What is Family Income Benefit Insurance?

Family Income Benefit Insurance will provide a monthly payment to the family until the end of the policy’s term, following the death of the policyholder. The policyholder will usually be the family’s main breadwinner.

Hot Topics

If my policy is “Rated”, what does this mean?
If your policy is “rated” it means that the insurance company believes you represent an above average risk of a claim.
Can Life Insurance be arranged quickly?
It is dependent upon two factors: - Click here to find out more details
What is Income Protection Insurance?
There are two variations of Income Protection Insurance: - Short Term Income Protection and PHI or Permanent Health Insurance.
Will I need a medical?
This depends upon your medical history and the exact plan you have chosen.
Will I get charged more as a smoker?
Yes you will. But first let us give you the usual Life Company’s definition of a smoker:

You can buy a “Joint” policy that will provide an income if either of two income providers dies. But, if you need two incomes if both income providers die, { home insurance } then you will have to take out a separate policy for each person.

Please note that income can only be paid to the dependants of the policyholder.

The payments continue at level specified in the insurance policy until the policy’s expiry date is reached, benefits, however may be indexed linked to rise with inflation.

When you purchase a Family Income Benefit Insurance policy you need to consider five aspects:

· How much income would need to be replaced?
· Do you need a Single or Joint Family Income Benefit Insurance policy?
· In the event of a claim, do you want the income to rise at the same rate as (Index Linking)?
· How many years do you want to be covered over?
· Do you want to combine this insurance with any other types of protection insurance? E.g a Life Insurance policy to provide a lump sum upon death, or a Critical Illness insurance policy to provide a lump sum in the event of a serious illness, or even a Permanent Health Insurance policy to provide an income if could not work due to long term illness or an accident.