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Family Income Benefit 

Family Income Benefit

Family Income Benefit works in a very similar way to life insurance.

As with a life insurance policy, you take out cover for an agreed sum and pay the premiums. If you pass away during the term of the policy, your family receives a payout from the insurer. 

The major difference between life insurance and Family Income Benefit is how you receive the payout.  

With life insurance, your loved ones will receive a single lump sum but with Family Income Benefit the payout is paid like an income for the remainder of the policy term. 

So, for example,  if you passed away in year 10 of a 20-year policy, your loved ones would receive the agreed regular payments, like they would as though you were still alive, on a regular basis for the next 10 years, allowing them to keep up with the family outgoings and mortgage payments etc. and not have to worry about how those bills would be paid. 

Some policies cater for short term payouts and some for much longer – obviously, this will impact the premiums payable.

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