Family Income Benefit

Protect your family’s financial security for the future

If you died or became seriously ill, your family’s financial situation would change significantly and they will probably face a drop in income and might have short & long term expenses to pay.  We will pay a guaranteed income to your family, as well as pay numerous other costs that will effect their possible change in circumstances.

If you couldn’t work, or you passed away, a life insurance payout would help your family’s finances. They could use the money to pay off debts, like the rest of your mortgage.

Family life insurance isn’t a standalone policy, plan or product. It just refers to a life insurance plan.

✔ Upto 60% of your salary before tax per month, up to a payment of £5,000 per month

✔ And then 50% after this, capped at a payment of £16,666 per month.

Because it’s tax-free, this should replace most of your salary.

Why you need Family Income Cover?

You might have Life Cover to pay off the mortgage but the average family’s mortgage makes up 18% of their monthly spend. The rest goes on other living costs. As well as a home to live in, your family needs an income to meet their monthly living costs or to maintain their standard of living. Family Income Cover helps you look after your family’s living costs if something happens to you. It can be taken out alongside Life Cover, Serious Illness Cover or Income Protection Cover

What’s the best type of life insurance cover for my family?

Below are some of the award-winning cover options that we offer. You can choose one
plan, or combine options so it’s personalised for you and your family.

Life insurance

This pays out a tax-free lump sum to you or your family if you become terminally ill or die. For lifetime cover, and a guaranteed payout, there’s whole of life insurance. For cover between five and 70 years, there’s term life insurance. Not sure what’s the best plan for you? Compare life insurance options.

Income protection insurance

If you get sick and can’t work, income protection insurance pays you part of your monthly income. It’s tax free and helps you protect your finances while you recover. It can pay out up to 60% of your salary, but the payout is tax-free so it should replace most of it.

Serious Illness Cover

You can add Serious Illness Cover to a life insurance plan or buy it as a standalone plan. If you’re diagnosed with a serious illness we cover, you’ll receive a lump sum payout. You can use the money for things like medical treatments and paying the household bills. There’s also Serious Illness Cover for children which you can add to your plan.

Mortgage protection insurance

Mortgage protection pays off the rest of your loan if you become ill or die during the policy. This means your family could keep their home.

Find out how FITT2020 can help you…