https://www.aiglife.co.uk/intermediaries/products/yourlife-plan/family-income-benefit Individual Protection from AIG

Family Income Benefit

For many individuals, family income benefit makes it an easier, more reliable and better way to secure their family’s financial future than a one-off payment

Why recommend family income benefit?

  • It doesn’t require investment to generate an on-going income;
  • It’s easier to manage and less likely to be ‘squandered’; and
  • It can still be converted into a one-off payment if that is preferred.

In addition, most of our policies include Best Doctors and Winston’s Wish for the person covered and their immediate family. So if you think all family income benefit is the same, think again.

Why choose AIG?

We often assume a premature death would be sudden or accidental - but it can be just as important to consider what would happen if your client were diagnosed with a terminal illness. AIG covers your client against both death and terminal illness right up until the last day of their policy – unlike other providers, we don’t exclude terminal illness claims in the last 12-18 months. In addition, our policies include Best Doctors and Winston’s Wish, giving your client and their immediate family access to some of the best medical advice and bereavement support available.

What we cover

AIG can insure your client for up to £750,000 before we ask financial questions.

Our policies pay out if your client dies or is diagnosed with a terminal illness during the policy term.

Setting up the policy

When setting up the policy, you can choose:
• Single or joint life;
• Own life or life of another;
• Whether or not to include Waiver of Premium; and
• A sum assured that is level or increasing (5% per year).

Limits of the policy

Min/max age at entry 17-86
Max age covered 89
Min/max term 3-70
Max benefit No maximum
Max benefit without financial questions £750,000
You can also choose to add waiver of premium to cover costs during working life if the person covered is unable to work:  
Max age at entry 54
Max age covered 69

Check the YourLife Plan Family Income Benefit Cover Details for a full explanation of Waiver of Premium.

Flexible options

Your client can increase their sum assured without further underwriting when they:

  • Marry or enter into a civil partnership; or
  • Have a child or legally adopt one; or
  • Increase their income as a result of a promotion or career change

If necessary, they can also:

  • Change the term of the cover;
  • Reduce the sum assured;
  • Stop or restart annual increases;
  • Change from a decreasing to a level lump sum;
  • Add another person;
  • Split a joint life policy; and
  • Change how often and when a premium is paid.

Check the YourLife Plan Family Income Benefit Cover Details for a full explanation of any limits to these changes.

Literature and support materials

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AIG Family Income Benefit (FIB) Sales Aid

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F&TRC Family Income Benefit Ratings

Ratings provided by Finance & Technology Research Centre (F&TRC)
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