What is Family Income Benefit Insurance?

Family Income Benefit Insurance provides a monthly income to the family following the death of the policyholder. The policyholder would normlly be the family’s main income provider. In the event of a claim, the income continues until the policy’s expiry date is reached.

You can buy a “Joint” policy which will provide an income in the event of the death of either of the two income providers. However, if you want two incomes in the event of the death of both income providers, then you will need to take out a separate policy for each person.

Please note that income will only be paid to the dependants of a policyholder.

The payments continue at the rate specified in the insurance policy until the policy’s expiry date is reached.

When you buy Family Income Benefit Insurance you will have to consider five aspects:

· How much income you want to insure for?
· Do you want a Single or Joint policy?
· In the event of a claim, do you want the income to increase inline with inflation (that’s called Index Linking)?
· How many years do you want to be insured for?
· Do you want to combine this insurance with any other insurance? For example Life Insurance to provide a lump sum on death, or Critical Illness insurance to provide a lump sum in the event of a serious illness, or Permanent Health Insurance to provide an income if you were off work due to long term illness or accident.

Most good financial web sites will offer you Family Income Benefit Insurance.

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