When planning for the future, it’s essential to consider how your family would cope financially if you were no longer around.
One way to provide financial security is by taking out family income benefit which is a type of life insurance policy. This type of policy ensures that your loved ones receive a steady income if you pass away during the policy term.
In this blog we explain this valuable product and who may benefit by having it.
What is family income benefit?
Family income benefit is a type of life insurance designed to provide regular monthly payments to your family if you die during the policy term. Unlike traditional life insurance policies which pay out a lump sum, family income benefit splits the benefit into monthly instalments, replicating the income that you would have provided.
How does it work?
We recommend the monthly benefit that your family would need and the length of time it would be needed for (the policy term). If the person insured passes away during the term, this insurance policy would pay the beneficiary the monthly benefit until the end of the policy term.
Benefits of family income benefit
Financial Stability: It ensures your family can maintain their standard of living and cover essential expenses without financial strain.
Budget-Friendly: The monthly premiums can be easier for your family to manage compared to a lump-sum payout. This is because it is priced similar to a decreasing life insurance plan.
Peace of Mind: Knowing that your loved ones will be financially supported.
Is Family Income Benefit right for you?
This policy can be beneficial for families with young children, joint households with a single income or households where there is a disparity in earnings (one person earns more than the other).
Advice is key! Protection professionals, like ourselves. Have a vast knowledge of the options available and we can ensure that you select the most appropriate plan for your individual circumstances.
So what are you waiting for! Call us today on 01455 63 61 63 or click here to book a meeting with one of our friendly advisers. https://onerooffinancial.co.uk/contact/
Blog written 18/03/2025
The information contained within this blog was correct at the time of publication (18/03/2025), and is subject to change.
