| Family
Income Benefit will provide a monthly income to a family after the
death of its main provider or partner. The payments continue at the
level specified in the policy until the end of the policy’s
term. These payments can either be index linked to rise in line with
inflation or to continue at a flat rate.
Policies can either be single or joint; in the case of joint policies,
the policy will begin paying out at the death of either policyholder,
but will not pay out twice if the other person dies.
This type of policy is used to provide a monthly income to replace
the income lost upon death of one of the principle providers in
the family. It is often taken up to retirement age, upon which the
policyholder would no longer have a monthly income. Please note
that an income is only paid to the dependents up to the expiry date
of the policy. At the end of the policies term all payments would
cease.
Family income benefit insurance is in no way an investment and
at no stage has any surrender value. Family Income Benefit can also
be combined with other life insurance products, such as Critical
Illness Insurance. Please ask the Consultant for details.
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