Family Income Benefit

Family Income Benefit is similar to term assurance but instead of a lump sum, it pays out a regular tax free monthly benefit* when the person covered dies or is diagnosed with a terminal illness during the term of the cover.

Family Income Benefit can be used to help to provide financial protection for the family of the person covered from the date of death/terminal illness until the end of the chosen term.

The amount of cover you receive is in your hands. Once you have calculated what you estimate your monthly expenses to be you simply select the amount of cover based on these requirements and then select the term for which you want the cover to last. You can also cover another person or opt for joint cover and also specify whether you would like to increase the monthly cover by 5% per year. The premiums for this cover are very reasonable and it is significantly cheaper than term assurance. An example quote for Family Income Benefit is in the panel on the right.

There are several options available such as waiver of premium, joint cover and as previously mentioned whether you would prefer level payments or 5% annually increasing payments.

It is also permissible to alter the terms of your cover once it has started (within certain limits) if your circumstances were to change.

If you are interested in taking out Family Income Benefit contact us at EFPG to arrange an appointment with one of our professional advisers.

*If your circumstances were to change you can request the benefit to be paid in the form of a lump sum. However, this figure will not equate to the total benefit you would be eligible to receive if you were to select the regular monthly payments.

EFPG can offer protection products from a number of partners and we would advise upon the most suitable provider according to your circumstances.

*All illustrated quotes are subject to underwriting and not guaranteed

A 25 year old mother wants to look after her family if she were to die or become critically ill

After consulting with her financial advisor she considers her family would need about £1,000 per month to cope if the worst were to happen to her. This cover should remain in place until her children reach the age of 18. The initial cover is for £12,000 per year for 18 years - a total of £216,000.

£6 per month


We will work closely with you to identify and quantify your financial needs, targets, issues, risks and priorities and produce a comprehensive financial planning report that details a range of recommended solutions - all tailormade to your specific desired outcomes.