Ensuring the wellbeing of your loved ones is paramount, especially when you have a family of your own.
One insurance policy offers peace of mind and security for families is Family Income Benefit Insurance. In this Family Income Benefit guide, we’ll explore what the policy is, how it works and who it can benefit. We’ll answer the most frequently asked questions so you can gain a better insight the policy.
What is Family Income Benefit Insurance?
Family Income Benefit Insurance is a type of life insurance policy designed to provide regular income to your loved ones in the event of your death during the policy term. Instead of a lump sum payout, this insurance offers periodic payments, ensuring ongoing financial support for your family members.
How Does Family Income Benefit Life Insurance Work?
Family Income Benefit insurance works by providing a pre-determined level of income to your beneficiaries if you pass away during the policy term. This income continues for the remaining duration of the policy term, offering financial stability to your family and helping them cover living expenses, mortgage repayments, education costs, and other essential needs.
How Much Will Family Protection Insurance Cost?
The cost of Family Income Benefit Insurance varies depending on factors such as your age, health status, lifestyle, desired coverage amount, and policy term. Premiums are typically more affordable compared to traditional life insurance policies with lump sum payouts, making Family Income Benefit Insurance an attractive option for families on a budget.
We always recommend speaking to a mortgage and protection adviser to discuss your current circumstances and budgets to better understand the policy costs.
Who is Family Income Benefit For?
Family Income Benefit Insurance is suitable for anyone with dependents who rely on their income to maintain their standard of living. It is particularly beneficial for low-income families or those with significant financial obligations, offering a cost-effective way to ensure ongoing financial support for their loved ones in the event of their death.
Who Isn’t Family Income Benefit For?
While Family Income Benefit Insurance is valuable for many families, it may not be suitable for individuals without dependents or those who have sufficient savings or other financial assets to provide for their loved ones in the event of their death. Assessing your financial situation and family’s needs is essential in determining the suitability of Family Income Benefit Insurance for your circumstances.
Contact An Expert For Help
Regardless of whether you’re interested in a Family Income Benefit Policy or want to explore your insurance options, the team of mortgage and protection advisors here at UKMC has years of experience homeowners across the UK find insurance policies to suit their specific requirements.
At UKMC, our knowledgeable mortgage and insurance advisors can help you to source the best deals by discussing your personal circumstances and budget requirements. Once you understand all your options, we can help you to make a more informed decision.
If you’d like to learn more about Family Income Benefit Insurance or have another question regarding any part of the entire property-purchasing process, don’t hesitate to contact our friendly, expert team of mortgage advisors.
For more information or to book your appointment with one of our experienced mortgage and protection advisors, you can either give us a call on 01925 573328.
Alternatively, you can book your appointment directly here
Disclaimer
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
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