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Benefit.
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Same Day Appointments
Let's get started today.
Quick Decisions
Stop waiting weeks to get a decision.
Transparent Advice
Don't be left in the dark anymore.
We Can Search Thousands Of Family Income Benefit Deals
The Journey to Protecting What Matters Most
Initial
Meeting
Let’s grab a coffee (or a Zoom). This is where we get to know you, your concerns, and your protection goals. Think of it as a relaxed chat to set you on the right path to financial security. You talk, we listen!
Personalised
Package
We’ll craft an insurance plan tailored to your needs, complete with all the suitable options. We’re like your personal insurance matchmaker, finding the best deal to make protecting what matter most easy.
We Do
The Rest
Leave the paperwork, provider chasing, and all the heavy lifting to us. All you need to do is sit back and relax while we make it happen behind the scenes. Our award-winning insurance team is available 7-days a week.
You Are
Covered!
Your new insurance is set up, and it’s time to pop the bubbly! Like all our 5-star customers, you are now financially protected should the worst happen.
“Going above and beyond is what we do; we LOVE our job, and most of all, we LOVE helping our clients.”
If you need any form of family income benefit, make an appointment with one of our advisors today. We aim to make protecting your family as easy as possible.
Different Types of Family Income Benefit
Your annual amount of cover and the premiums you pay are fixed when the plan starts and will not change. Cover will not keep up with inflation and will buy less in the future. This means your premiums are fixed and won’t increase.
The amount of cover will increase in line with inflation (RPI), and the premium will increase by the Retail Prince Index. Your premiums will slightly increase too.
Family income Benefits cover only guaranteed premiums. This means your premiums are fixed, not reviewable, and will only increase if they’ve chosen inflation-linked cover.
Why Use Protex Financial For Family Income Benefit?
Here at Protex Financial, we strive to focus only on you; this is why we can offer the best range of family income benefit advice with access to thousands of products the insurance market offers. Our family income benefit brokers can search thousands of products to ensure you are getting the most suitable deal you can possibly get.
The FCA, the Financial Conduct Authority, regulates our team at Protex Financial. This means everything we do is for you; we must offer you the leading and most suitable family income benefit, rates, and advice.
Frequently Asked Questions
Family Income Benefit (FIB) is a type of life insurance policy that offers consistent income payments to your family if you die within the agreed term.
Regular income payments: Instead of paying out a lump sum, FIB provides regular tax-free incomes to beneficiaries until the end of the term. This can cover continuous living costs like rent or mortgage repayments, bills and everyday expenses.
Policy term: You determine how long you want the policy to last, usually based on specific financial commitments such as when your children will become financially independent or when your mortgage will be fully repaid.
Fixed payments: The amount paid every month is fixed from the start so that there is always an expected amount coming in each month.
Cost efficiency: Because it pays less over time, the total cost of ownership may be lower than traditional life insurance; therefore, this type tends to be more affordable. If an insured person lives longer in policy duration, then the remaining years for payout will be reduced with time, making it cheaper.
Flexibility: For instance, there is the index-linked option, which increases coverage with the inflation rate so that income remains valuable over many years.
Expiry date: No benefit will be given if someone holding this kind of assurance survives until its expiry date; nothing happens after that point except ending up without any money back or prize at all.
Beneficiaries: The policyholder chooses the receiver(s), who are typically close relatives dependent upon their earnings capacity, such as husbands/wives/children, etc.
Example
Suppose I buy a £2000 per month FIB package lasting twenty years and pass away five years into the deal. Then my family would receive two thousand pounds per month for fifteen more years.
Yes, single parents can buy Family Income Benefit Insurance. This type of policy is normally bought by those who want to make sure that their kids are financially secure in the event of their death.
It’s true that as a single parent, you can get Family Income Benefit Insurance, and usually, it’s taken for this purpose: to care about children’s financial well-being if one dies.
Family Income Benefit Insurance is sometimes cheaper than Life Insurance.
Life Insurance pays out if you die within a specified term. This could be from the date of taking out the policy until the date of the cover ending, for example. In contrast, Family Income Benefit Insurance only pays out during its term – which is usually shorter than that of Life Insurances so it may well cover less time overall.
It would be wrong to put figures on here because everyone’s situation is different. You will need to speak with one of our mortgage and protection advisors who can give an indication about how much these policies might cost based upon your own circumstances.
If you are looking at both products, we could consider a Menu Plan with multiple insurances included too.
A family income benefit policy is payable only on the policyholder’s death while the policy is in force. The duration of your policy will be specified at the time you purchase it.
If you have family income benefit insurance, your relatives will receive a regular income within a specific period after you die.
This insurance coverage offers economic assistance to your family so that they can cope with their financial needs during such tough times.
A deferred period, also known as a waiting period, is the amount of time you must wait after becoming unable to work due to illness or injury before you start receiving payments from your income protection insurance policy. Here’s a detailed explanation:
Definition: The deferred period is the interval between the onset of your illness or injury and when the insurance payments begin. It acts as a buffer period during which no benefits are paid out.
Typical Lengths: Deferred periods can vary, typically ranging from 4 weeks to 52 weeks or more. Common options include 4, 8, 13, 26, or 52 weeks.
Choosing a Deferred Period: The length of the deferred period you choose can affect your policy premiums and coverage:
- Shorter Deferred Periods: A shorter waiting period (e.g., 4 or 8 weeks) means you will start receiving benefits sooner, but this usually comes with higher premiums.
- Longer Deferred Periods: A longer waiting period (e.g., 26 or 52 weeks) will lower your premiums, but you will need to rely on savings, other insurance, or sick pay from your employer during this time.
Factors to Consider:
- Employer Benefits: If your employer provides sick pay or short-term disability benefits, you might choose a deferred period that begins after these benefits run out.
- Savings and Other Income: Consider your savings and any other income sources you can rely on during the waiting period.
- Financial Obligations: Ensure the deferred period you select aligns with your ability to meet financial obligations without income protection payments.
Impact on Premiums: The deferred period is a significant factor in determining your policy premiums. Generally, the longer the deferred period, the lower the premiums because the insurer is less likely to have to pay out.
Picking the correct family income benefit policy depends on your situation, financial position, and future objectives. Our family income benefit advisors will evaluate what you require and advise which policies would be best for you, considering variables like coverage sum, term duration, and other perks.
Yes, you can get insurance even if you have pre-existing medical conditions, although there are many things to think about and steps that you may need to take.
Underwriting Process: Insurers evaluate your health by underwriting, which can involve filling out a medical questionnaire or even taking a medical examination; the amount charged as a premium and the extent of coverage available are based on the severity and type of disease identified during this stage.
Possible Outcomes: Depending on what kind of illness someone has, they might be subjected to paying more money each month than healthy individuals would or they could be barred from benefits altogether; still, many companies offer policies specifically designed for people with bad health.
Many things determine the cost of a family income benefit policy, it is personal to you and your situation. These are:
Age
Health
Lifestyle (smoking, job, hobbies etc.)
Period to be covered (policy term)
Amount of money given as an income (sum insured)
We can’t give you a simple answer because the right choice for your family depends on many things, such as your current situation and what types of coverage you need. However, here are some important points to consider:
Family Income Benefit is supposed to help pay for day-to-day expenses like rent/mortgage payments or utility bills. If you would prefer that your entire mortgage be paid off at once, then family life insurance might work better.
Family income benefit can be cheaper than life insurance in some cases since the payout amount is determined by when (i.e., how early or late) during its term you die. Level term life insurance pays out the same sum whether death occurs shortly after policy purchase or just before expiry date.
If affordable, take out two policies: Family income benefit (to cover monthly outgoings until children reach independence) and traditional term-based life assurance (to clear debt like mortgage balance plus funeral costs if necessary).