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Life Insurance with Family Income Benefit

Family Income Benefit is life assurance that rather than paying out a lump sum in the event of a claim pays a set monthly amount instead. 

So, unlike level term assurance that pays a set amount at any point in the term, or decreasing term assurance that pays out a reducing amount over a term, normally in line with a repayment mortgage, family income benefit pays a monthly figure from the point of the claim until the end of the policy term.

This type of insurance is usually put in place to cover the loss of income that would occur if a person was to die. So for example a family with dependents and a mortgage may decide to cover themselves with either level or decreasing term assurance to repay the mortgage in the event of a death but also to cover themselves for an amount equal to the net (after tax), household income.

Putting this type of protection can be of particular importance to a family with young children as a way of protecting the family lifestyle without the need for a surviving spouse having to return to work whilst the children are small by guaranteeing an income into the household for a set period of time.

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Family Income Benefit or Term Assurance?

Family income benefit can very often be a cheaper alternative for a person wishing to insure themselves with a lump sum equivalent over the same time scale. It also does not require beneficiaries to decide how to invest a lump sum of money so that it provides them with an income for any given period of time.

It is worth noting that depending on when a claim is made will affect the total amount that will be paid out by a family income benefit policy. So, for example if a person insures themselves over 20 yrs for £1500 a month and they die after 2 years of having the policy, then the beneficiaries will receive £1500 a month for the next 18 yrs. However, if a claim is made with one year remaining on the policy then the beneficiaries will receive the £1500 a month for 12 months only.

Additional Benefits

Many providers also include additional benefits included in your premium and at no extra cost, including terminal illness cover and accidental death cover. You can read more about these options by reading the “Key Facts Documents” that are produced when you choose a quote. 

It is always worth taking the opportunity to discuss different scenarios with one of our insurance consultants to get an idea of the many options available and indeed their costs, so that you can decide on a plan that best suits your personal circumstances and budget. A plan with more than one layer of protection may well be cheaper than you think but the benefits received by the people who need it could be priceless. 

What our customers say

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Sarah from Mansfield

Before coming to I’m Insured I tried all of the major comparison sites. I wasn’t happy with the prices I was given until I found I’m Insured.
They managed to beat all the previous quotes and insure me at the price I wanted to pay.

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Mark From Newport

I work in the industry and I was very impressed with the service. The representative took his time to run through everything and answered all my questions with ease. Finally, and most importantly, the cost of the product taken was also very competitively priced. Would highly recommend.

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Paul From London

Gwilym of I’m Insured was an excellent consultant when I changed my family’s life insurance and critical illness cover….
Gwilym of I’m Insured was an excellent consultant when I changed my family’s life insurance and critical illness cover. I asked him a lot of searching questions over a period of time before deciding, and he remained patient and extremely helpful at every stage, customer service at its very best! I ended up with a combination of products that saved me money every month, yet had much more comprehensive cover than my previous arrangement.

Read more
quote

Sarah from Mansfield

Before coming to I’m Insured I tried all of the major comparison sites. I wasn’t happy with the prices I was given until I found I’m Insured.
They managed to beat all the previous quotes and insure me at the price I wanted to pay.

quote

Mark From Newport

I work in the industry and I was very impressed with the service. The representative took his time to run through everything and answered all my questions with ease. Finally, and most importantly, the cost of the product taken was also very competitively priced. Would highly recommend.

quote

Paul From London

Gwilym of I’m Insured was an excellent consultant when I changed my family’s life insurance and critical illness cover….
Gwilym of I’m Insured was an excellent consultant when I changed my family’s life insurance and critical illness cover. I asked him a lot of searching questions over a period of time before deciding, and he remained patient and extremely helpful at every stage, customer service at its very best! I ended up with a combination of products that saved me money every month, yet had much more comprehensive cover than my previous arrangement.

WHY CHOOSE US?

We can also help with putting your policy into trust.

That means you can nominate somebody to look after the money if you die and there’s a payout before you want the intended recipient to get the money. A common example is parents who want to have the payout go to a child only once the child turns 18 or 21. Putting a policy into trust also ensures that the payout goes to your intended recipient and can’t be seized by creditors if you have any debts when you die. There may also be tax benefits to putting a policy into trust.

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