Family income benefit
Protect your family's finances
Family income benefit insurance
Most life insurance policies work by paying out a lump sum of cash if you die during the term of your policy. But family income benefit insurance differs in that it pays a regular monthly payment to your loved ones instead.
Your monthly premiums are calculated at the start of your policy and are based on the amount of income you would like your family to receive within a set period. If your loved ones are reliant on your salary, then family income benefit cover could be a great way to continue providing for them.
Family income benefit can also be one of the most affordable types of life cover. This is because insurance providers can spread the cost if they need to pay out. But, as with all insurance policies, your age, health, and the amount of income your family would need, will be used to determine the actual cost to you.
This type of insurance is designed to support your loved ones long-term, so it will not suit everyone. If your family struggles to manage their finances or you do not want them to worry about paying large debts such as a mortgage, then whole of life cover or a term life insurance policy may be more suitable. You need to decide what is best for your family and our life insurance brokers can help you get the right cover for their needs.