What is Family Income Benefit?
The cover is designed for clients who want to provide a monthly benefit to their dependents. Although designed to pay a monthly benefit, there is also the option to take the money as a commuted lump sum. There is no minimum sum assured, which means that you can have however much cover you like. It can be used to pay for day-to-day living expenses, cover the cost of mortgage payments or pay for school fees, childcare and child maintenance.
Why Family Income Benefit?
There are a number of different scenarios where Family Income Benefit can provide suitable protection.
Families with young children
If one of the parents is diagnosed with a terminal illness or dies the policy will help to protect and maintain the family’s lifestyle by paying for the usual outgoings such as childcare or utility bills.
Single Parent families
Family Income Benefit can help to secure your child’s financial future by providing their new guardian with a regular monthly income and it can cover anything from their private school fees to their clothes and food.
Full Time Carer
The benefit may also suit someone who has become their loved one’s full-time carer. Having this policy in place can help to pay for things such as private home care visits or to help towards paying the utility bills.