Family Income Benefit
Family Income Benefit is a life insurance policy that pays an income to dependants on the death of the insured. The income is payable for the remainder of the policy term.
These policies are suitable for people with young families who wish to protect against the loss of income provided by either or both parents.
Family Income benefit plans can used for various reasons, for example they can form part of divorce settlements. Whilst divorcing couples can often agree on monthly maintenance payments, the consequences of death of either parent whilst their children are still dependant is often overlooked.
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.
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