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Invest & Protect LTD
45 Market Street
CH47 2BQ

Tel 0800 083 60 50
Fax 0151 632 2117


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 Family Income Benefit (FIB)

Life cover is taken out for many reasons but the two main ones are to protect a mortgage and to protect your family the latter is what Family Income Benefit or Family Income Benefit is for.

When someone takes out life cover to protect their family they do it on the basis that should they die they want their family to have enough money to continue to live in the style they are accustomed to. In the past people have taken out lump sums that would eventually be invested to produce an income that the family would live off.

Taking such things as, inflation into account and the lack of investment expertise that an average family would have access to, presents a potentially dangerous situation for the family and as such they might not have the right money at the right time, which is the only point to having the insurance in the first place.

With this in mind Family Income Benefit s were born. They essentially provide an income on death for the term of the plan and as an additional benefit you can add indexation to the plan. This means that if the life assured is earning say 20,000pa and they want to protect that amount for the next 18 years till say there youngest child had left full time education they could have a Family Income Benefit for 20,000 include indexation benefit. The result would be if they die during the term then 20,000 or the equivalent to that amount would be paid out to the beneficiaries and this would go up with inflation each year until the end of the plan.

The upshot of this is the family get exactly what they need when they need it without any of the hassle of investing money and hoping for good returns.

Again you can include additional benefits such as Critical illness benefit and waiver of premium benefit to the plan as required.

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