A great way for young families to protect themselves
This type of policy is a great way for young families to protect themselves and generally works out considerably cheaper than the equivalent cover. It also helps to avoid some of the issues that come with a lump sum payments such as complex investment decisions, investment advice and tax.
The cover is only for as long as the policy runs. Once the term ends, the cover and any income payments cease.
For example, if you have a 20-year policy and die five years into this, then the policy will pay out a regular income for the remaining 15 years. If you die 16 years into the policy, it will pay out for the remaining 4 years of the term.
With family income benefit, the total amount paid out by the policy depends on when you pass away. If you pass away in the early years of the policy, the total pay-out will be more than if you pass away nearer the end of the term of the policy.
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