IFA Welshpool, Powys ~ Financial Adviser Welshpool, Powys ~ Financial Planning Welshpool, Powys ~ Financial Advice Welshpool, Powys Pensions Advice Welshpool, Powys
mortgage advisers Welshpool, Powys

left webpage shadowright webpage shadow
Company logo

Tel: 01938 556 000

comment on image 1 comment on image 2

Family Income Benefit

Family Income Benefit

An often-overlooked type of cover, Family Income Benefit protects a level of income for a fixed term. In the event of death the amount of income chosen at the outset will be paid for the remainder of the term of the plan. Often the term is set to protect you until your youngest child is 18 or 21. This protection is not as expensive as you may think.

Depending on your circumstances, indexation might be an option for this type of plan to protect the purchasing power, although the benefit can be level. If indexation is elected at the outset, the premiums and benefit would rise annually, normally by Retail Price Index.

Family Income Benefit is one of the least expensive forms of life insurance and differs from most other types in that it is designed to pay the benefit, in the event of death, as an income rather than a lump sum, although there may be the option of taking a lump sum depending on the policy.

Regular Tax Free Income Payments

In the event of a claim, income can be paid monthly, quarterly or annually and under current rules the income is tax-free. This makes it ideal for Family Protection where a family are looking to insure the main breadwinner over a specific term, for example to his or her retirement age.

Extra Cover Options

Family Income Benefit can also include Critical Illness Insurance which is designed to pay the selected income if the policyholder is diagnosed with a critical illness within the chosen term. Critical illness conditions vary from insurer to insurer but in general include such conditions as some forms of cancer, some forms of heart attack, and stroke etc. In addition to these "core conditions" applicants can also select comprehensive cover which usually includes 25 to 30 additional conditions.

Family Income Benefit therefore should be considered when looking to effect insurance for Family Protection. Family Income Benefit is a low cost, tax efficient solution to Family Protection.

Please be aware that in some cases this type of assurance is based on an assessment of the health of the applicant.

THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.


Life Assurance Enquiry
In the news

Company address: MARS Independent, 44 High St, Welshpool, Powys, SY21 7JQ
T: 01938 556 000
Email: info@marsindependent.co.uk

You voluntarily choose to provide your personal details via this website. Personal information will be treated as confidential by us and held in accordance with Data Protection Act 1998. You agree that such personal information may be used to provide you with details or services in writing or by telephone.

Email communications are not secure and for this reason MARS Independent cannot guarantee the security of the email, its contents or that it remains virus free once sent.

Partners : Martin Mitten, Richard Jones, Gareth Roberts

The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

MARS Independent is an appointed representative of TenetConnectServices Ltd which is authorised and regulated by the Financial Conduct Authority. TenetConnectServices Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 150643.

Telephone: 01938 556 000 | info@marsindependent.co.uk

Designed & developed by Web Pro IT © 2009

Life insurance quotes Welshpool, Powys ~ best mortgage rates Welshpool, Powys ~ Financial Advice Welshpool, Powys pensions advice Welshpool, Powys
retirement planning Welshpool, Powys ~ tax saving advice Welshpool, Powys ~ investment advisers Welshpool, Powys