Family Income Benefit in Hull

Family Income Benefit Hull

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.

Do I need Family Income Benefit Insurance?

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.