Family Income Benefit
A Family Income Benefit protection policy will provide your dependents with a monthly income, rather than a lump sum, when you die. The monthly income continues for the remaining term of the policy.
Family income benefit is available with critical illness cover.
Family Income Benefit Policy Benefits:
- Provides an income for the surviving spouse/partner to bring up children etc.
- Long or short term policies are available i.e. 1-18 years.
- Available for single or joint applicants.
Family Income Benefit Policy Limitations:
- The policy term is fixed at the outset and can't be changed.
- No investment element.
- The fixed sum assured does not take account of inflation unless you opt for a policy where the premiums and sum assured increase every year with the RPI. (Retail Price Index)