Family Income Benefit
Family Income Benefit is a life insurance policy that pays a guaranteed monthly income for a set period, on the death or terminal illness of the policyholder.
This type of cover is designed to help parents continue to pay the bills and maintain a certain standard of living. How long you want the income to last for will depend on your circumstances, but policies will typically last until the children are financially independent. You could take out single, or joint cover and elect either guaranteed or reviewable premiums (the latter costing less).
The cost of the FIB depends on a number of factors including age, your health, your job and the amount of monthly income you’ll need. It’s possible to write the policy in trust, so that any proceeds paid out on your death are outside of your estate.
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