What is Family Income Benefit?
Family Income Benefit is a type of term (it will last as long as you set it for, i.e. 20 years) life insurance designed for parents and families.
Its purpose is to provide regular monthly payments to your family in the event of your death or terminal illness.
The policy ensures a consistent, tax-free income payout up until a specified date to replace the lost income.
For instance, if you opt for a 20-year term policy and a claim occurs 10 years into it, the payout will continue for another 10 years. If the claim is made 15 years in, payouts would only continue for the remaining 5 years.
You have the flexibility to decide the coverage amount based on your income. However, it's essential to note that the larger the monthly payout, the higher your premiums will be.
Who can take out a Family Income Benefit policy?
Family Income Benefit could be suitable for families with young children, offering a regular income to cover living expenses with potentially more affordable premiums compared to other life insurance policies
Family Income Benefit alongside other policies.
You can bolt Family Income Benefit on to other protection policies so you’re able to best protect what’s most important to you. Some lenders may even offer multi-policy discounts, so it pays to discuss what's important to you in order to build a tailored solution
Important information
For insurance business we offer products from a choice of insurers.