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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. Level term assuranceLevel term assuranceLife assurance that pays out a set amount throughout the entire agreement if you die during the term. Industrial 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. AssuranceAssuranceIn the UK the term 'assurance' tends to be used where insurance is taken out against something which will inevitably occur, an example being death and thus life assurance. The term 'insurance' is used when insuring against an event which may occur such as damage to a motor vehicle. Unit linked endowment assuranceUnit linked endowment assuranceSee: 'endowment assurance'. Further Suggestionsunit linked whole of life assuranceterm assurance Decreasing term assurance unit linked life assurance joint life assurance life assurance index linked family income assurance endowment assurance contingent assurance life assurance premium relief renewable term assurance Life assurance bancassurance index linked term assurance |
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