Individual & Family Protection
These are policies designed to meet the needs of those either with or planning to have children. They provide an income for beneficiaries from the date of death to a fixed time in the future. Therefore, this means that the older you get, the less life assurance you have. This keeps costs down.
- FIB policies might have extra options (for example, to take account of inflation, the income might rise each year.)
- You may have the option of taking a lump sum—this would be a discounted value of the income.
- It is normal to opt for a 25 year term if you expect to have more children.
It is often the case that 2 single life policies are only a little more expensive than a joint life policy. Always get three quotes (Father’s Life only, Mother’s Life only, and a Joint Life one ). In order to select the most suitable option for cover, we recommend that you speak to your independent financial adviser.
With such policies there is no surrender value and cover will cease if premiums are not paid.