Back to cover types
Family income benefit
Family income benefit pays a regular, tax-free income to your family if you die during the policy term, rather than a single lump sum. This can make budgeting easier for surviving dependants.
What it covers
- A regular monthly or annual income for your family
- Day-to-day living costs such as food, bills and school fees
- Childcare and household expenses
- Income that lasts until the end of the original policy term
Who it's for
- Families with young children
- Households who would prefer a steady income over a lump sum
- Those wanting simple, ongoing financial support
Pros
- Provides a predictable income stream
- Can be cheaper than an equivalent level term lump sum
- Helps with long-term budgeting
Considerations
- No large lump sum for immediate debts
- Income stops at the end of the policy term
- Inflation may reduce the real value of payments unless indexed
Ready to protect your nest egg?
Get a free, no-obligation quote and see how family income benefit could work for you.
GET A FREE QUOTE