We set up life insurance for many of our clients to cover those larger financial liabilities like a mortgage. That lump sum payment may be vital to keep a roof over their heads. But a family will still struggle to meet day-to-day living costs even if the mortgage has been paid off. Family Income Benefit is an affordable way to plug this protection gap It’s designed to pay out a tax-free monthly income until the end of the term, on the death of the life assured or diagnosis of a terminal illness. To keep costs low this is a pure protection only plan with no investment value. With the providers we have access to they provide additional value-added benefits for our customers.

The main features of Family Income Benefit include:

• Pays a convenient monthly income which can be converted at any time during a claim to a reduced lump sum.
• Premiums are guaranteed throughout the term – no reviews, and the minimum premium can be as £5 per month.
• Inflation-linked cover is available, maintaining the buying value of the income in the longer term.
• Terminal illness benefit is included as standard throughout the term with some providers.
• Guaranteed Increase Options are available.
• Can Include a ‘Pay My Mortgage’ facility which enables the beneficiaries of the policy, depending on their individual circumstances at the time of claiming, to have all or some of their monthly income paid directly to their lender to cover their regular mortgage payment.