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 because:
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.
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.
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).
|Min/max age at entry||17-86|
|Max age covered||89|
|Max benefit||No maximum|
|Max benefit without financial questions||£500,000|
|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.
Making changes to the policy
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.