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Family Income Benefit is designed to protect your family financially if you
die.
Unlike a normal life insurance policy family income benefit pays out regular fixed payments to your family, beginning when you die and continuing until your policy ends. The payments help to support your family, replacing some of your income and covering costs like bills. Family Income Benefit pays out for the length of time left on the policy when you die. For example, if you pass away ten years after taking out a 20-year policy, your loved ones will receive payments for the remaining ten years of the policy. The total payout from the policy depends on when you die, being larger if you die earlier in the term.
Family Income Benefit is designed to help your family to be financially secure and stable if you pass away. It can assist with lessening the impact of the loss of your income by providing monthly payments instead of a single sum of money. For just a small payment each month, you can give your loved ones up to £2,500 each month if you pass away and your policy includes cover for terminal illness too. This type of insurance is a smart idea for many people, especially those with growing families.
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Family Income Benefit is particularly useful for young families. It can help to provide reassurance that your family will be cared for and financially stable if you pass away. Family Income Benefit pays a regular income over the time left on the policy, instead of a lump sum. This is often more manageable for families, making it easier for them to organise their income and keep their finances secure. It helps to prevent the risk that comes with a lump payment of spending all of the money at once.Families with young children can benefit from having a policy that will cover the family until the children have grown and left home. It helps with everyday expenses, from bills to school costs. However, your children don’t have to be young, and your family doesn’t have to be still growing to benefit from Family Income Benefit. If you have older children or you even want to ensure other loved ones will have extra financial security when you die, Family Income Benefit can help you.
There are some excellent reasons to choose a Family Income Benefit policy if you want to make sure your family is protected and financially secure if you pass away. If you’re considering the benefits compared to some other options for life insurance, here are some of the top reasons to get a Family Income Benefit policy.
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Jody was very helpful in explaining the options and I thoroughly recommend his company
We received a wonderful service from mykeyman and will be using them again. The service and product knowledge from team is excellent. Everything was made easy to understand. The price was the best we found too.
I had a great time working with My Key Man Insurance when I applied for the different insurances they offer. They were able to answer all of my questions quickly and effectively. I will recommend them to my friends and family.
Jody was very helpful in explaining the options and I thoroughly recommend his company
The standard of service was first class. They kept me up to date with progress on my Relevant Life Policy, followed up promptly following delays caused by my medical practice being slow in compiling reports, and responded instantly and clearly to any questions I had.
We received a wonderful service from mykeyman and will be using them again. The service and product knowledge from team is excellent. Everything was made easy to understand. The price was the best we found too.
Jody was very helpful in explaining the options and I thoroughly recommend his company
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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
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The information on this website is provided for general guidance only and does not constitute financial, tax or legal advice. The suitability and tax treatment of any cover will depend on your individual circumstances and may change in the future.
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If you are not satisfied with the outcome, you may be able to refer your complaint to the Financial Ombudsman Service (FOS) at
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