Family Income Benefit is a type of life insurance designed to provide your loved ones with a regular, tax-free income if you pass away. Unlike traditional life insurance that pays out a lump sum, Family Income Benefit pays a monthly or annual income for a set period, helping your family maintain their lifestyle and cover ongoing expenses.
Why Choose Family Income Benefit with Dunham McCarthy?
We understand that choosing the right life insurance can be overwhelming. That's why our expert team is here to simplify the process and help you find the perfect Family Income Benefit policy tailored to your family's needs.
Compare the Market
We work with leading providers like Legal & General, Aviva, Vitality, and Scottish Widows, as well as specialized insurers, to find the most comprehensive and competitive policy for you.
Expert Guidance
With so many options – from critical illness cover to accident and sickness – we'll explain everything clearly and help you choose the right protection for your family.
Personalized Recommendations
We consider your health, family history, and lifestyle to ensure the quote you receive is accurate and tailored to your individual circumstances.
Review Existing Policies
We'll assess any current policies you have to make sure they still meet your needs and offer the best value.
Professional Comparison Tool
Our CI Expert tool allows us to compare not only prices but also the specific conditions covered and payout definitions, ensuring you get the most comprehensive coverage.
No Fee Advice and Arrangement
We don't charge you for our advice, research, or policy arrangement. Our aim is to make protecting your family as simple and stress-free as possible.
Free Will Writing and Trust Services
To further protect your loved ones, we offer a complimentary, legally binding will writing service through our sister firm, Mylastwill.co.uk, and can help you set up a trust to manage your policy efficiently.
Will Writing Services are referred to our Sister Firm. Neither Dunham McCarthy Financial Services Ltd or PRIMIS are responsible for the service received. These services are not regulated by the Financial Conduct Authority; they are instead regulated by the Institute of Professional Willwriters and have alternate consumer protection.
How Does Family Income Benefit Work?
- Regular Income: If you pass away during the policy term, your family receives a regular income instead of a lump sum.
- Tailored Term: You choose the length of the policy term, for example, until your children reach a certain age.
- Tax-Free Payments: The income payments are usually tax-free, providing maximum benefit to your family.
Is Family Income Benefit Right for Me?
If you have dependents who rely on your income, Family Income Benefit can provide crucial financial security. It's especially beneficial if you prefer a regular income stream to help your family manage ongoing expenses rather than a single lump sum.
How Much Cover Can I Get?
The amount of cover depends on your individual circumstances and how much income you want to provide for your family. Typically, for employed individuals, the maximum is often 65% of your monthly income (in some instances 70%). For self-employed individuals, monthly pay-outs are often calibrated at between 50 to 70% of your pre-tax profit. We can help you determine the right level of cover based on your family's needs and budget.
How Much Does it Cost?
The cost of Family Income Benefit varies based on factors like your age, health, the amount of cover you need, and the length of the policy term. We'll work with you to find a policy that fits your budget. Depending on how much you earn, it’s possible, to pay as little as around £15 a month.
Does Family Income Benefit Always Pay Out?
Family Income Benefit is designed to pay out in the event of your death during the policy term. However, there are situations where a claim might be denied, such as:
- Non-Disclosure: Failing to disclose relevant medical information when applying for the policy.
- Missed Premiums: If you fall behind on your premium payments, your policy could lapse. It's important to contact us immediately if you are having financial difficulties.
- Exclusions: All policies have exclusions. We will make sure you understand any exclusions that apply to your policy.
Get Expert Advice Today
Protecting your family's financial future is one of the most important things you can do. Let Dunham McCarthy Mortgages guide you through the process and help you secure the right Family Income Benefit policy. Contact us today for a free, no-obligation consultation.
