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Family Income Benefit Insurance

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What is Family Income Benefit Insurance?

Family Income Benefit Insurance, also known as FIB Insurance, is a type of insurance that provides regular, tax-free income to your loved ones in the event of your death.

This type of insurance is usually taken out by parents who have children who are still financially dependent on them.

Family Income Benefit Insurance provides a payout over a set period of time as opposed to a lump sum all at once.

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How does Family Income Benefit Insurance work?

Family Income Benefit Insurance is only paid out if the policyholder passes away during the policy term. The length of your policy term will be outlined when taking out the product.

With Family Income Benefit Insurance, your family will be paid a regular income over a set period in the event of your death.

This insurance policy provides your family with financial support, helping them maintain their finances and expenses during a difficult time.

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How much does Family Income Benefit Insurance cost?

The cost of Family Income Benefit Insurance can change depending on a variety of factors, just like any type of insurance.

Factors such as the length of your term, current health, lifestyle, age and medical history can impact the cost of Family Income Benefit Insurance.

Our mortgage and protection advisors would love to help you find Family Income Benefit Insurance that best suits your personal and financial situation.

You can speak with a mortgage and protection advisor for free by booking an appointment via the link below. We can have a talk and work out how much Family Income Benefit Insurance is going to cost you.

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Family Income Benefit FAQs

What is Family Income Benefit?

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Family Income Benefit is a type of Life Insurance that pays in the event of your death, permitting that you are within your policy term.

Family Income Benefit Insurance pays out in regular payments over a set period. You may be able to set this period at the time of taking out the policy.

The cover is usually distributed in monthly or annual payments.

Can I get Family Income Benefit Insurance policy if I’m a single parent?

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Yes, as a single parent, you can take out Family Income Benefit Insurance. In fact, this product is usually taken out by single parents who want to ensure financial security for their children if they pass away.

Family Income Benefit Insurance for single parents ensures that your children will continue to receive financial support to cover essential expenses even if you are no longer there to provide for them.

Is Family Income Benefit Insurance cheaper than Life Insurance?

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In some cases, Family Income Benefit Insurance can be cheaper than Life Insurance.

Life Insurance pays out if you pass away from the date of taking out the policy until the date of the cover ending. Family Income Benefit Insurance only pays out within the policy’s term, which is likely shorter than the duration of Life Insurance cover.

We cannot provide figures because everyone’s situation differs. It would be best to speak with one of our mortgage and protection advisors to get an idea of how much Family Income Benefit and Life Insurance would cost you.

If you are looking to take out both products, we can also look at a Menu Plan with you that includes multiple insurance policies.

What happens if I cannot maintain my Family Income Benefit Insurance payments?

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If you are struggling to meet your policy payments month on month, your policy may become invalid and you could lose the protection you currently have.

Depending on what Family Income Benefit Insurance policy you have in place, you may be able to restore your policy within a specific time frame. You may build interest on your outstanding payments within this timeframe.

We recommend speaking with a mortgage and insurance advisor if you are struggling to meet your monthly Family Income Benefit Insurance premiums. They may be able to offer guidance on potential solutions or arrangements to help keep your coverage in place.

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Availability 7 days

We're available 7 days a week so that you can contact us at a time that best suits you.

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Every customer can benefit from a free insurance review. This review will take place with a mortgage and protection advisor.

Finding the best policy for you

Your advisor will find you a policy tailored to your specific circumstances. We will also try and save you money along the way!

We're on your side, we work for you.

We want the the best result for you, and nothing else.

Jargon-free insurance advice

We'll recommend appropriate insurance products to ensure you can stay in your home, should you become seriously ill or unable to work.

Exploring all of your options

We will explore all of your options before going ahead with an insurance policy.

We're experienced and knowledgeable

Our team have been helping customers with their insurances for over 20 years now, we know how to find the perfect policy for you!

Your mortgage advisor will be with you every step of the way

From the moment you get in touch to the end of your process, we will be by your side every step of the way.

More Family Income Benefit Insurance FAQs

Can I get Family Income Benefit Insurance if I’m divorced?

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Being divorced does not prevent you from taking out Family Income Benefit Insurance. In fact, it is a safe option for divorced individuals who want to ensure financial protection for their dependents.

As a divorced individual, you may have specific considerations to take into account when selecting a Family Income Benefit Insurance policy. You might choose to designate your children, ex-spouse, or another family member as beneficiaries, depending on your circumstances and preferences.

How can I get a Family Income Benefit Insurance quote?

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The best way to get a Family Income Benefit Insurance quote is to give our team at UK Moneyman a call.

We can book you in for a free insurance review, where we will ask you a variety of health questions to determine what policy you can access and the premiums you will be paying each month.

What are my other insurance options?

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As a mortgage and protection broker, we are able to help with a variety of insurance options:

  • Life Insurance – Life insurance provides a lump sum payment to your beneficiaries upon your death.This can help replace lost income, cover outstanding debts, such as a mortgage or loans, and provide financial stability for your loved ones.
  • Critical Illness Cover – Critical illness cover pays out a lump sum if you’re diagnosed with a serious illness covered by the policy.This can help cover medical expenses, lifestyle changes, and other costs associated with your illness.
  • Income Protection Insurance – Income protection insurance provides a regular income if you’re unable to work due to illness or injury.It typically pays out a percentage of your salary until you’re able to return to work or reach retirement age.

UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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