Family Income Benefit differs from a conventional life insurance policy in that rather than paying out a cash lump sum if the policyholder dies; Family Income Benefit pays out monthly tax-free payments from the time of the claim until the end of the plan.
Why choose family income benefit? – Most parents would like the reassurance that in the event of their death the remaining partner and dependants will be financially secure. It is also often important to parents that their children can continue to enjoy their hobbies and interests. This may not be possible without a replacement regular monthly income. Family income benefit was created to provide a substitute for a family earner’s income.
Family income benefit is a low cost, tax-free way of providing a regular monthly income and ensuring peace of mind. These plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
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