Family income benefit is an alternative form of life insurance.
Rather than a lump sum payment, the policy will pay out in monthly payments (like an income).
If you’re the main or sole breadwinner of the family, this form of cover could help replace your income should the worst happen.
Similar to term life insurance, you’ll be covered for a set period and the pay outs will commence if you pass away during this time.
After your passing, your loved ones will receive payments for the remainder of the policy term. For example, if your policy term is 30 years and you pass away 5 years into the policy, it will pay out for the remaining 25 years.
You may wish to choose a term length that aligns with your working life to help protect your income.
Compare family income benefit, free of charge, through Reassured.