Family Income Benefit

This cover will pay out if death occurs and provides an income per year for the term remaining on the policy. For example, for a 20-year term, where the claim occurred after five years, there would be 15 annual payments made in total. Payments can paid out either monthly or annually.

The payments are not normally subject to income tax but may impact some state benefits.

Cover will cease on insurance products if premium payments are not maintained.
Generally, these plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
The definitions vary between product providers and will be described in the key features and policy document, if you go ahead with the plan.

THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.

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