Family Income Benefit

Family Income Benefit (FIB) is a type of insurance intended to provide a regular tax-free income to your family should you die during the term of the plan. It is also sometimes referred to as Family Income Protection.

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What is Family Income Benefit

Family Income Benefit insurance is a type of life insurance policy. Unlike standard life insurance, which pays out a lump sum in the event of the policyholder’s death, Family Income Benefit will pay out a regular income over a set period.

This special type of life insurance can be used to pay recurring expenses such as mortgage, rent or bill payments.

If you are considering setting up a Family Income Benefit policy, the starting point is to calculate what level of monthly income your family would need should you die.

When you approach the insurance companies about taking out a policy, they will ask for this figure, as well as the length of time you would like the policy to last. Monthly premiums will then be calculated based on these and many other factors.

If you pass away during the term of the policy, your family will receive the agreed monthly amount until the policy expires. If you pass away after the policy has expired, then no payments would be made.

It is also possible to add critical illness cover as an additional element to a Family Income Benefit policy. In the event that the policyholder is diagnosed with a covered illness, the regular monthly payments would commence.

Do You Need Family Income Benefit

Every individual is different, and a decision to take out a life insurance policy of any kind should be based on your own personal circumstances.

If you have family members that are dependent on your income, then Family Income Benefit will provide them with a regular, stable amount should you pass away.

Having a Family Income Benefit policy can provide peace of mind should the worst happen. It will also remove financial burdens from your loved ones in what would be a very difficult time.

What's Covered?

Family Income Benefit is a form of life insurance and should payout when the policyholder dies.
Many policies will also cover against terminal illness, providing the life expectancy is under 12 months. You should check the terms and conditions of any policies you are considering to confirm if they provide this type of cover.

What Isn't Covered?

If you have Family Income Benefit but haven’t added a critical illness element to it, then the policy won’t payout if you become seriously ill or disabled and the illness isn’t terminal.

Should the policyholder die as a result of drug or alcohol abuse, then the policy is unlikely to payout. If the policyholder has a dangerous job or takes part in a hazardous hobby, then these will need to be declared when setting up the policy and you can expect to pay extra.

Diagnosed pre-existing conditions may also be excluded, or additional premiums may need to be paid.

How Much Does Family Income Benefit Cost?

This type of insurance can be cost-effective as from the insurers perspective, there is less financial risk involved.

As with all insurance policies, the personal circumstances of the policyholder play a large part in determining the monthly premiums. Some of the factors insurers will consider are shown below;

  • Age
  • Health
  • Your family history of serious illness
  • Your lifestyle (e.g. Do you smoke, are you a heavy drinker)
  • The duration of the policy
  • The amount of money you want to be paid out should you die


Family Income Benefit Insurance provides peace of mind that those you leave behind will be financially supported should you pass away. It can be a very cost-effective form of life insurance policy, but it’s crucial that you read the terms and conditions to ensure that the policy you select meets your needs.

At Elementary Mortgage Solutions, we work with a broad panel of insurers. Our experts will assess your situation and suggest the most suitable policies for you based on your personal circumstances.

If you’d like to discuss Family Income Benefit or any other kind of insurance, please contact our team.