Family Income Benefit (FIB) is a Term Insurance product that, in the event of a claim, pays out a regular income for the remaining term of the policy, instead of a 'one off' lump sum.

It is used to provide financial security covering regular financial commitments, including ordinary everyday living expenses, until a fixed point in the future.

FIB is available as:

• Life Cover only called Family Income Benefit Life Insurance
• Life & Critical Illness Cover called Family Income Benefit Life & Critical Illness Insurance

Each of the above is available with an Indexed Benefit called:

• Indexed Family Income Benefit Life Insurance
• Indexed Family Income Benefit Life & Critical Illness Insurance

All the policies are all available on a joint or single life basis and you can choose whether to include Waiver of premium.

Example:
A couple both aged 35 years old with a mortgage, additional monthly commitments of £1,000.00 a month and a 6-year-old child might take out an FIB policy, alongside their Mortgage Protection policy, for £12,000 a year over a 15-year term to provide cover until the daughters 21st birthday.