Advanced Mortgage Services Ltd is an appointed representative of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Advanced Mortgage Services is registered in England. Company registration number 4751565.
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Family Income Benefit can provide a regular monthly payment for a set term, for example: ten or twenty years. The policy can be set up to provide insurance in the event of death only or death and critical illness on a single or joint life basis. By providing a monthly benefit rather than a lump sum, a family can plan with certainty what income will be coming in each month.
Cover is only for as long as the policy runs and once the term ends, so does the cover and any income payments.
For example, if you have a 20 year policy and die five years into the policy, then it will pay out a regular income for the remaining 15 years. If you die 16 years into the policy, it will pay out for the remaining 4 years of the term.
With level-term life insurance a lump sum is usually paid out in the event of death. This lump sum is the same amount regardless of whether death is in the first or last year of the policy.
With Family Income Benefit, the total amount paid out by the policy depends on when you die. If you die in the early years of the policy, the total pay-out will be more than if you die nearer the end of the term of the policy.
Family income benefit is normally a cheaper alternative but should be combined with other life insurance policies to gain comprehensive family insurance coverage.
It is also possible to include indexation to make sure any benefits still provide sufficient value in the future to keep up with the impact from inflation.
Family Income Benefit is a cheap and easy way to provide your family with an income rather than a lump sum if you die. If you have a young family, you might want cover to run until your children are grown up. This income could be used to meet everyday expenses or to pay for specific on-going expenses such as school fees.
If you would like to know more information regarding Family Income Benefit Insurance and to provide you with a personalised quotation Please Contact Me.
The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
For definitions covered please refer to the Key Features and Policy Document.