Family Income Benefit
Family Income Benefit
Worried about your family managing financially when you’re gone? Family Income Benefit Insurance provides regular support.
What Is Family Income Benefit?
What Is Family Income Benefit?
Put simply, this is a type of policy that is designed to provide your family with regular financial support in the event of your death or contract of a terminal illness. (depending on the way your policy is set up)
It is often referred to as FIB insurance. This type of insurance is normally taken out by parents who have dependents who will still rely on them financially.
It can either be set up to pay out a lump sum of money or regular payments over a set amount of time.
For an additional fee, FIB can also integrate critical illness cover. While this can be taken out separate, you can expect this to cost more than if you buy it alongside FIB. However, if you don’t want this, you do not have to have it.
How Does It Work?
How Does It Work?
FIB insurance is only paid out in the event of the policy holder's death during the policy term.
For instance, if you obtain coverage for a 20-year term and pass away after 5 years, the policy will provide an income for the remaining 15 years until the term ends.
The policy terms will be detailed within the agreement of the insurance contract.
Why Choose UKMC For Family Income Benefit
Why Choose UKMC For Family Income Benefit
Here at UKMC, we want you to feel as comfortable as possible.
We provide tailored, straightforward advice for your unique circumstances and needs. We understand that unexpected events can have significant financial repercussions, and we want to help ensure you and your family are protected. That's why we search and compare Family Income Benefit policies across multiple providers for you.
Things To Consider
Things To Consider
Benefits
Regular bills such as childcare and household direct debts can be taken care of for your family in the event of your death.
It can be a more affordable option as the policies can come with lower premiums over other types of policies such as life insurance.
The payments are tax-free.
Considerations
If you outlive your policy term then your policy will not pay out after your death.
It will only pay out for the remainder of the policy term, so your family may not get as much if you die closer to the end of your term.
It might not be a suitable option to pay off larger loans such as a mortgage once you pass away.
Frequently asked questions
Frequently asked questions
Can I get Family Income Benefit if I’m divorced/a single parent?
How much does Family Income Benefit cost?
There are many factors that may affect the cost of your insurance, some of which include:
- Age
- Current health status
- Weight
- Lifestyle
- How much cover you want
Who is Family Income Benefit for?
FIB usually suits families with young children, as it provides a regular income to cover the cost of living expenses, with potentially cheaper premiums than a lot of other insurance policies.
Is Family Income Benefit More Cost Effective Than Life Insurance?
In some cases, Family Income Benefit Insurance may be more affordable than Life Insurance.
Life Insurance provides a payout if you pass away anytime between the start of the policy and the end of the coverage period. In contrast, Family Income Benefit Insurance only pays out if you die within the policy term, which is often shorter than the duration of Life Insurance coverage.
By speaking to a member of our team, we will be able to provide you with a more accurate picture of which policy may be better suited to you.
Why Choose UKMC For Family Income Benefit
With so many insurance options to explore, understanding your options can be difficult.
Why not complete our call back form today to discuss your requirements with our team?
Customer satisfaction is extremely important to the team at UKMC which is why we adopt a straightforward, no nonsense approach and have amassed more than 400 positive reviews on Trustindex!
