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Family Income Benefit

Protect Your Family’s Future with Family Income Benefit

Family Income Benefit is a type of life insurance designed to provide your loved ones with a regular, tax-free income if you pass away during the policy term. Instead of a lump sum, your family would receive a monthly or yearly payment to help cover ongoing living expenses, such as mortgage payments, bills, or daily essentials. This makes it a straightforward way to ensure that your family has financial support to maintain their standard of living. It’s an affordable option for many, and because the pay-out is spread over time, it can be easier for your family to manage.

Why Family Income Protection is Essential for Contractors and Their Families

Family Income Protection is especially important for contractors, as it provides a steady income for your family if you pass away during the policy term. Since contractors often have fluctuating income, this type of cover can help ensure your loved ones aren’t left struggling with day-to-day expenses. Instead of receiving a lump sum, your family will get regular payments, making it easier to manage household bills, mortgage payments, and other living costs. It’s a simple and affordable way to give your family financial security and peace of mind, knowing they will be taken care of even if the unexpected happens.
If you’re unsure, consulting an adviser can help you find the right coverage to fit your unique situation as a contractor.

How Much Does Family Income Protection Cost?

The cost of family income protection varies based on several factors, including:

  • Age
  • Health
  • Lifestyle
  • Level of Cover
  • Your Occupation

For contractors, the cost can also be influenced by your income structure, whether you’re self-employed, PAYE, or working under an umbrella company. Generally, it’s considered an affordable option, with premiums often lower than those for traditional life insurance, as the pay-out is spread over time rather than given as a lump sum. The best way to get an accurate idea of cost is to get a personalised quote based on your specific circumstances.

How Much Does Family Income Protection Cost?

The cost of family income protection varies based on several factors, including:

  • Age
  • Health
  • Lifestyle
  • Level of Cover
  • Your Occupation

For contractors, the cost can also be influenced by your income structure, whether you’re self-employed, PAYE, or working under an umbrella company. Generally, it’s considered an affordable option, with premiums often lower than those for traditional life insurance, as the pay-out is spread over time rather than given as a lump sum. The best way to get an accurate idea of cost is to get a personalised quote based on your specific circumstances.

Let Us Help You Determine the Right Amount of Family Income Benefit

We understand that figuring out how much family income benefit you need can be confusing. That’s why we offer a handy family income benefit calculator to make it easier. By entering details like how much income your family would need each month and how long you’d like the payments to last, our calculator gives you a clear estimate.

This simple and quick calculator, designed to give you an estimated amount that you might need for protecting your home and ensuring your family is secure. Let us help you find the right cover to suit your needs.

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Your total cover estimate:

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Please note, these calculators provide only an estimate. For a precise evaluation, connect with our experts today!

How Contractor Mortgage Solutions Can Support You

We’ve been helping families secure their homes by finding the best family income benefits products.

Expert Guidance:

As an independent intermediary, we offer honest advice, excellent customer service, and ongoing support tailored to your needs.

Financial Production Guidance:

We help our customers secure the best family income benefit from the most trusted and reputable companies.

Tailored Plan:

We can help customise your family income benefit to fit your family’s needs and financial situation.

Ongoing Support:

As your life changes, we’re here to help you adjust your policy. If your circumstances change, we’ll guide you in switching to a plan that suits you better.

FAQ’S

How much income can my family receive from Family Income Benefit?

The amount your family receives depends on the level of cover you choose when setting up the policy. Typically, you select an annual income that you’d like to provide, and this amount will be paid out monthly. It’s important to consider your family’s financial needs, such as mortgage repayments, daily living expenses, and any other debts, when determining the coverage amount.

Is the income from Family Income Benefit taxable?

The income received from Family Income Benefit is generally tax-free, providing financial relief without the burden of tax liabilities. However, tax rules can change, so it’s wise to consult with a financial advisor to understand any potential implications based on your specific circumstances.

Can Family Income Benefit be tailored for joint policies?

Yes, FIB policies can be tailored for joint cover, which is particularly beneficial for contractor families with two income earners. A joint policy can cover both partners, ensuring that if either partner passes away, the surviving family members will receive the income support they need.

How long does the Family Income Benefit pay out for?

The payout period depends on the term length you choose when setting up the policy. Typically, payments continue until the end of the policy term, which can be set to align with key milestones, such as when your children become financially independent or when your mortgage is paid off.

 

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