Family Income Benefit, also known as FIB, is a type of Insurance that offers your family members financial support when you pass away. Your policy will only pay out if you die during the policy term. The released payments will be interest-free
Similar to Life Insurance, you can define the length of your term upon taking out Family Income Benefit Insurance. Generally, the longer your term, the more premiums that you will pay per month.
If you pass away towards the end of your term, fewer monthly payments will release. This is because the number of years remaining on your term will be the same amount of payments that your family will receive. For example, if you are twelve years into your twenty-year term, if you pass away your family will receive payments for the next 8 years.
Your Protection Advisor in Hull will talk you through the costs of your Family Income Benefit policy and why the costs can change depending on the length of your term. Other factors that will also affect your premiums are your lifestyle, age and medical history.
If you feel that your family would benefit from your financial support after you pass away, then Family Income Benefit Insurance could be the right form of insurance for you.
If you have younger children, when you pass away, this policy can provide them with financial income whilst they are growing up. Potentially, your Family Income Benefit policy could have cheaper premiums than if you were to take out a Life Insurance policy.
People may also opt to take out Critical Illness Insurance alongside their Family Income Benefit Insurance. This can be because it can sometimes be cheaper to take them out together rather than individually.
Our Mortgage and Protection Advisors in Hull are here to help you find a policy that best suits your personal and financial situation. We can also look at setting you up a menu plan if you are interested in taking out more than one insurance policy.
Our team have helped many families find an insurance product that is suitable for their circumstances and comes at a reduced cost. We can go through all of your options with you and help you set your policy terms and conditions so that they match your situation.
If you pass away during your policy term, the money will pay out in monthly instalments, as your income would.
If you would prefer to pass on a lump sum after you pass away, an alternative insurance policy would be Level Term Life Insurance. This type of Life Insurance does not pay out in monthly instalments like Family Income Benefit.
This type of Family Benefit Insurance/Life Insurance policy is called survivorship or second-to-die insurance. This policy can be purchased in joint name.
It pays out when you and your partner pass away. Couples often take it out to cover withstanding repayments, debts like a mortgage and to leave money for their children.
If you are not confident that you and your children will be able to manage without your partner’s income, this type of Family Income Benefit/Life Insurance is not recommended for you, we would advise that you take out regular Family Income Benefit Insurance.
You can write any type of insurance into a trust, however, it will not benefit from Inheritance Tax avoidance.
For more Insurance Protection Advice in Hull, feel free to get in contact with our team, they will be more than happy to help.
In Hull, we have been helping customers for over 20 years. We have found 1000s of happy customers Family Income Benefit insurance products.
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We have Protection Advisors in Hull available to take appointments early in the morning, late in the evening or at the weekend. Alternatively, give us a call and we can refer you to the best advisor for your situation.
We will search through 1000s of insurance products in order to find one that suits your personal and financial situation.
Our team will also go through the policies terms and conditions with you and make sure that you are happy with how it works and when it pays out. They will also look at your term with you and help you decide the length of the policy.