Family Income Benefit
Rather than having a Life or Critical illness policy paying out a one off lump sum we are also able to offer Family Income Benefit. This pays a regular tax free income until the end of the policy term rather than one large lump sum. This can be a suitable option for people who would rather they or their dependents receive a regular income and can provide substantially more cover at a lower cost should a claim occur in the early years of a policy.
In the event of an accident or sickness leaving you unable to work this policy pays out a monthly income to cover a proportion of your salary. You decide at the outset how many months before the policy will pay out (the deferment period – often based around your employer’s sick pay provision), the level of cover you want subject to a maximum amount based upon your salary and how long it will continue to pay.
Lifestyle Cover – Accident, Sickness and Unemployment
Provided through our partner Legal and General our Lifestyle Cover insurance is a Short-Term Income Protection insurance policy that runs for 12 months and has to be renewed every year. It can help you to maintain your standard of living if you can’t work due to an accident or sickness or if you become unemployed through no fault of your own (involuntary unemployment).
You could receive up to 65% of your gross monthly income for up to 12 months, protecting more than just your mortgage or rent payments and helping you to meet your other financial commitments.