Home / - Family Income Benefit Life Insurance
Family Income Benefit Life Insurance is a Term Life Insurance product that, as the name suggests, is designed to provide an income to dependants in the event of a claim, rather than a cash lump sum.
The sum payable is specified as an annual income to the dependants.
In the event of a death the life insurance is then payable from the date of claim to the end of the policy term.
Payments can be monthly, quarterly or annually. Income payments are, in fact, simply instalments of a lump sum (sum assured) and as such are not liable to income tax. Many companies will allow the income to be exchanged for a cash lump sum at claim if required.
It is possible to arrange the policy on an indexed basis to ensure the buying power of the amount payable is maintained over time. The indexes used are the Retail Price Index, Average Earnings Index or a simple fixed annual increase stated by the insurer at outset.
The graph below shows a £6,000 Index Linked Family Income Benefit Life Insurance, set over a term of 25 years.
Each year the customer does not make a claim the life insurance cover rises and if there is a claim the policy pays out the sum covered at that time which them increases year by year until the end of the plan.
Our advice wizard uses this type of plan to tailor make a protection policy that matches as accurately as possible the needs of dependant relatives. For example a father has a 3 year old child that he is responsible for financially. If the father dies the child needs an income from a life insurance plan that will maintain them until they become independent. The Family Income Benefit Life Insurance provides just this type of insurance and the Direct Life Advice Wizard will calculate recommended amounts of cover for consideration.
22 June 2007 17:43:55
Life insurance is central to safe summer fun, it has been claimed.
A new report from the US body, the National Safety Council (NSC), shows that the number of accidental deaths in the US has risen by more than 20 per cent over a ten-year period.
It shows that the current rate of accidental deaths in the US could surpass the nation's all-time high of 116,385, set in 1969, in the next few years.
The NSC also reported that, approximately 540,000 bicyclists visit emergency rooms with injuries every year, while 4,969 boating accidents were reported in 2005 resulting in 697 fatalities and 3,451 injuries.
The findings show that, whether swimming, biking, hiking or taking part in other outdoor activities this summer, life insurance is vital.
"Nobody likes to think about the possibility that they or a loved one might be involved in a serious accident," said Dan Berenbaum, senior director of accident and specialty products for CIGNA Group Insurance.
"But planning ahead can help people limit risks to both their physical and financial well- being."
14 January 2008 10:31:01
Individuals concerned about their life insurance prospects owing to the risk of heart disease may be interested in the outcome of the latest research.
An international study of 20,000 people carried out at the University of Michigan School of Public Health revealed seven new genes that influence blood cholesterol levels - a major factor in heart disease.
With their findings published in the Nature Genetics journal this week, scientists outlined their quest to identify or confirm genetic variants that influence lipid levels and whether those variants were linked to the decreased or increased risk of heart disease.
"It was surprising that while genetic variants that increase your bad cholesterol are also associated with increased risk of heart disease, we did not find that variants influencing your good cholesterol were associated with decreased risk of coronary artery disease," remarked the study's co-director, Goncalo Abecasis.
"Perhaps that result will lead us to reexamine the roles of good and bad cholesterol in susceptibility to heart disease," he continued.
Coronary artery disease, the most common type of heart disease, can cause heart attack, stroke, angina and other heart conditions.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online
10 April 2007 16:10:39
Radiotherapy machines that cost the NHS £150 million are being left unused in hospitals, according to a BBC investigation.
The finding was made after a report by the Royal College of Radiologists criticised the use of radiotherapy machines.
It found that ten per cent of radiotherapy machines in the UK are idle.
Maidstone Hospital had two machines that were not put to work for a year, the RCR survey found.
It was also revealed that well over half of radiotherapy machines failed to use new software that allows doctors to focus on tumours without damaging healthy tissue.
Michael Williams, vice president of the Royal College of Radiologists said according to the BBC: "The present radiotherapy service is inadequate.
"People are reluctant to admit how bad the situation is because they say it's a lot better than it was," he added.
The Department of Health has acknowledged there are problems with radiotherapy waiting times, according to the BBC.
