Income Protection & Family Income Benefit

Family income benefit is a type of life insurance which pays out a regular tax-free income from death until the end of the policy term. Policies often run until retirement or when the youngest child reaches 18 or 21 years of age.

Income protection, sometimes called Permanent Health Insurance or PHI, pays out a monthly replacement income if you are unable to work due to illness or disablement.

Income protection insurance pays a proportion of your salary, unusually up to a maximum of 70%. However, because pay-outs are tax free, there may not be much difference to your net monthly salary. Ask us for a personal illustration.

If you are unable to work due to illness, how comforting would it be to know that your finances are taken care of? Income protection is arguably the most important insurance that you can have is probably one of the most under-utilised protection plans in the UK. According to a study carried out by Royal London 8 out of 10 mortgage holders have no Income Protection.  Do not get caught thinking ‘it could never happen to me’.