Family Income Benefit Insurance

Life insurance policies typically provide a lump sum payment in the event of the policyholder's death. However, family income benefit insurance stands out by offering regular monthly payments to beneficiaries instead.

The monthly premiums for your policy are determined at the beginning and are calculated according to the desired income for your family over a specific timeframe. If your family depends on your earnings, family income benefit cover can be a valuable solution to ensure their financial security.

Family income benefit can also be one of the most affordable types of life cover. This is because insurance providers can spread the cost if they need to pay out. But, as with all insurance policies, your age, health, and the amount of income your family would need, will be used to determine the actual cost to you.

This type of insurance is designed to support your loved ones long-term, so it will not suit everyone. If your family struggles to manage their finances or you do not want them to worry about paying large debts such as a mortgage, then whole of life cover or a term life insurance policy may be more suitable. You need to decide what is best for your family and our life insurance brokers can help you get the right cover for their needs.

This information is a summary only. You will receive a full policy document upon application. this policy will set out the terms, conditions and limitations of cover provided under the plan.