Family Income Benefit

Home Protection Family Income Benefit

Explore Protection for Family Income Benefit

Cost

Childcare Costs

Tuition

Private Tuition Fees

Payment

Maintenance Payments

At Mortgaged, we’re dedicated to helping ensure your children can continue enjoying the things that bring them joy, whether it’s football practice, piano lessons, or dance classes, even in life’s most challenging moments. We aim to keep their world steady and filled with comfort, offering support when they’ve lost a parent or loved one, so they can focus on healing while maintaining familiar routines.

While repaying your mortgage after a death eases some financial strain, it doesn’t replace the ongoing loss of income. Family Income Benefit (FIB) provides a monthly income to support your family if the unexpected happens, whether due to death or critical illness. This support continues until your youngest child is financially independent, helping cover essential costs like childcare and easing the weight of raising a family during difficult times.

In cases of family separation, FIB can also protect Maintenance Payments. We’ll work with your family solicitor to ensure FIB payments align with your agreed support arrangements, so your children continue to receive the financial stability they need.

The 4 Steps to Peace of Mind

Getting to Know You

We’ll take the time to really get to know you, your dreams, your worries, and your financial situation. This helps us understand what truly matters to you and how we can protect the people and things you love the most.

A Plan That Fits Your Life

Whether you’re caring for a family, building a future on your own, or anything in between, we’ll carefully consider all your options. Together, we’ll find a plan that feels right for you and gives you the protection you deserve.

Supporting You Every Step

When you’re ready to move forward, we’ll take care of the details for you. From the application process to the day your policy starts, we’ll be there to guide and support you so you don’t have to worry about a thing.

Giving You Peace of Mind

Once everything is set up, you can relax knowing that, no matter what life throws your way, you and your loved ones will be taken care of. And as your life changes, we’ll be there to review your plan and make sure it still fits your needs.

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FAQs

Frequently Asked Questions

Many individuals with children often opt for this type of policy, but it’s important to note that having children is not a requirement for eligibility. There are various situations where this coverage could be beneficial. For instance, in a household where one partner is the primary income earner and the other does not work, Family Income Benefit can help ensure the non-working partner maintains a reasonable standard of living if the income earner passes away or suffers a critical illness.

Unlike regular term assurance life insurance, FIB pays a monthly income in the event of death. FIB can also be arranged to pay a monthly income in the event of a critical illness.

FIB can be linked to the Retail Price Index (RPI) which ensures that the monthly income increases each year in line with inflation. This means that the policy is future-proof in line with any rises in cost of living and inflation