WHAT IS INCOME BENEFIT?
Family Income Benefit
Family Income Benefit Life Insurance is designed to provide your family with a monthly benefit should the worst happen. This can help with mortgage or rent, replace lost income and help with the costs of bringing up children
For peace of mind, many people choose a type of family life insurance called family income benefitMost families, couples or co-habitants rely on at least one regular monthly salary to cover regular household spending. How would your household replace this if one partner died?
Why you might want it
Household bills will always need to be paid. A sudden loss of income can make it tough to manage these and other expenses and this is where FIB can help to provide extra support.
How it works
The regular payout from a FIB policy lasts only as long as the policy runs. Once the term ends, cover and any payments cease. So if you take out a 20-year policy and die five years into it, your family will receive regular income for the remaining 15 years.
What is family income benefit?
This type of family life insurance is one of a set of policy types known as term life insurance. A FIB policy runs for a set time known as the term. If you die within this period, it pays out a regular tax-free income until the term ends.