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Protect your finances with Family Income Protection

Anyone with a family or other dependants who rely on them financially should consider taking out life insurance. Those that do, usually buy cover that pays a cash lump sum on the death of the policy holder but this can create further problems for those left behind. Will it be enough to generate a suitable income? Where should the money be invested for the best return?

What is Family Income Protection?

In the event of a claim, the income from a Family Income Protection policy can be paid monthly, quarterly or annually and under current UK rules the income paid is tax-free. Once in force, a Family Income Protection policy will give you the confidence that you wont be leaving anyone with your debts and that they will receive a guaranteed income after you are gone. This is vital if you are the main income earner for your household.

How Much Family Income Protection?

The amount of income benefit you should buy really depends upon your current income and outgoings. As a minimum, you should ensure that day to day expenses such as mortgage loan, rent, food and household bills can be paid.

You should also consider the effect of inflation on the income cover provided by a level policy. Inflation can erode the buying power as the cost of goods and services increases. The ideal way to combat this is to buy an 'indexed' policy that increases the cover each year.

Tips for Choosing Family Income Protection

It can sometimes require careful planning to choose the right life insurance policy to match your needs and cirsumstances. It' s also critical to review the level and suitability of your life cover needs. Compare life insurance by printing out the benefits and details of each one paying particular attention to the small print.

You can protect your family with life cover from as little as a few pounds per month by using a discount life insurance broker. Your cover will depend on your individual circumstances and needs but you will pay less than going direct to the life insurance company.

Don't Leave Your Family Income at Risk

Without the protection of a Family Income policy or any other form of life insurance, families can be left reliant on meagher State benefits. This would mean a significant reduction in lifestyle for most people. Without life insurance, the loss of a spouse can leave survivors with problems paying the mortgage, or simple day-to-day expenses.

A good resourcse for further facts on Family income benefit insurance ca be found at the Wikipedia Family Income Insurance Encyclopedia or read the Family Income Protection guide at www.life-saver.co.uk.