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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 MatchesDecreasing term assuranceDecreasing term assuranceLife insurance in which the death benefit decreases over the term of the policy although the premiums remain fixed. Joint life assuranceJoint life assuranceAn assurance policy usually taken out on two lives, typically husband and wife. Under this type of policy, the sum assured is payable at the event of the first death. Unit linked endowment assuranceUnit linked endowment assuranceSee: 'endowment assurance'. Life assuranceLife assuranceAn insurance policy which, in return for the payment of regular premiums, pays a lump sum on the death of the insured. In the case of policies limited to investments which have a cash value, in addition to life cover, a savings element provides benefits which are payable before death. In the UK endowment assurance provides life cover or a maturity value after a specified term, whichever is the sooner. 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 assurancebancassurance industrial life assurance Level term assurance endowment assurance contingent assurance renewable term assurance unit linked life assurance index linked term assurance assurance unit linked whole of life assurance index linked family income assurance Life assurance life assurance premium relief |
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