Protection
Family Income Benefit
Life insurance designed around your family's monthly bills. After an accepted claim, family income benefit can pay a regular income for the remainder of the policy term.
We compare policies from leading UK insurers
What Is Family Income Benefit?
Family income benefit (FIB) is life insurance designed to pay a monthly amount rather than one lump sum after an accepted claim for a death covered by the policy. Payments run for the remaining cover period. The amount, claim conditions and end date are set out in your policy.
Illustrative example: a policy paying £2,000 a month for 15 remaining years would provide £360,000 in total. With one year remaining it would provide £24,000. This assumes 180 or 12 monthly payments respectively, a valid claim and no increases to cover. It is not a quote or a client case.
The remaining payment period gets shorter as the policy approaches its end date. Compare quotations for the amount and duration of support your family needs. Price depends on the cover and your circumstances; there is no universal saving compared with lump-sum life insurance.
FIB vs Traditional Life Insurance
Family Income Benefit
Monthly payments after an accepted claim • Supports ongoing bills • Payments end at the agreed policy end date
Traditional Life Insurance
A lump sum after an accepted claim • May help repay a mortgage • The amount can be level or decreasing, depending on the policy
Who Is FIB Best For?
Families looking for help with ongoing household bills after a death, rather than only a lump sum. Consider the mortgage, childcare costs, any surviving income and how long dependants may need support.
Young Families
Match the payment period to the years when children are likely to need financial support.
Single Parents
Think about both regular bills and the cost of care your family might need after your death.
Tight Budgets
Compare actual quotations and cover terms. A lower premium is only useful if the protection suits your family.