Family income benefit is a special type of life insurance policy.
Generally, with life insurance, your loved ones will receive a lump sum payout from your policy when you die. It’s then up to them to handle that money as they wish. With a family income benefit policy, your loved ones will instead be paid a regular income for a set period.
It is important to figure out what sort of income would be needed by your family to be financially stable should you pass away.
Here at Advantage we have the tools and experience to help you arrive at a suitable monthly income from your policy, striking the perfect balance between cost and cover.
Family income benefit is generally seen as the most budget-friendly form of family protection available. This is because the insurer is less likely to have to pay out a significant sum, and even if they do they won’t need to pay it all in one go.
Managing a large lump sum from a traditional term assurance policy can prove a real challenge for families who have just lost a loved one. If they want to make the money last for a lengthy period, this will involve a lot of budgeting and potentially even investing in the stock market. After losing a spouse it’s entirely likely that the survivor may want to re-evaluate their work situation or child care arrangements, you can imagine how much easier this is if a family income benefit policy is paying.
Advantage will help you figure out what type of cover is right for you and your family, call us today for some indications on how much it would cost you to protect your family, it’s less than you think.