Family cover, or Family Income Benefit as it is referred to, is a form of life assurance and or Critical Illness cover which pay a regular income on death rather than a lump sum. All too often we see people that have made provisions to pay off a mortgage or other debt if they die but haven't made a plan to replace the money for day to day living and bills.
A Family Income Benefit policy is particularly relevant if you have financially dependent children. If either parent were to die then it may not be possible to work and bring up any children. An additional income would be needed to either replace living costs or the cost of extra care for the children.
Due to the nature of these types of policy they can be a very cost effective way of protecting the financial security of the family.
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