Income to your dependent after your death

Family income benefit is a Replacement for your monthly salary

A family income benefit plan pays a regular income if you pass away. This policy is an alternative to a level term insurance plan where your loved ones will receive a lump sum amount after your death; they will be paid monthly instalments for the set period of time. It is a kind of replacement to your monthly salary, giving security to your family after your death until the policy term expires.

How do family income benefit policies work?

When you opt for a family income policy, you pay monthly premiums to the insurance company, when you die then insurance companies will pay instalments to the insurer monthly or yearly depending on the insurer’s preference until the term expires.

How much a family income policy would will cost?

There are several factors on which the cost is dependent 1- Age of the insurer, the older you are the higher premiums you will pay 2- Health of the insurer, if you are smoking, drinking the guidelines will get changed and you will have to pay higher premiums. 3- Length of the policy, the longer the policy term you will have to pay higher premiums

What level of benefit should I choose?

This policy is little tempting as your family will get an amount to fulfil their needs after your death, but the premiums of these policies are not stable. Before deciding the premiums and tenure make sure you have considered the monthly expense that your family would be needing and then get enough cover to meet the expenses. You also have to decide the tenure of your policy so that your children will get enough support before they become independent.

Life insurance with us

We are here to help you to find the right life insurance to meet your requirements. We have access to affordable options from different providers. Our expert consultants are available to help you through the process.