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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.
Customer care is at the heart of our company, take a look at some of our fantastic reviews on our reviews page to find out more about our service.
Pick your own date and time and book online!
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.
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I had Matt helping me with my mortgage. Everyone in the business replied to me very quickly, answered all my questions, made everything less stressful, and I got my mortgage approved v fast.
Excellent service from Waynew Dewsbury, Luise Hepworth and the team. They found the best deal for me even after I had gone to the UK's largest organisation and they took care of me and my application every step of the way A++ service! Thank you!
Good service and lovely staff.
Received an email from Hullmoneyman regarding our mortgage coming to the end of its current fixed rate. We made an appointment and got a new rate fixed and agreed 4 months earlier than expected. In the current climate this is great as we've got...
Fabulous service, would definitely recommend as it just eases so much stress.
Helen was lovely and made me feel very at ease chatting about becoming a first time buyer and making an appointment. 5 star.
Helen was super helpful and lovely to speak to on my initial call today, she was happy to answer any questions I had and set up an appointment for me that worked around my schedule. .
As first time buyers, we needed a fair amount of assistance. Matt has been really helpful, transparent and attentive during the process. Highly recommend.
Fantastic service! From my first phone call with Matt I felt at ease and confident that he could handle my remortgage with no problems. His knowledge and efficency are spot on and all went through so quickly, including protection insurance. Thanks...
Amazing service from start to finish. Friendly, informative and helpful team who have guided me through the stages with professionalism and ease. I would and will be definitely recommending Hullmoneyman to friends and family. Thank you.
Absolutely fantastic service from start to finish credit to Anna / Matt hassle free
Hullmoneyman made sorting out our mortgage easy. Matthew and Daniel where brilliant with great communication, help and advice. We couldn't have asked for a more easy transaction. We would highly recommend this company. Many thanks
Wayne and Anna helped find the best deal available and progressed my remortgage quickly. They went above and beyond to ensure all aspects of the mortgage were understood before progressing. Highly recommend their services!
Third time using Hullmoneyman cannot recommend them enough. great service.
I spoke with Helen who helped arrange the initial appointment with an advisor for me. She was very friendly and warm, helpful and attentive, and also extremely empathetic and understanding towards the stresses of the housing buying process. Great...
Fantastic service on sorting my mortgage out. A very quick service and kept informed at every stage. 👏 👍
Amazing service. You feel so valued.
From my very initial phone call the team have been outstanding, they can’t do enough for you. Lee and Kerry have been amazing !! Nothings ever too much, prompt replies to any questions and made the process stress-free. 100% recommend. Thank...
The Hullmoneyman team are friendly, efficient and communicate regularly with updates. I would recommend this company without hesitation.
Got me out of a pinch when my bank reneged on my Decision in Principle. I was guided through the whole process with everything being explained simply and thoroughly, and they were and were always happy to answer any queries or questions....