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Family Income Benefit Insurance

Family Income Benefit Insurance

Navigating the unpredictable journey of life requires a sound protective shield, and Family Income Benefit (FIB) offers just that. This unique insurance is designed to offer regular financial support to your loved ones in the event of your passing or a terminal illness diagnosis.

Family Income Benefit (FIB) is a unique form of term life insurance. Unlike traditional life insurance that pays out a lump sum, FIB offers an ongoing monthly income, ensuring the sustained financial security of your loved ones. This regular financial support can be crucial in managing mortgage payments, rents, and other monthly bills.

Who Benefits from FIB?


Families with Young Children
In the unfortunate event of the demise of a parent, FIB ensures that the family's lifestyle is not compromised, covering expenses such as childcare, utilities, and more.


Single Parents
As the sole provider, if a single parent encounters a terminal illness or passes away, FIB provides the child or children's guardian with consistent financial support, covering essential expenses


Full-Time Carers
If someone is the primary carer for a loved one, FIB ensures that even in their absence, there is a steady income to cover costs like home care visits or utility bills.

Understanding the Dynamics

If you decide on a 20-year policy term and face an untimely death five years into it, your provider will pay out an income for the remaining 15 years.

However, if you were to pass away 18 years into the policy, the payouts would continue for just two years. It's pivotal to understand that no benefits are awarded if one outlives the policy term.

Factors to Ponder Before Opting for FIB

•    Future and Present Expenses: Consider the potential financial needs of your dependents, factoring in both present and future costs.

•    Policy Duration: Many opt for FIB terms that last until their children reach financial independence.

•    Payout Preference: Decide if a regular monthly income is preferable or if a lump sum might be more suitable.

The Cost Factor

FIB is generally more affordable than other life insurance types, with the risk to the insurer decreasing each year.


Premiums are influenced by factors like age, desired income, health, and medical history. Including add-ons like critical illness cover can adjust the premium.

Tailored Advice for FIB

Choosing the right protection for your family's future can be daunting. That's where our mortgage and protection consultants come in.

With expert insights and personalised recommendations, they guide you towards the ideal coverage level and the best policy that aligns with your needs. Secure the future of your loved ones with the right Family Income Benefit policy today.

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Advice You Can Trust

I can't recommend envoy financial enough. When buying our first home Ross was amazing. Ross was patient and understanding. He was there to answer all our question morning and night. 

Sophie Borthwick


I entered this new life chapter with completely zero knowledge of how I wanted to proceed, one thing I did know was that I wanted to buy my first home. I was recommended Ross by a close friend.

Abby Todd


Couldn't give any higher praise to Envoy for their help in securing me a mortgage for my first home. Ross was absolutely brilliant and by far the most helpful and honest person along my house buying journey.

Liam Hopkins

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