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Family Income Benefit
Family Income Benefit (FIB) policies are a type of life assurance policy where the cover is paid out as a series of monthly or annual instalments, rather than a lump sum.
Family Income Benefit cover is paid out as a regular tax-free income, which means that it can accurately replace an income lost as a result of death of a wage earner and the next of kin don't have to worry about how to invest a large lump sum of cash. A Family Income Benefit policy is typically cheaper than Level Term Life cover.
For example. If you take out a 25 year family income benefit policy, with a benefit of £24,000pa and make a claim after 10 years. The £24,000pa benefit will be paid out every year for the remaining 15 years.
Family Income Benefit can be the best life insurance to buy if you wish to ensure your dependents will be cared for financially if you were to die prematurely.
