Family Income Benefit
Under this plan, on the death of the life assured, the insurer will pay out a series of regular monthly tax free payments until the end of the original term, as opposed to paying out a single lump sum. This is an extremely cheap form of life assurance.
Family Income Benefit is particularly attractive to those who like to know they have a regular monthly income. This can be used in conjunction with, as opposed to instead of, life cover which pays out a lump sum. For instance, you can cover your mortgage and all outstanding debts with level life cover and then cover monthly living costs to enable your dependants to maintain a decent standard of living.
Like all types of life insurance you can also have additional benefits such as critical illness and waiver of premium benefit.
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