What is Family Income Benefit Insurance?

Family Income Benefit Insurance is a type of life insurance that pays out a tax-free regular income for a set amount of time if you were to die or suffer a critical illness.

Buildings and Contents Insurance Cover

Parents have added financial responsibilities to their families. In the event of death or long term sickness, insurance can help out with the finances

Whilst most people think about covering their mortgage in the event of death or serious illness, have you thought about how you would pay for all of your living expenses if someone was no longer around?

Whilst a lump sum to pay off the mortgage is always a priority. Your loved ones may start to struggle in the event of the loss of the main breadwinner. Therefore Family Income Benefit Insurance can help bridge the gap by paying a set amount of money each month for a set amount of time.

You may want to know that your family have a set amount of income up until your youngest child has been through University. You will then know that your family would be able to have the finances to live in the family home whilst you were gone and continue to live day to day.

This works by typically paying a monthly pay-out after the death of the insured until the end of the cover period.

So, if there was a death in year 2 of a 25-year term then the policy would pay the monthly benefit that was set for the remainder of the 23 years. The key difference to most other protection policies is that they are designed to provide a lump sum. But this plan will provide ongoing support after you are gone. Therefore, the name of Family Income Benefit Insurance is just that. An income provided to your family after you are gone.

This type of cover is particularly crucial for those who have a young family and want to know they will be protected in the upcoming years. The bills and household expenditure will still be there so providing comfort and support to your family when they may need it most.

What does it cost?

Your monthly premiums will depend on:

01.

Your Age.

The older you are the more expensive it will be.

02.

The annual income you would like as a payout.

The higher the income you choose, the more you will pay in premiums each month.

03.

Smoker status and health issues.

Anything that affects your health will decrease your life expectancy and increase how much you pay for life insurance.

This type of policy is usually cheaper than Level Term life insurance because the amount an insurer pays out reduces throughout the policy's term.

WOULD YOU LIKE TO LEARN MORE ABOUT FAMILY INCOME BENEFIT?

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Evelyn Leigh
03/03/2022
Fantastic service. Stisi group even work in the evenings on your behalf to submit your application. So impressed with Chris and Emma. Thank you so much for making this whole process effortless.
Francesca Marcia
Francesca Marcia
26/01/2022
I was trying to buy a second property and I am so glad Chris, William and Lorraine helped me. Chris recommendation were great, he was extremely helpful and professional, he responded to all my questions and I never had to wait for his emails. He kept me updated during the whole process. William was a star, he followed up weekly and kept me updated on all the progresses of my mortgage application, he reassured me constantly when I was worried and made sure to get in touch after my shift at work to keep me in the loop of everything. The service I received was great. I highly recommend Stisi Group.
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Victoria Harper
07/01/2022
5* service from Ross and the team as always. Stisi Group have managed our portfolio for many years and I wouldn't go anywhere else. Highly recommend.
Isaac Pringle
Isaac Pringle
16/12/2021
As a First Time Buyer the entire process of gaining a mortgage and buying your first home can be daunting and scary. Ross and the team made the whole process super simple for me and my partner, answering all of our questions and going above and beyond to make sure we understood everything involved. On top of that they got us a fantastic deal we would never have been able to get ourselves! Would highly recommend!
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NTina Doryforou
07/09/2021
Our mortgage is offered after just 10 days from when we started communicating with the Stisi group. Very friendly and effective brokers. Thank you for your help and support!
Paula Murphy
Paula Murphy
04/08/2021
The exceptional service that I received from Chris Usher during the entire mortgage application was impressive and truly appreciated. From beginning to end Chris was informative, extremely thorough and so helpful. Both Chris and his colleague Lorraine Brown responded quickly and efficiently to any questions I had. My mortgage application went through smoothly and quickly and I could not have asked for better service. I would highly recommend Chris and the team to anyone looking for a mortgage - so professional and dedicated to excellent customer service. My relocation was so stress free and smooth!
Iva Mayer
Iva Mayer
17/04/2021
Absolutely amazing service.Being first time buyers in new country we really didn't know where to start. From the day 1 Craig was super helpful and patient , answerd all our questions and sorted out all problems during the process. Thank you so much!
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Gary Blackwood
08/04/2021
Outstanding service. Always available to answer questions and take the time to explain what is going on. As a business owner they have done better than any company I have spoken to before about getting a mortgage. I highly recommend the Stisi group and honestly given the level of service I would give them more than 5 stars if I could.
Matt Armstrong-Ford
Matt Armstrong-Ford
31/01/2021
Friendly, polite and incredibly efficient.

STISI GROUP

Stisi Group is a trading name of Clear Mortgage Solutions Limited which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau Limited (Derby) Limited who are authorised and regulated by the Financial Conduct Authority.
Clear Mortgage Solutions Limited. Registered Office: 114 Centrum House,
Dundas Street, Edinburgh, EH3 5DQ. Registered in Scotland Number: SC463175.

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