Your IndustryMay 14 2015

Guide to Family Income Benefit

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CPD
Approx.60min

    Guide to Family Income Benefit

      pfs-logo
      cisi-logo
      CPD
      Approx.60min
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      Introduction

      By Emma Ann Hughes
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      Family income benefit is a type of insurance that pays a monthly or annual sum of money to a named beneficiary for an agreed number of years, in the event of the policyholder dying before the insurance term ends.

      This type of policy is different to term assurance, which is paid as a lump sum if the person who bought the insurance dies before the insurance term expires. A family income benefit policy provides regular tax-free payments that are more in keeping with a monthly wage.

      This guide will ensure advisers understand who this type of policy is suitable for, how to obtain the best cover for your client and what other protection this type of cover should sit alongside.

      Contributors to this guide were: Steve Casey, head of marketing and propositions at AIG Life; Ian Barnes, head of product marketing at Legal and General Insurance; Martin Lockyer, managing partner of Westminster Wealth Management; Emma Thomson, life office relationship director at Lifesearch; Alan Lakey, partner at Highclere Financial Services; Andrew Jenkinson, director at Drewberry, and Jennifer Gilchrist, senior product development manager with Bright Grey.

      In this guide

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