Income Benefit Insurance

Family Income Benefit is often known as FIB. It is a form of Term Insurance cover, in that it pays an amount on the death of the insured person. However, it is designed to pay an income, rather than a lump sum.

This type of policy never acquires a surrender or cash-in value, and is not a savings policy. Rather, it should be viewed in the same way as your Building or Contents cover. It is there to protect the family from the financial effects of a tragic early death of a breadwinner.