For those who value the financial protection that life insurance provides but find that they cannot afford the expense, a Family Income Benefit policy can be an excellent alternative.
This lesser known type of financial protection plan is typically cheaper than the average life cover policy, and it can be an excellent way of providing for your family in the event of your death.
How Does Family Income Benefit Work?
Like a traditional life insurance policy, family income benefit provides money for your family; however, these two types of financial protection are quite different. A life insurance policy provides a lump sum when a claim is made, and the value of the lump sum is the same whether the claim is made two years into the policy, or a year before it terminates (assuming it is level cover).
With a family income benefit, the opposite is true. A family income benefit plan lasts for a fixed amount of time, but if you should die while the plan is live, your family will receive monthly payments up until the policy terminates. If, for example, your plan lasts twenty years, and you die after ten years, your family will receive a monthly payment for the...
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