Family income benefit (FIB) is a type of life insurance. In the event of your death, the policy will pay out a regular tax-free income until the end of the policy’s term, unlike a traditional life insurance policy which pays out a lump sum.
Looks after your family’s living costs in the event of your death.
Pays out a regular tax-free income until the end of the term.
Cheap and easy way to provide your family with an income rather than a lump sum if you die.
Pay off any debts and make sure your family receives an income in the event of your death, it’s worth considering.
Family Income Benefit is a very cheap and easy way to provide your family with an income if you die. The income can be used to pay everyday expenses or pay for ongoing costs like school or university fees. If you have young children, you might want the cover to run until they are grown up.
Premiums are based on the amount of cover you need and policy term, and other factors like your health, lifestyle and your age. Family Income Benefit can be quite inexpensive especially if you take it out while you are relatively young. We can arrange cover for you from £7.49* per month, so its well worth considering.
*Based on £15,000 a year cover for a non-smoking individual aged 30 next birthday. Prices will vary depending on individual circumstances
Family Income Benefit policies are not very common, but can be a cost effective life cover option.