Family Income Benefit
Having the right cover in place will give you the peace of mind that your family has a regular income should the worst happen to you.
What is Family Income Benefit?
Family income benefit is a type of insurance that provides your loved ones with a regular tax-free income in the event of your death.
Do I need Family Income Benefit?
This type of policy can be particularly helpful if you have young children who are going to be financially dependent on you for a number of years.
How we can help
Finding the right family income benefit can be time-consuming and confusing. At Downton Mortgages & Financial Services, we take the time to understand your unique circumstances, research the insurance market for you, and answer any questions you might have. Once you are happy with your choice of provider, we will manage the whole application for you.
How does it work?
You pay a monthly amount to your insurer and then if you were to pass away, the policy would pay your loved ones a regular monthly income. This would be for the duration of the policy and they can use it for whatever they choose. For this reason, you’ll typically pay more for a longer policy because the financial benefits would last for longer.
Frequently asked questions
How is Family Income Benefit different to Income Protection?
Both provide a monthly payment which continues until the end of the policy term but they pay out for different reasons. Family Income benefit pays out a monthly amount if you die, whereas income protection pays a monthly wage when you are unable to work due to illness or injury.
The personal insurance market can be very complicated though, so a chat with one of our financial advisers can really help to make things clear so you can make the right decision for you and your family.
Do I need Family Income Benefit if I already have a Life insurance policy?
Both policies provide financial security to your loved ones if you die, but they pay out for different reasons. Traditional life insurance can be used to pay off a specific debt whereas family income benefit can be used to replace your income so your family can maintain their lifestyle if you are no longer around. When you work with us, we can talk you through which personal insurance products are best for you, your circumstances and your budget. We will never advise you to take out protection for something we don’t think you need.
You may have many more questions about family income benefit that aren’t covered here. If you want to speak to a friendly and knowledgeable financial adviser in more detail, then get in touch to arrange a no obligation call to discuss your individual circumstances.
Get in touch
We’re here to help with any questions you might have about our services. Send us an email, pick up the phone or fill out our contact form. We look forward to hearing from you.
Personal information will be treated as confidential by us and held in accordance with GDPR May 2018 requirements. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.