Family Income Benefit

Family income benefit insurance is a type of term life insurance that will give regular financial support to the family of a policyholder if they die or are diagnosed with a terminal illness. AIG’s Family Income Benefit helps your clients secure an on-going income for their families. With monthly payouts, it eases the burden of bills, making budgeting more manageable for those left behind. If your client’s circumstances change, we make it easy for them to switch from a monthly benefit to a lump-sum payout during the claim.

Why choose AIG

With a monthly benefit paid from point of claim to the end of the policy term, this cover allows your clients to plan for the future, and the guaranteed income gives them the knowledge that monthly mortgage payments could be maintained, household bills could be taken care of or living expenses could be sorted when they’re no longer able to support their family.

Under AIG Family Income Benefit (FIB), your client can choose:

• The monthly benefit;
• Whether the monthly benefit stays at the same level throughout the term of your cover, or increases by 5% of the current monthly benefit each year;
• The term of the cover;
• Whether to take out single life cover or joint life cover (with the benefit payable once); and
• Whether to include Waiver of Premium.

The right solution for a variety of protection needs

There are a number of different scenarios where FIB could provide an ideal protection solution:

Family with young children

A FIB policy could be particularly important to a family with young children. If one of the parents is diagnosed with a terminal illness or dies, a FIB policy may help to protect and maintain the family’s lifestyle by paying for things such as childcare and utility bills. It can ease the financial pressure on remaining family members should the worst happen and allow them to concentrate on supporting each other.

Single parent

If a single parent were to die or be diagnosed with a terminal illness, FIB can help secure the child’s or children’s financial future by providing their new guardian with a regular monthly income. This may help cover their day-to-day expenses such as food, clothes and school supplies.

Full time carer

FIB may also suit someone who has become their loved one’s full time carer. Having this in place means that if your client is no longer around, there is a monthly income available to pay for things such as private home care visits or to help towards paying the utility bills.

Additional benefits

AIG’s FIB also comes with immediate access to Best Doctors and Winston’s Wish. The Best Doctors second opinion medical service can provide guidance on the most appropriate treatment should your client or their immediate family be diagnosed with a serious illness. Winston’s Wish is the UK’s leading childhood bereavement charity, which helps children get the right support when they lose a parent, carer or sibling.

Find out more

To find out more about Family Income Benefit or any other AIG life insurance product, call our Sales Team on 0345 600 6829, email adviser@aiglife.co.uk

Smart Health is provided to AIG Life Limited customers by Teladoc Health. We want to let you know that these services are non-contractual, which means they don’t form part of the insurance contract with us. If our partnership with Teladoc Health ends, these services could be changed or withdrawn in the future.