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Family Income Benefit

The cost of raising a child to the age of 18 is £184,392

(Source: Legal & General statisics 2015)

If the unthinkable happened and the breadwinner died, would the family be able to cope financially, quite apart from the emotional turmoil?  It's possible that there may be life cover in place to help pay off the mortgage.  But what if the partner left behind has children and needs to provide for everyday items such as food, clothes, utility bills, childcare, or other expenses like holidays and birthdays?

If you think this may not add up to much, then consider the findings from an LV= survey that looked at the cost of raising a child to the age of 21.  This stands at over £229,000 - equating to more than £200 per week!  It's a pretty sobering figure should an income stream end due to an untimely death. 

(Source: LV=, Cost of a Child report, January 2015)

If you're a parent with children, then it may make sense to have in place a specific plan to help meet the needs of the children, in addition to any general life cover you may have.

In which case, Family Income Benefit may be one of the better value protection plans on offer.  Rather than delivering a lump sum should you die, it provides a regular, tax-free, monthly (or annual) payment for the dependants - from the time of the claim to the end of the plan term.

That's why it's well-suited to those with young families, as the idea is that it should be arranged to pay out until the children have grown up, so it's often taken out over a 10 to 20-year term, or whatever is appropriate in your circumstances.  Although, please note that this type of policy has no cash-in value at any stage.

Contact us if you want to find out more on Family Income Benefit.

As with all insurance policies, terms, conditions and exclusions will apply.

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