Family Income Benefit
What is it?
Family Income Benefit is there to provide a tax-free monthly sum of money to a person of your choice in the event of your death or, if chosen, diagnosis of a specified Critical Illness during a specified time period.
Whilst you may have set up life insurance to cover a larger financial liability like a mortgage, which will help in keeping a roof over your family’s head, they may still struggle to meet everyday living costs, even if the mortgage has been paid off.
Who is it for?
This type of plan is designed for those who are looking for a monthly income to provide support to their family in the event of their death or diagnosis of a specified critical illness.
Premiums are guaranteed throughout the term and the inflation-linked cover is available to protect income in the longer term. Other benefits include terminal illness benefits and a “pay my mortgage” facility.