Family income benefit
Family Income Benefit a regular income for your family
Instead of a single lump sum, family income benefit can pay your family a regular income if you die during the policy term.
Talk to TonyAt a glance
- Pays a regular income if you die during the policy term
- Payments normally continue until the policy ends
- Can be more affordable than a lump sum policy for the same level of cover
What is family income benefit?
Family income benefit is a type of life insurance that pays a regular income to your family, rather than one lump sum, if you die during the policy term. It is often chosen by parents who want to replace lost earnings while children are growing up.
Who it may suit
Everyone's situation is different, but these are some of the people who often look at this kind of cover.
How it works with Tony
Good to know
- The longer you live into the policy term, the fewer payments would be made, because the policy runs to a fixed end date.
- Cover ends if you stop paying premiums, and there is no cash-in value.
- You will be asked health and lifestyle questions. Answer honestly, because incorrect answers could affect a claim.
- It may sit alongside other cover such as life insurance or critical illness cover.
Meet your adviser
Hi, I'm Tony Flynn
I'm a mortgage and protection adviser based in Carluke, helping people across Lanarkshire and Scotland.
I've spent 15+ years in finance and have been named Mortgage Professional of the Year at the Prestige Awards Scotland five years in a row. I'll explain your options in plain English so you know exactly where you stand.
Family Income Benefit questions
How is it different from life insurance?
Standard life insurance normally pays a lump sum. Family income benefit pays a regular income until the end of the policy term.
How long would payments last?
Until the end of the term you choose. If you died part way through, payments would run from that point to the end of the term.
Can I have it alongside other protection?
Yes. Many people use it alongside life insurance or critical illness cover, depending on their needs.
Is it right for me?
It can suit parents and single-income households, but the right mix of cover depends on your circumstances. Tony can talk it through with you.
Can it be written in trust?
Often, yes. A trust may help payments reach your chosen beneficiaries more directly.
Ready to talk it through?
A quick chat with Tony is a good first step. No jargon, no pressure.
Talk to Tony