When a claim is made, the first payment will come along as quickly as possible. It’s an important and sensitive time, so your claim will be dealt with swiftly. You can feel reassured that your loved ones will receive the first payment within ten days of making a claim. Keep your policy documents organised with the contact information for making a claim so that they can get in touch as soon as possible.
When your family needs to make a claim, they should call the insurance company, which will deal with the claim. Sensitive and sympathetic staff members will deal with your claim so that the process can be completed quickly and easily. You can make it easier for your family to deal with your claim by keeping your policy documents somewhere safe that your family can access. Be sure to let someone know where they are so that they can find them if you pass away. It’s a good idea to keep your policy documents with other important documents that might be necessary for organising your estate.
The payout from your Family Income Benefit policy will be made out to your estate. You can use your will to set out your wishes for who receives the money or a personal representative for your estate can manage it and decide where your assets go. You can use the government’s Money Advice Service for advice on how to write your will and what happens if you don’t have a will. Make sure to let your family know that you have taken out a Family Income Benefit policy.
You can cancel your policy within 30 days and get the payments you have made refunded. If you choose to cancel your policy later, you won’t get any money back. Remember that Family Income Benefit isn’t a savings plan, so you only get the benefit from it in the event that your family needs to make a claim.
If you stop making monthly payments, you will no longer have the cover from your Family Income Benefit policy. When your payments stop, you don’t get any money back, so you need to keep paying if you want your family to benefit from the policy. You can miss one payment, as long as you pay it within 60 days of the original payment date. If you want to ensure your cover keeps going, remember to make your payments on time.
If you want to reduce your monthly payments, you can do so. However, you should keep in mind that the amount you are covered for will also decrease if you decide to lower your payments. Being able to decrease your payments provides flexibility and can help you to maintain your cover even if you feel the need to tighten up your spending. Before doing so, think carefully about whether it’s a good idea to reduce the cover that you have.
Your payments won’t increase during the term of your Family Income Benefit policy. You will pay the same each month for the amount of cover that you choose to have. If you want additional cover, you can take out another policy that will provide extra coverage for you.
If you miss a payment, it won’t mean that your policy ends straight away. If you pay the missed payment within 60 days of the payment date, your cover will continue. However, if you don’t pay in time, your policy will be cancelled. You won’t be able to start the policy again, and you will no longer be covered, nor will you receive a refund. The best way to pay a regular payment is to set up a direct debit so that the money leaves your bank account automatically every month. It’s smart to pay attention to make sure you don’t miss any payments, and to take care of a missed payment straight away.
If you want to increase your cover, you can’t do it with an existing Family Income Benefit policy. However, you can apply for a new policy to add to the existing cover that you have. This will require going through the application process again, and the policy will still be subject to the terms and conditions that are set out. Another thing to keep in mind is that your partner could also take out a policy if they are eligible too. This will be beneficial to your family because you will have the cover you need if your family is without either of your incomes. If your partner passes away, you will be able to make a claim through their policy to claim the payments