Protecting your house is one thing, but don’t forget the essentials that make it a home!
With Family Income Benefit (FIB), you can secure your family’s financial future in the event of an untimely passing.
Whether it be a single policyholder, or two individuals jointly insured – this form of life insurance provides peace of mind and assurance that loved ones left behind will have some financial cushioning from their loss.
The policy is designed to pay a monthly income for a set period of time to your family to help provide financial aid to cover household bills, school fees or other day to day expenses. This type of policy is linked to your family needs, as opposed to your mortgage needs, meaning, we advise you have a separate life insurance policy designed to cover the mortgage in the event of death.
Things to consider.
The policy premiums are usually guaranteed, which means the amount you have been quoted is the amount you will pay until the policy is either claimed on or comes to an end.
There is not cash-in-value with this type of policy which means, if no claims have been made during the course of the policy it will pay nothing out at the end.
Managing a large lump sum of money can be challenging therefore, having a policy that provides a monthly income can ease the burden, making budgeting more manageable. Should you claim on the policy, whether you choose a lump sum or monthly income your payments received will be tax-free.
We can tailor this policy to pay an amount of money each month to your family to be sure they have financial help towards bills and other living costs. There will never be enough money to replace someone, but this policy will give you peace of mind knowing your family have some financial support in a difficult time.
The length of the policy will be determined by your circumstances, in most cases the policies will run until children are no longer dependent and have expected to finish their education.
The policy can be taken out in sole or joint names and depending on your circumstances, we can make a recommendation to suit you.