Family Income Benefit Insurance Explained
Family Income Benefit Insurance Explained
Family Income Benefit
What is Family Income Benefit? Life cover which pays your dependents an annual income following your death, for the remainder of your selected plan term. This is a cheaper way to provide the benefits of life insurance as the costs to the insurance company are reducing every day with a plan like this.
Normal life insurance will pay a lump sum upon claim for a given term of cover. With FIB they will only pay a monthly/annual amount for a given term.
The policy is designed to replace the breadwinners income to enable a family to continue living at a standard of living they desire in the event of a claim. They will not get a lump sum to repay the mortgage etc but they will get the income to make the mortgage payments each month.
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