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Family Income Benefit.

A lesser known type of policy that addresses a specific need.

Rather than paying a large lump sum to the family, that may result in unexpected difficulties, the policy pays a regular income for the remaining term of the policy. This makes the money more easily manageable and guarantees that the family are protected for a specified period.

For example a policy that has been chosen for £10,000 per year with a 20 year term and the Life Assured dies in year 5 of the policy. This would pay £10,000 per year for the remaining 15 years. The premiums are lower than a similar Level Term insurance as the amount payable upon a claim is reducing each year. The premiums remain level throughout the term.

As with Level term insurance, you can select to have the benefits index linked, with a corresponding premium increase.