Family Income Benefit Insurance
What is family income benefit insurance?
Family income benefit insurance can be a convenient insurance policy to have whether you are self-employed or employed by a company. Similar to life insurance cover, family income benefit insurance will provide loved ones with a monthly payment should you die during the term of the policy.
How family income benefit insurance works
Family income benefit insurance covers you for a pre-determined term, and claims can only be made during this time. If a claim is made, your loved ones will receive a monthly payment as opposed to a lump sum. The longer into your policy that the claim is made, the fewer monthly payments your loved ones will receive. This is an important difference to a standard life insurance policy. If you survive the policy, there are no payments or refunds.
Family income benefit insurance vs life insurance policies
There are benefits to family income benefit insurance vs life insurance, particularly if the policyholder has a young family. If they die during the term, the monthly payments will help the family cover their costs of living including mortgage, utilities, and childcare payments, rather than receiving a lump sum as with a life insurance policy that they would then have to manage. The cost of family income benefit insurance can often be cheaper than for a life insurance policy, further benefitting policyholders with a young family.
Expert family income benefit insurance advisers
Finding a policy that works for you and your family can be tricky and emotional, in figuring out how much cover your family might need as well as which type of cover. FT Rich Mummy has a team who specialise in both life insurance and family income benefit insurance and work daily with clients who want to protect their families in the event of their death. By using one of FT Rich Mummy’s experienced insurance advisers, you can feel confident that you are getting the right advice.
FT Rich Mummy will take time to listen to your personal circumstances and how much you can afford to pay as well as the length of the term you might need. Our experts will take this information and find you the right cover and the perfect deal to suit you and your family.
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