Family Income Benefit (FIB) is a low cost way of financially providing for your family after your death, or if you suffer a critical illness.
The cover is designed to pay out a tax free income if you die during the term of your policy. If your policy includes Critical Illness it would pay out a tax free income to you in the event of you suffering a qualifying critical illness.
FIB will help with financial support to maintain your family’s quality of life. There are key points within the policy that will help do this, they are;
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Replacing your lost earnings
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Paying for household bills and mortgage repayments
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Paying for your children’s education
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Maintaining your family’s lifestyle after your death
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Replace maintenance payments for your children until they reach adulthood
One of the most common reasons for buying a family income benefit is to provide for your children’s education and ongoing upbringing. It can also help make sure your spouse still has an income until retirement age, or for parents to be able provide for the children after a divorce.