Family Income Benefit is a type of life insurance that is designed to avoid financial hardship for your family if you passed away during the term of the policy, but instead of paying a lump sum, it will pay a monthly income.
Your policy is covered by you making monthly payments. The payment amount is determined by your job, age, smoking status, overall health, how long the insurance is for and the amount being insured.
The term will end at the date you set when taking out the policy, which will usually be the age you feel your dependants will no longer be dependent on yourself.
At RNR Mortgages, we aim to make arranging your family income benefit, like your mortgage, stress-free, anxiety-free and hassle free.