Family income benefit safeguards a level of income for a fixed term. In the unfortunate event of death the amount of income chosen at the start of the policy with be paid for the rest of your plan. Most plans are to protect you until your youngest child is 18 or 21.
Family income benefit differs from other types of insurance in that rather than pay a lump sum in the event of a death it will be paid as an income. This can be paid monthly, quarterly or annually and is currently tax free.
For more information on Family Income Benefit, please contact us.