Family Income Benefit
What is it?
Family Income Benefit (FIB) is an insurance that provides a regular tax free income for your loved ones for a set period of time in the event of your death. The amount payable and the duration would be determined at the outset by calculating how much financial support your loved ones would need.
The benefit payable can be used to cover the additional costs that may arise if you are no longer around, such as increased childcare costs and bills. Common examples of the term of the policy include your intended retirement age or an age at which you expect your children to become financially independent.
What options are available?
FIB can be set up on an individual or joint basis. A FIB policy would not be suitable if you are looking for a lump sum payment rather than a regular income. It may also be possible to add an element of Critical Illness Cover to your FIB policy.