mortgageshield.co.uk ltd-Family Cover, Aberdeen-Mortgageshield
Family Income Protection
A Family Income Benefit protection policy will provide your dependents with a monthly income, rather than a lump sum, for the remaining term of the policy. You choose the type and level of cover.
Family Income Protection Policy Features
· A fixed term policy
· Providing a tax free income from the date of death to the end of the term.
· Option on claim to commute the regular income for a single lump sum.
· No benefit on survival
· No surrender value.
· Level premiums throughout the term.
· Policy is arranged for a fixed term of years.
Now available with critical illness cover as an option.
Family Income Protection Policy Benefits
· Low cost cover providing a tax free income, particularly useful for young families.
· Benefit is paid on death (or diagnosis of a specified critical illness if that option is taken out) of the insured person for the remaining years of the policy term.
· Provides valuable income to the surviving spouse/partner to bring up children etc.
· Available for long or short term plans i.e. 1-18 years.
· Available for single or joint applicants.
Family Income Protection Policy Limitations
· Fixed term means no flexibility, you may wish to extend cover but this is not possible.
· No continuing insurability, you may be ill at the end of the term and unable to obtain further cover.
· No investment element.
· The fixed sum assured does not take account of inflation.