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Compare Family Income Benefit Insurance Quotes Online
Family Income Benefit differs from other types of term assurance as it pays a monthly tax free income rather than a lump sum, and is ideal for the protection of the main breadwinners income.
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Family Income Benefit Insurance Policies
Family Income Benefit is just about the most affordable type of Protection and is different than almost every other type of life insurance as it is pays the insured benefit as a monthly income rather than as a single lump sum.
As with other types of term assurance, family income benefit is designed to provide protection for the family in the event of death, but instead of a lump sum, it provides a agreed amount from the point of claim until the end of the family income benefit policy term.
The monthly premiums remain level throughout the policy term, and would cease upon a claim. It is worth noting that there is no investment element to any Family Income Benefit Insurance policies, and that if you survive until the end of the policy, there is no money to come back (surrender value).
Typically a level term life insurance policy has been the favored type of family protection, but there are major differences when comparing the two types of insurance benefit when used for family protection.
Level Term Insurance
- Lump Sum Payment
- More Expensive
- No guarantee what investment returns may be possible to generate an income from the lump sum.
- Any income generated may be subject to tax, and would need to be declared.
- Lower cost than a level term Insurance as the risk to the insurer is less
- Paid monthly, quarterly or annually and tax-free under current legislation.
- Ideal for protecting a family income over a specific term, such as until retirement
Family Income Benefit Policy Additions
Waiver Of PremiumsWaiver of premium is an add on to your family income benefit insurance policy, and for the addition of a small amount can help ensure that your premium continues to get paid if you can not work for reasons of accident or illness. It is worth noting that redundancy and unemployment are not covered by waiver of premium insurance. Waiver of premium continues to ensure the monthly premium is paid until the end of the policy term, a particular age, or until work can be resumed. It is worth noting that a deferment period of 26 weeks can apply
Terminal Illness CoverTerminal Illness Cover is included with most Family Income Benefit policies free of charge and ensures that the sum insured is paid out prior to death where the insured is diagnosed by the insurers Chief Medical Officer as having an incurable illness that is advanced and progressing rapidly and where life expectancy is forecast to be 12 - 18 months or less. This free addition to a Family Income Benefit policy can make all the difference in relieving immediate financial burdens, but by providing precious time for loved ones to be together.
Critical Illness CoverCritical Illness Cover added to a Term Life Assurance Policy, is known as Inter grated Critical Illness Cover, and will pay out the amount insured upon diagnosis of a critical illness covered by the policy.
With 50% or so of all critical illness claims relating to cancer; a man having a one in four chance of suffering a critical illness before retirement, and a women one in five.
The real question is, Can you afford to be without Critical Illness Insurance?