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Family Income Benefit

Family income benefit is life insurance with a bit of a twist. Life insurance normally pays out a lump sum on death, however clients normally take out life cover to maintain a standard of living which is created by an income.

With this in mind receiving a lump sum after a person has died is not exactly the round peg for the round whole, as this would result in the need for someone to invest the money generate a return ensuring that that return can increase with inflation year in year out to produce a rising income thus maintaining the standard of living which was the main goal of taking out the life cover in the first place.

This is were Family Income Benefit comes in.

This type of life insurance almost cuts out the middle man, for want of a better expression, in so much as you select the amount of income you want in the event of death and that is exactly what the plan generates. In the event of death, the beneficiaries receive an income year in year out that and if selected it increases with inflation therefore doing just what was necessary in the first place.

As the plan works in this way it takes away any need for investment expertise and it also takes away any investment risk that would be there in the event you had to invest the lump sum to produce an income. This all means right money in the right hands at the right time and for the whole time it is needed.

Again as with all types of life insurance the cover can be extended to include critical illness insurance cover and waiver of premium benefit. For further information on these additional benefits please click the relevant links on the left of this page.

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