Family Income Benefit (FIB) is a term insurance product that, in the event of a claim, pays out a regular income for the remaining term of the policy, instead of a 'one off' lump sum.
It is used to provide financial security covering regular financial commitments, including ordinary everyday living expenses, until a fixed point in the future.
Family Income Benefit is available as:
- Life Cover only called Family Income Benefit Life Insurance.
- Life & Critical Illness Cover called Family Income Benefit Life & Critical Illness Insurance.
All the policies are all available on a joint or single life basis and you can choose whether to include Waiver of Premium.
Example: A couple both aged 35 years old with a mortgage, additional monthly commitments of £1,000.00 a month and a 6 year old child might take out an FIB policy, alongside their mortgage protection policy, for £12,000 a year over a 15 year term to provide cover until the daughters 21st birthday.
This service is provided and administered by Direct Life and Pension Services Ltd (DLPS), who are authorised and regulated by the Financial Services Authority.