Family Income Benefit

Family Income Benefit 

Family income benefit is a form of life insurance that is designed to replace your monthly income if you die.  Part of a set of policies known as term life insurance, family income benefit will pay out until the end of your stated insurance term.

So, that’s all the basics.

Do you have a young family? At Black Lion Insurance, we understand that your priority is to keep your children safe. You’ll do whatever it takes to protect them. This instinct is inherent in all parents.

Financial protection matters, too

None of us want to anticipate disaster.  Nonetheless, have you made adequate financial provision for those coming up after you in a worst-case scenario?

Raising children is expensive. Moreover, young adults leave home later than they used to and sometimes return after college. Family life is expensive, and there’s no getting away from it.

It’s important to consider how best to provide for your young loved ones should you or your partner die before they become financially independent.

More About Family Income Benefit

Family Income Benefit (FIB) is a type of life insurance that in the event of your death pays a regular, fixed amount of money to your dependents, tax-free.  (It differs from whole of life cover, which provides a lump sum)

In summary, you decide how long you need the cover for and how much your dependents require each year.  You can buy it jointly – you and your partner – or as a single policy.

Should you or your partner die, payments to the value of the cover will be made until the end of the term of the insurance. Also, there are no conditions regarding the use of the money, so your loved ones can use the it in any way they see fit.

However, if the policy term ends and you are still healthy, no payment will be made.

Nonetheless, you may also wish to consider adding Critical Illness Cover to Family Income Benefit.  In this way, you could also benefit from a one-off payment in the event of certain serious illnesses being diagnosed.

If you need FIB, Black Lion Insurance can help

This type of insurance is generally more affordable than other more traditional policies on the market?  Obviously, you still need good value for money.  So, let us do all the hard work for you.

The team here at Black Lion is all about educating and helping busy people like you who need advice and guidance. For this reason, we’ll research the most appropriate policies to cover all your needs.  And, because we’re very client-focused, the decision will always be yours.

Payments will reflect your age, health, and whether you smoke. We will also take care of all the paperwork.

We aim to offer excellent service every step of the way.