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Family Income Benefit
Family income protection provides your family with a monthly income for the remaining term of the policy, rather than a single lump sum.
The main features are:
- A fixed term policy.
- Providing a tax free income from the date of death to the end of the term.
- Option on claim to commute the regular income for a single lump sum.
- No benefit on survival.
- No surrender value.
- Level premiums throughout the term.
- Policy is arranged for a fixed term of years.
Family Income Benefit Policy Benefits:
- Low cost cover providing a tax free income, particularly useful for young families.
- Benefit is paid on death (or diagnosis of a specified critical illness if that option is taken out) of the insured person for the remaining years of the policy term.
- Provides valuable income to the surviving spouse/partner to bring up children etc.
- Available for long or short term plans i.e. 1-18 years.
- Available for single or joint applicants.
This means that the payment on your death will be given to your family in regular payments rather than as a lump sum. The term is chosen at the outset of the policy.