Family Income Protection

A replacement for your salary to financially protect your family should the worst happen

What is Family Income Protection

You may think that Family Income Protection is the same as Income Protection, but don’t let the similar titles fool you.

Family Income Protection provides protection for your family in the event of your death, by replacing the salary that you were receiving and paying it to your family in monthly/yearly payments until the policy expires.

How does Family Income Protection work?

Family Income Protection works whereby you pay a monthly premium and in the event of your death, your insurer will pay your beneficiary an income in place of your salary until your policy runs out.

This means, for example, if you take a 30-year policy and pass away 10 years into the policy, then your family/beneficiary will receive payments for the next 20 years.

The premiums on Family Income Protection are either ‘Guaranteed’ or ‘Reviewable’.

‘Guaranteed’ will ensure that the premium will stay fixed for the length of the policy, whereas ‘Reviewable’ means that the premiums will be reviewed by the insurer, usually around every 5 to 10 years and are adjusted.

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How much is Family Income Protection?

There are many factors that will determine the cost of Family Income Protection, including.

  • Your age when you start the policy, the older you are, the higher premium you may have to pay
  • Your health, including if you smoke or have a pre-existing medical condition
  • The length of the policy, the longer the term of the policy, the higher the premium may be
  • Amount of income, the higher the income, the more you may have to pay for the policy
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How can Tipping & Webb help?

We understand that it can be an awkward conversation to have and difficult to consider what should happen following an illness or death.

This is why all of our advisers will speak with you with a sense of compassion and as a human being.

At Tipping & Webb, our clients are at the heart of everything that we do, and we feel that we have a duty of care to ensure that our clients’ needs are fully met . This is why we offer our clients a full financial review of income, assets, outgoings, lifestyle and most importantly your needs for now and the future.

We also make sure that we take the time to get to know you and your circumstances so that we can fully understand and advise what kind of cover would be suitable.

We appreciate that circumstances may change, which is why the service our advisers provide never ends. Because we want to ensure that the cover you have is right for you, at every period of your life.

So, if you are unsure if Family Income Protection would be suitable for you or if you would simply like a bit more information, get in touch with a member of our friendly team today who will be happy to help.

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