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Family Income BenefitThis type of policy is not generally well known and has been designed to address a specific need. If the person whose life has been insured dies, rather than paying a large lump sum to the family, that may result in unexpected difficulties, the policy pays a regular income for the remaining term of the policy. This makes the money more easily manageable and guarantees that the family are protected for a specified period.
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For example, with a policy that has been set up for £10,000 per year with a 20 year term where the person whose life has been assured dies in year 5, the policy would pay £10,000 per year for the remaining 15 years. The premiums are lower than for a similar Level Term Assurance, as the amount payable upon a claim is reducing each year. The premiums remain level throughout the term. As with Level Term Assurance, you can select to have the benefits index linked, with a corresponding premium increase. Contact us today
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