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Family Income Benefit
This is a reasonably uncommon form of life insurance. Instead of a one off lump sum pay-out, the insurer will pay your family in regular instalments in the event of your death.
This type of policy is much cheaper than a level term policy because the risk to the insurers (e.g. the money they will have to pay out) reduces over the term of the policy.
The product still runs on a “term” basis, so you find many people insuring themselves until retirement age, or until their children have flown the nest.
Another benefit with a Family Income Policy is that all of the pay-outs are Tax Free. This means that when you insure yourself, the amount of cover your family require will be the amount they will actually receive.
Additional Cover Options
As with other types of Term Assurance policies, you can add Critical Illness Coveryto any Family Income Benefit policy. So if you were to be diagnosed with a serious condition covered by the provider during the term of your policy, you would receive the tax free pay-outs to help cover the costs of medical bills and loss of earnings.
Speak to one of our life insurance experts today for more information, and to find out how much you could expect to pay for a Family Income Benefit policy.