skip to main content
family-income-protection-header

Family Income Benefit

Family income benefit can cover your monthly income for a set period of time if you die during the term.

What is family income benefit and how does it work?

Family income benefit is a type of life insurance for parents and families.

The key difference between FIB and standard life insurance is that rather than your loved ones receiving a lump sum of money, they’ll get monthly payments instead.

If you die, the policy will pay out a regular, tax-free income up until a specified date to replace your lost income.

For example, if you take out a 20-year term policy and a claim is made 10 years into it, it’ll continue to pay out for another 10 years. If the claim was made 15 years in, payouts would only continue for five years.

You get to decide how much of your income you'd like to be covered, but the larger the monthly payout, the higher your premiums.

Disadvantages

This is not a savings or investment product; if nobody makes a claim during the course of the policy it will pay nothing at the end.

It also offers a decreasing level of cover. For example, if the policyholder were to die a month before the end of the term, then the policy would only pay out for one month.

In contrast, a level term life insurance product could still pay out the full, agreed lump sum. Though that’ll still be restricted by the term.

Who is family income benefit for?

It could suit families with young children as it provides a regular income to cover the cost of living expenses, with potentially cheaper premiums than other life insurance policies.

Get Expert Financial Advice

Sturgess Mortgages Solutions Ltd provide professional mortgage services to customers in Swansea, Wales. Please book an appointment or come and visit us at our office. Alternatively, you can book a callback.

Shaun Sturgess from Sturgess Mortgage Solutions

Customer Reviews

Our mission is, and always has been, to serve our customers interests by providing an honest and totally transparent service, making all communications easy to understand and adopting a fair and easily understood charging policy.
  • Shaun and his team are fantastic. myself and partner had a very complex case in securing a mortgage, if it wasn't for Shaun we would of given up... Full Review

    Jade
    13 October 2023
  • Shaun has been amazing during the process of buying our second home as he was with our first home... Full Review

    Katie
    27 September 2023
  • Shaun has been amazing as always and his team with my new mortgage... Full Review

    Andrew
    27 September 2023
  • Helping to remortgage and take it off my hands and good advice... Full Review

    Carys
    27 September 2023
  • When we met Shaun, his advice was so easy for us to understand and we felt more confident in finding a new Mortgage. Shaun had the patience to... Full Review

    Jonny
    27 September 2023
  • Shaun and his team have supported my daughter with her first home along with achieving a great fixed rate deal for me... Full Review

    Carl
    27 September 2023
  • Shaun has been so helpful and always approachable, he's super knowledgeable and when we did have questions going into a meeting, Shaun would answer... Full Review

    Rhodri
    27 September 2023
  • Shaun has gone above and beyond to help us right from the beginning to end of the process. Shaun not only helped with getting us an agreement in... Full Review

    Olivia
    27 September 2023
  • Shaun has followed up and been on hand for any advice we needed. He has also made himself available for additional queries around remortgage should... Full Review

    Kayleigh
    27 September 2023
  • Shaun has been extremely helpful in getting a mortgage for our new home. His expertise was invaluable in obtaining an appropriate mortgage offer,... Full Review

    Dominik
    01 November 2022
  • Best of the BEST! Shaun helped us to go through our first application years ago, he helped us again with remortgaging our house, and now he helped... Full Review

    Martyna
    01 August 2022
  • Shaun was brilliant. Me and my girlfriend will highly recommend him to all friends and family. He’s like a mortgage advisor and solicitor... Full Review

    Ross
    10 April 2022
The greatest compliment you can pay us is to refer your friends, family and colleagues.

From the Blog

Read Blog
AMI SMP Three Best Rated Vouched For