Secure Your Family’s Future with Family Income Benefit!
Discover how this specialized insurance can provide your family with essential financial support in the event of the unexpected. Our expert advisors will help you understand the options available and customize a solution that aligns perfectly with your family’s needs.
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Discover Family Income Benefit
Financial Security for Your Loved Ones!
Family Income Benefit is a type of life insurance designed to offer ongoing financial support to your family in the unfortunate event of your passing. Rather than providing a lump sum payout, this insurance ensures that your loved ones receive a regular income for a specified period. This can be particularly beneficial for ensuring their financial stability, covering daily expenses, and maintaining their quality of life.
To learn more about the advantages and details of Family Income Benefit, consult our knowledgeable advisors who can guide you through the options and tailor the coverage to your family’s unique circumstances.
Why Choose Manuka Money for Family Income Benefit?
Choosing Manuka Money for your Family Income Benefit needs ensures that you receive expert guidance tailored to your family’s specific financial protection requirements. Our seasoned advisors will walk you through the various policies available and customize them to suit your family’s unique needs. With a commitment to providing comprehensive and reliable insurance solutions, we prioritize your family’s well-being and financial security, offering you peace of mind during uncertain times.
At Manuka Money, we offer Family Income Benefit policies for as little as £5, making it an accessible and practical choice for securing your family’s future. Our team of well-trained expert advisors are equipped to provide personalized advice based on your family and financial circumstances. They will guide you through all the intricacies of the process, ensuring you make informed decisions that align with your family’s needs and goals.
Tailored Protection for Your Peace of Mind
At Manuka Money, we understand that every individual and family has unique needs. Our insurance services are designed to offer tailored coverage that fits your situation perfectly.
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Frequently Asked Questions
How does Family Income Benefit operate?
Family Income Benefit operates by providing a claim payout for the specified term of the policy. For instance, if a family holds a policy for a 20-year duration, the policy will pay out £1,000 per month for the entire 20 years. In the scenario where a policyholder passes away within the initial month of the policy, the family will receive £1,000 every month for the full 20-year period. Conversely, if a claim is made 15 years into the policy term, the family will receive payments for the remaining 5 years of the policy's duration.
What distinguishes life insurance from family income benefit?
While both forms of insurance offer financial assistance to families after a loss, the key distinction lies in the payment structure and frequency. Life insurance typically involves a lump-sum payment to the family, serving as a safeguard against significant financial obligations such as mortgages, debts, and future financial security. On the other hand, family income benefit entails a fixed monthly payout calculated based on the initial estimate made when the policy was acquired. The duration of these payments, however, depends on the terms of the policy itself.
Is it possible to obtain a joint policy?
If you and your partner are interested in securing a joint family income benefit policy, we can help you explore this avenue. Frequently, opting for a joint policy can be more cost-effective compared to obtaining two separate policies. It's important to note that in the event of a claim, the payout will occur if one of the policy holders passes away, not both.
Representative Example for secured loans: based on borrowing £18,000 over 120 months. Interest Rate: 5.5% fixed for 60 months with instalments of £213.33. Followed by 60 months at the lenders standard variable rate of 5.7% with instalments of £214.36. Fees: Broker fee (£1,062); Lender fee (£595). Total amount payable £25,756.4 comprised of; loan amount (£18,000); interest (£6,004.4) including broker fee and lender fee. Overall cost of comparison 7.902% APRC. This means 51% or more of our clients receives this rate or better for this type of product. We have arranged borrowing with rates from 4.9% to 29% APRC which has allowed us to help customers with a range of credit profiles. We are a broker not a lender.
Secured Loans have a minimum term of 36 months to a maximum loan term of 360 months. Maximum APRC charged 29%.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or other debt secured on it.
If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.