Family Income Benefit
Family Income Benefit is a type of decreasing term assurance.
It is paid as an income benefit rather than as a lump sum. A payment can be paid either on the death of the life assured or an earlier critical illness if that option has been selected. Payments are usually made on a monthly basis and continue until the end of the term selected by you at the application stage.
As this benefit is more often used to replace income rather than pay-off loans and other liabilities, it is also possible to arrange for an increasing level of benefit to maintain the real value of the arranged protection or to keep pace with average earnings. If this option is selected then your premiums will increase upon each policy anniversary.
