Family Income Benefit - Who'll look after them if you can't?

It's for those people who are concerned how their family might cope if anything happened to them if they are no longer around.

It's designed to pay a regular income to your family upon your death to help with household bills, childcare costs or mortgage or rent payments - indeed, whatever your family's financial needs are. It can offer your children all the financial opportunities that you would have wanted for them if you were still alive.

Your family can feel more secure in the knowledge that this income is available upon your death to help financially with the upbringing of your children.

Family Income Benefit pays an income to your dependants if you die or are diagnosed with a terminal illness within the term of the policy. It is possible to to include cover for the diagnosis of a specified critical illness as well.

The income will continue for the rest of the policy term.

Your BPS Personal Advisor would be happy to talk you through typical plans and how Family Income Benefit might work for you.

We'll talk with you about your needs and concerns, help to work out the amount of cover you need and for how long.

This tailored advice is essential to getting the cover that works best and is best value for you.

You'll need to provide information about your current health status, medical history and lifestyle to make sure you are properly medically underwritten and so have effective cover at the right price.

Should you decide to get cover, you'll pay monthly premiums to the insurance company.

Should you pass away at any time in the term of the policy, or are diagnosed with a terminal illness or suffer a specified critical illness, your family will receive a regular income for the remainder of the policy term.

This is not an investment plan and the policy has no surrender value.

We can also advise on the benefits of putting your insurance policies into trust - just ask your BPS Personal Advisor.

In the case of Family Income Benefit, writing your policies into trust can potentially speed up processing of claims, avoid any delay in probate and protect the value of funds from inheritance tax.

When you decide to take out Family Income Benefit, you will need to provide information to help assess and medically underwrite your application.

The insurer will need information on your medical history, current health and lifestyle. So you will need to provide information on:

• Your age
• Whether you smoke or have previously smoked
• Health (your current health, your weight, your family medical history)
• Job (some occupations carry a higher risk than others and may mean you have to pay more each month)
• Hobbies (some hobbies, such as diving, pot holing, and flying, carry additional risk and may increase the cost of your cover)

Each element combines to create a cost for the level of cover you need.

So it's important that you give a full and accurate information. Not only will this ensure your premiums are priced accordingly, but that any valid claim is paid fully and quickly.

Family Income Benefit is well worth considering if your family relies on your income. This is even more important if you have dependants, for example, school age children or a partner who relies on you as the main earner.

Family Income Benefit can help your family with the day-to-day financial consequences of your death or you suffering a specified critical illness for the whole term of the policy. The funds could offer essential help with mortgage or rent payments, childcare costs, grocery and household bills or school trips and can even help to remove the need for the surviving partner to return to work after your death - allowing them to focus on the family unit.

Again, why you choose to take cover is personal and individual to your circumstances. We can advise on the most suitable cover available from our panel of well known insurers for young families who want to protect against loss of income associated with the death of one or both parents, or on them being diagnosed with a specified critical illness.

However, it's worth noting that state benefits are often unlikely to cover the gap left by your income.

Ask us - we will help to make the process of getting Family Income Benefit Cover as quick and easy as we can because we ask the right questions, research your options and present a suitable, cost-effective solution.

Our experienced protection insurance professionals provide advice you can trust and rely on - it's what we've built our reputation on.

We do not charge fees for our advice and policies can start from under £10 per month.

Call 028 3833 8000 to arrange a meeting with your personal advisor and get a no obligation Family Income Benefit quote, or email us and we'll get right back to you.