance, there are a number of different scenarios where Family Income Benefit Insurance could provide an ideal protection solution.
Families 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.
Frequently Asked Questions
What is the difference between Family Income Benefit Insurance and traditional life insurance?
How do I determine the amount of coverage needed?
Can I adjust my policy if my circumstances change?
