Family income benefit is a type of life insurance that pays out a monthly or quarterly tax-free income to your family if you are diagnosed with a terminal illness or die during the policy term. It helps cover living expenses and maintain your current standard of living.

If you pass away during the policy term, your family will receive a regular income (usually monthly) until the end of the policy term. For example, if you have a 20-year policy and die after 5 years, your family will receive the benefit for the remaining 15 years.

The amount of cover depends on your family’s financial needs, including living expenses, mortgage payments, and children’s education costs. I can work with you to determine the right amount of cover for your family’s needs.

Yes, you can have family income benefit alongside other life insurance policies. It can complement lump sum payouts by providing a steady income stream to your family.

The cost of family income benefit depends on factors such as your age, health, occupation, lifestyle, the length of the policy term, and the amount of monthly income you choose. Smokers, those with above BMI’s, or those with health issues may pay higher premiums.

The policy term should align with your family’s financial needs, such as until your children are financially independent or your mortgage is paid off. Common terms range from 10 to 25 years.

Yes, family income benefit policies can be customized to match your financial situation. You can choose the length of the term and the amount of income your family will receive, based on their expected needs.

No, the income received from family income benefit is typically tax-free. This ensures your family receives the full amount intended to cover their living expenses.