Family Income Benefit

A regular income for your loved ones

 

Family income benefit (FIB) is a type of term life insurance that pays your family a regular tax-free income if you die or are diagnosed with a terminal illness. Unlike standard life insurance which pays out as a lump sum, FIB provides an ongoing monthly income to help replace your lost earnings.

The policy only pays out if you die or are diagnosed with a terminal illness during the specified term of the policy. For example, if you took out a 20 year policy and died after 10 years, then your family would receive an income for the remaining 10 years of the policy. If you don’t die during the term of the policy then no pay out will apply.

Family income benefit is popular with families with young children, particularly where one parent is the primary earner. It is widely considered to be the most affordable type of life insurance.

Joint life FIB policies are available, though as with joint life insurance policies they will only pay out once – usually after the first policyholder dies. 

Try our protection quote tool below, or book a free consultation with one of our friendly advisers to discuss what best suits your needs.

 

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