Family Income Benefit
Family Income Benefit is a type of life assurance that offers a regular, tax-free income to your dependants if you pass away during the policy term. Instead of a single lump sum, it provides a steady stream of income to replace your lost earnings and assist your family with ongoing living costs.
Payments can be made monthly or yearly for the rest of the policy’s duration. For instance, if you took out a 20-year policy and a claim was made after five years, the policy would provide an income for the remaining 15 years.
Although the income is generally not taxed, it is important to recognise that receiving these payments could impact your family’s eligibility for certain means-tested state benefits.
THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN THE COVER WILL LAPSE.
Critical Illness
Ready to speak with an adviser?
Request a call back
Gain a clearer understanding of your current circumstances and the options accessible to you by arranging a consultation with an independent financial adviser.
Where we are
HCF Partnership
Ground Floor, 8 Beaumont Gate,
Shenley Hill, Radlett,
Hertfordshire, WD7 7AR