Family Income Protection

A Family Income Benefit protection policy will provide your dependents with a monthly income, rather than a lump sum, for the remaining term of the policy.  You choose the type and level of cover.

Family Income Protection Policy Features

·          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.

Now available with critical illness cover as an option.

Family Income Protection 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.

Family Income Protection Policy Limitations

·          Fixed term means no flexibility, you may wish to extend cover but this is not possible.

·          No continuing insurability, you may be ill at the end of the term and unable to obtain further cover.

·          No investment element.

·          The fixed sum assured does not take account of inflation.