Family Income Benefit (FIB)
Family Income Benefit is a form of life insurance that could offer a cost-effective way of arranging the financial cover you need for your loved ones.
In the event of a death, the policies are designed to pay out a regular income until a specified date in order to replace the income that would have been provided by the policyholder.
While a lot of features may appear very similar to decreasing term life insurance, payouts would be in the form of a monthly, tax-free income rather than a one-off lump sum.
Often people will look for little more than a liveable income from a payout in order to cover the essentials; higher levels of protection can be chosen but, of course, this would lead to higher premiums.