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Family income benefit (family income assurance) |
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Family income benefit (family income assurance)A type of term assurance in which, following the death of the life assured, instalments, rather than a lump sum, are paid to the beneficiary for the remainder of the policy term. If the life assured lives to the end of the term, no benefit is payable.Similar MatchesIndustrial life assuranceIndustrial life assuranceAn assurance policy on the life of an individual where weekly or monthly premiums are regularly paid to the assurance company by way of their agent who collects directly from the policyholder's home. This method of collection originated in industrial areas as a means of saving for a future lump sum or protection against industrial accidents etc. This type of assurance is now virtually extinct. Level term assuranceLevel term assuranceLife assurance that pays out a set amount throughout the entire agreement if you die during the term. Decreasing term assuranceDecreasing term assuranceLife insurance in which the death benefit decreases over the term of the policy although the premiums remain fixed. Index linked term assuranceIndex linked term assuranceTerm assurance in which premiums are increased in line with the retail price index and hence the sum assured is increased. Decreasing term assuranceDecreasing term assuranceA life insurance policy that pays out a lump sum in the event of death. The amount paid out can be calculated so that it fall in line with your outstanding mortgage debt – meaning that over time the borrowers premiums also fall. This type of policy is well suited to providing cover on a repayment mortgage. Further Suggestionsterm assurancecontingent assurance unit linked life assurance assurance unit linked whole of life assurance life assurance premium relief unit linked endowment assurance index linked family income assurance endowment assurance life assurance Life assurance renewable term assurance joint life assurance bancassurance |
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