Family Income Benefit Cover

Family Income Benefit is a type of life insurance designed to protect the people who depend on your income. Rather than paying out a single lump sum when you die, it pays a regular monthly income to your family for the remainder of the policy term.

If you took out a 20-year policy and died in year six, your family would receive that monthly income for the remaining 14 years.

A lump sum sounds appealing, but managing a large amount of money during one of the hardest periods of your life is not straightforward.

A regular monthly income is easier to budget around, covers ongoing costs like the mortgage, childcare and bills, and removes the pressure of making big financial decisions at the wrong time. For families with young children, it tends to be a more practical and reassuring form of protection.

Family Income Benefit suits primary earners with dependants, young families with a mortgage, and anyone who wants meaningful cover without stretching their monthly budget.

Because the potential payout reduces over time as the policy term shortens, premiums are generally lower than an equivalent level term policy – making it good value for the level of protection it provides.

Our advisers will help you work out whether Family Income Benefit is right for your situation, or whether a different type of life cover would serve your family better.

The consultation is free with no obligation.