Family income benefit
Severnside Mortgage Solutions Ltd are here to give you advice on Family income benefit, protecting you and your family against unforeseen circumstances!
An often-overlooked type of cover, Family Income Benefit protects a level of income for a fixed term. In the event of death the amount of income chosen at the outset will be paid for the remainder of the term of the plan. Often the term is set to protect you until your youngest child is 18 or 21. This protection is not as expensive as you may think.
Depending on your circumstances, indexation might be an option for this type of plan to protect the purchasing power, although the benefit can be level. If indexation is elected at the outset, the premiums and benefit would rise annually, normally by Retail Price Index.
Family Income Benefit is one of the least expensive forms of life insurance and differs from most other types in that it is designed to pay the benefit, in the event of death, as an income rather than a lump sum, although there may be the option of taking a lump sum depending on the policy.
Please Note: 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 your cover will lapse.
Speak to me today about Family income benefit and get peace of mind for you and your family.