Family Income Benefit (FIB) is a term insurance 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 and Personal Income Plan.
- Life and Critical Illness Cover called Family and Personal Income Plan with Critical Illness Cover.
- Critical Illness Cover called Family and Personal Income Plan Critical Illness Cover.
All the policies are available on a joint or single life basis and you can choose whether to include Waiver of Premium (subject to eligibility).
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 daughter is 21 years of age.
This service is provided and administered by Legal & General Assurance Society Limited, who are authorised and regulated by the Financial Services Authority.