What is Family Income Benefit Insurance?

“Joint” Family Income Benefit Insurance policies are available which provide an income in the event of the death of either of the two policyholders – the policy will only pay out on the first death. If you want two incomes in the event of both income providers dieing, you will need to take out a separate policy for each person.

Please note: monthly income will only be paid to the dependants of a policyholder.

When you buy Family Income Benefit Insurance you will need to make decisions in respect of the following: -

· What level of monthly income do you want to insure for?
· Do you want a Joint or Single policy?
· If a claim arises, do you want the monthly income to increase inline with inflation (that’s called Index Linking)?
· How many years do you want the insurance to last for?
· Do you want to combine Family Income Benefit Insurance with any other form of insurance? For example Life Insurance which provides a lump sum on death, or Critical Illness Insurance which provides a lump sum in the event of a serious illness, or Permanent Health Insurance which provides an income if you were off work due to long term illness or accident.