Protect your family with Family Income Benefit - a special type of life insurance that pays out a regular, tax-free income to your loved ones should something happen to you. With this insurance, your family can look forward to a steady flow of income over time - providing them with peace-of-mind knowing that they are taken care of even after you're gone.
How does family income benefit work?
Family Income Benefit is a type of life insurance. If you die within the policy term, it will pay out a regular tax-free income until the end of the term. With traditional life insurance, a lump sum is paid out on death.
Cover is for as long as the policy runs so once the term ends, the cover and any income payments cease. For example, if you have a 20 year policy and die five years into this, then the policy will pay out a regular income for the remaining 15 years.
Do I need family income benefit?
Family income benefit is inexpensive and an easy way to provide your family with an income, rather than a lump sum, if you die. If you have a young family, you might want cover to run until your children are grown up. This income could be used to meet everyday expenses or to pay for specific ongoing expenses, such as school or university fees.