Family Income Benefit

Family Income Benefit is a policy designed to provide a monthly benefit on death or on diagnosis of a terminal illness during the term of the policy. As opposed to providing a lump sum payment on death/terminal illness, Family Income Benefit pays out a monthly benefit to help towards monthly expenses if the family was left without the main income provider. Critical illness cover can also be included.

You decide at the outset how much your plan will pay out each month and how long the plan will last. Upon death, the monthly benefit will be paid until the plan ends. For a joint policy, the plan will pay out once, when the first claim is made.