At need-a-mortgage.co.uk, we offer Family Income Benefit (FIB) insurance, a type of life insurance designed to provide regular tax-free income payments to your family if you pass away during the policy term. This coverage ensures your family can maintain their standard of living by covering everyday expenses.

What is Family Income Benefit Insurance?

Family Income Benefit (FIB) insurance provides regular monthly or annual income payments to the beneficiaries in the event of the policyholder’s death during the policy term. Unlike traditional life insurance lump sum payments, FIB ensures a steady stream of income to help manage daily expenses.

Features of Family Income Benefit Insurance

Regular Income Payments: FIB provides regular income payments to your beneficiaries, continuing for the remaining term of the policy from the date of your death.

Fixed Term: The policy is set for a fixed term, usually aligning with the period during which your dependents are financially dependent (e.g., until children reach adulthood or finish education). No benefit is paid if you survive the term.

Cost-Effective: FIB can be more affordable than standard life insurance because the payout is spread over time rather than a single lump sum.

Level or Increasing Cover:

Level Cover: The income amount remains fixed throughout the policy term.

Increasing Cover: The income amount increases each year to keep pace with inflation, maintaining the value of the payments over time.

Additional Options: Some policies offer additional options such as critical illness cover, which pays out if you are diagnosed with a specified serious illness. There is also a waiver of premium option, where premiums are waived if you become unable to work due to illness or injury.

Flexible Beneficiaries: You can specify who will receive the payments, such as a spouse, children, or other dependents.

Benefits of Family Income Benefit Insurance

Income Replacement: Provides a steady income to replace the lost earnings of the deceased policyholder, helping the family manage daily expenses and maintain their standard of living.

Financial Stability: Ensures your family continues to receive regular financial support, offering a structured and often more affordable alternative to lump sum life insurance payouts.

Why Choose Family Income Benefit Insurance?

Family Income Benefit insurance is a practical solution for ensuring that your family continues to receive regular financial support in the event of your death. It offers a structured and affordable alternative to lump sum life insurance payouts, helping families manage their finances with greater certainty and peace of mind.

How We Can Help

At need-a-mortgage.co.uk, we support you throughout the insurance process until your cover is in place. Our team of experts will help you choose the right Family Income Benefit insurance policy to protect your family’s future.

Conclusion

Family Income Benefit insurance provides essential financial support for your family, ensuring they can maintain their standard of living if you pass away. With various coverage options and additional benefits, FIB offers peace of mind and financial security. Contact us today to learn more about how we can assist you in finding the right Family Income Benefit insurance policy.