Family Income Protection Insurance

Family Income Protection is often considered one of the most useful insurance products and one that offers the most value for money invested. This is arguably the lowest cost method of purchasing life insurance with many attractive benefits.

For one, it is an insurance that features a regular pay-out of tax-free income to the intended beneficiaries. It does not provide a lump sum should you die, but it provides a regular, tax-free, monthly income for your dependants and beneficiaries, right from the time of the claim to the end of the term as is mentioned in the insurance contract.

Family Income Protection is an attractive option, since it does not involve investment fees, charges and other associated taxes and is considered an ideal investment for young families or for those who might not be too keen on going for a heavy insurance outlay at the moment, given their unique insurance needs. This is a “more for less” insurance option that appeals to those who may have a regular monthly income and who may not be interested in complex ways of investing their money.

The plan is particularly useful for someone who is, perhaps, a young widow or a widower, as this insurance involves no fees, commissions or taxes – and this is more the case where not many could afford sufficient lump sum cover that is good enough to meet all their income needs. One aspect of the plan is that the amount of payout decreases with time, which could also be seen as being in line with logic, as in many cases, the need for financial support reduces to a minimum over a period of many years.

Funeral Insurance Cover