Family Income Benefit, also known as FIB, is a different form of life insurance compared to many other policies. It pays a regular, fixed, tax-free income to replace the income, over a set period of time, that would have been provided by the policyholder.
Family Income Benefit offers a cost-effective way to providing financial support for your loved ones for a set amount of time, making it a popular choice for young families to ensure their children are financially supported if the unthinkable should happen.
You decide the amount your loved ones receive each month in the event of you passing away and how long the protection should last for (known as a term), ranging from months to years. Something to consider is if the payments would cover their living costs; many people ensure the term lasts until their children are able to financially support themselves.
Please note that the descriptions above do not constitute as financial advice and may change dependent on individual circumstances and budgetary requirements.
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*£9.68 per month, based on a 31 year old non-smoker with no health problems, £1500 per month over 20 years level life only. Prices January 2019.
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