Life Insurance Quote
Family Income Plan

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  Family income plans are very effective insurance policies but to understand the plan you first need to understand the reasons for the plan.

The whole reason for life insurance is to ensure that there is sufficient monies paid out to someone's beneficiaries in the event of their death.

People have many reasons to need this money such as mortgages loans or to just maintain their standard of living. It is this reason that Family income plans have been brought about.

If you take out life cover to ensure your standard of living is maintained what you essentially want an amount of money which is sufficient once invested to replace the income you may have bought into the household. This can be very complicated for your beneficiaries to manage in the event of your death.

For example:-

Say you earn 20,000pa, in the event you die you want your beneficiaries to have 20,000pa. In order to achieve this you might take out a life insurance plan for 200,000 on the basis that if it was invested it might earn enough money to provide an income of 20,000 for the amount of time you require it.

Now not least the fact that there is a few "mights" in that example but isn't it all a bit complicated and left to chance as far as investment growth is concerned.

Well! that is were family income benefit and family income plans come in. They do exactly what you need them to do. You want 20,000 pa annum in the event of death then they will give you 20,000pa in the event of death. You can even get them to give you 20,000 that goes up with inflation each year ensuring that your beneficiaries will have a rising income, this is known as indexing the benefit or indexation.

So if you want life insurance and it is to maintain your families standard of living in the event of your death then instead of lump sum life insurance consider a family income plan it is far more simple to meet the need all you need to work out is how much do you want them to have in the event of your death and how long do you want them to have it. The you take out a family income plan under those exact terms, Job done!


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