Family Income Benefit :

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Family Income Benefit: at a glance

If you’re undecided on your client’s suitability for Family Income Benefit, we’ve gathered the key information to help you make an informed comparison:
DetailFamily Income Benefit - Level coverFamily Income Benefit - Inflation-linked coverWaiver of premium
Type of payoutMonthly payments (can choose to convert payments for a reduced lump sum payment at claim stage).Monthly payments (can choose to convert payments for a reduced lump sum payment at claim stage).Pays the policy monthly premiums after a waiting period.
Term
  • Minimum 5 years.
  • Maximum 50 years (subject to age limits as below).
  • Minimum 5 years.
  • Maximum 50 years (subject to age limits as below).
To 84 or to the end of the plan term if earlier.
Minimum age attained at entry171717
Maximum age attained at entry847959
Maximum age attained at end of policy term8984To age 84 or the end of the plan term if earlier.
Minimum premium£5 a month.£5 a month.Based on total plan premium.
Maximum claim periodUntil the end of the policy term.Until the end of the policy term.To age 84 or the end of the plan term if earlier.
Waiting periodN/AN/A6 months*
Eligibility criteriaYour client must be a permanent UK resident.Your client must be a permanent UK resident.Your client must be a permanent UK resident.
Payment frequencyMonthly by Direct Debit.Monthly by Direct Debit.N/A
Extras
  • Pay my mortgage facility.
  • LV= Doctor Services.
  • LV= Member benefits.
  • Pay my mortgage facility.
  • LV= Doctor Services.
  • LV= Member benefits.
N/A

Guaranteed increase options (limits apply – please see the policy conditions for full details)
  • Mortgage increase.
  • Rent increase.
  • Marriage and civil partnership.
  • Converting a joint life policy to two individual policies.
  • Divorce and dissolution of civil partnership.
  • Having a child – by birth or legal adoption.
  • Basic salary increase of at least 10%.
  • Significant career progression- basic salary increase of at least 20%.
  • Mortgage increase.
  • Rent increase.
  • Marriage and civil partnership.
  • Converting a joint life policy to two individual policies.
  • Divorce and dissolution of civil partnership.
  • Having a child – by birth or legal adoption.
  • Basic salary increase of at least 10%.
  • Significant career progression- basic salary increase of at least 20%.
*If clients have other policies in their FPP plan then their waiting period may be shorter that this, to match any IP or PSP policy included in their plan.
Contact Phone

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0800 678 1890

9am - 5pm Mon-Fri

TextDirect: first dial 18001. We will record or monitor calls for training and audit purposes.