Family Income Benefit can provide a lump sum in the event of your death. It is also a form of life insurance designed to ensure your dependents will be cared for financially if you were to die or diagnosed critically ill. The policy will pay out a predetermined income to your dependents upon the policy holder’s death.
This is a term policy that will pay the benefit until the end of a set period of time.
For example, a claim made 11 years after the commencement of a 25 year plan will pay benefits for the remaining fourteen years.
Family Income Benefit is paid out tax free and is an alternative cost effective approach to level term assurance.
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