Family Income Benefit

1. A variation of level term assurance
2. This type of policy is in effect a type of a decreasing term assurance, where the sum assured is payable by instalments from the date of claim until the original term expires
3. The sum assured reduces at a uniform rate
4. In the event of a claim, the value of the instalments payable may be exchanged for a lump sum
5. The amount of the lump sum will depend on interest rates at the time of the claim. It is possible to arrange such policies where the level of benefit increases at a pre-determined rate, thus providing some defence against inflation
6. Income instalments can be paid monthly, quarterly or annually
7. Typical uses include; to replace long term income through the loss of the primary family earner

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Braunton IFA Ltd is an appointed representative of Virtual Net (Europe) Plc which is authorised and regulated by the Financial Services Authority.The Financial Services Authority do not regulate some areas mentioned on our web site including most Buy to Lets and Commercial Mortgages, National Savings Products, Home Reversion Schemes, Inheritance Tax Planning and Will Writing