What Is Family Income Benefit?
A family income benefit policy works in the same way as any other life insurance product.
The policy will pay out a tax-free payment on death, the main difference between family income benefit and other life insurance policies is that this type of cover pays out a monthly income rather than a lump sum payment.
A family income benefit policy works in the same way as any other life insurance product, as it pays out a tax-free payment on death.
The main difference between family income benefit and other life insurance policies is that this type of cover pays out a regular income rather than a lump sum payment.
The main reason why family income benefit is cheaper than other forms of life insurance is that this product has a lower chance of paying out the full amount of cover than the other life insurance products (e.g. Level Term and Decreasing Term).
Put simply, the longer you live and continue to pay your premiums the potential pay-out term will reduce in line with the years that have passed.
Risk of aortic rupture
Nosebleeds
Cramping sensations in the legs
Sensitivity to hot and cold
Weak muscles
Those with severe coarctation of the aorta usually require surgery, although this will depend on their age and overall health. The required procedure is one that widens the aorta, known as an angioplasty procedure.
How family income benefit works.
Why Choose Family Income Benefit?
There is no particular reason why a Family Income Benefit should be considered any better or worse than Level Term insurance other than how you want to receive your pay-out. A Family Income Benefit policy will allow your family and loved ones to continue to live as they would have done before, knowing that they have a guaranteed income to a certain point.
Generally, a Family Income Benefit policy is used for young families with dependent children to provide a cheaper alternative to Level Term (Family Protection) insurance. Some advisers would recommend Family Income Benefit as a cheaper alternative if full cover was unaffordable.
Our team of expert advisers will explain the difference between the various types of cover to help you to decide whether Family Income Benefit is more suitable for you. Where Level Term protection is not affordable or considered to be slightly more than required, then we would generally recommend looking at Family Income Benefit as a cheaper alternative.
Is Family Income Benefit Cheaper Than Life Insurance?
It is true that premiums for a similar amount of Family Income Benefit to Life Insurance will be lower. The main reason why Family Income Benefit premiums are lower than Level Term cover is that the pay-out towards the end of the term will be less and the cover is paid as an income.
If you were to claim on a Family Income Benefit policy in the early years of your contract, then the payment received would be greater than in the latter years. A Family Income Benefit policy is just another way to ensure that your family and loved ones are financially secure in the event of the loss of an income to your household.
Severity of the condition
When you were first diagnosed with coarctation of the aorta
Your age
Whether your coarctation of the aorta has been treated surgically
Medications currently being taken
Family medical history
Whether you smoke
Any other related health complications such as heart disease
At The Insurance Surgery, we are leading specialists for putting people in touch with the best insurers when they are seeking to take out life insurance with a condition like coarctation of the aorta. We understand that every client’s condition and circumstances are different, and will help compare the market to find you the best life insurance providers and cover plans for your needs. Simply enter your details into one of our online forms for your free no-obligation life insurance quote.
Critical Illness Cover
Most insurance providers can offer Critical Illness Cover together with a Family Income Benefit policy in the same way that it can be added to Level Term or Decreasing Term cover. The same principle would apply in the event of a claim and the Critical Illness Cover element of the Family Income Benefit policy would provide an income which would reduce in line with the amount of years past.
There are several options as an alternative to adding Critical Illness Cover to your Family Income Benefit policy. Critical Illness Cover can also be bought as a stand-alone cover if you do not feel that it is sufficient in a Family Income Benefit style policy. Speak to your adviser to find out more about how this works and to compare prices to see which works best for you.
Income Protection Insurance
If you are running or supporting a household with bills to pay, it’s a good idea to consider Income Protection Insurance.
This is especially important for anyone living with HIV who is self-employed and doesn’t have access to sick pay. Income Protection can reduce the stress of paying rent, mortgage or monthly bills.
Yes, you can get family income benefit if you have a medical condition.
However, depending on the type of medical condition will lead to the policy being underwritten differently. Each insurance provider can vary dramatically depending on which medical condition you are living with.
Our team of experts know the application criteria for all leading insurance providers, and it is our job to make sure that we approach the right one for you and your circumstances.
Your current weight and lifestyle
The date of your initial diagnosis
Whether you have had surgery for coarctation of the aorta
The impact your condition has on your job
Following these considerations, an insurer will normally be able to inform you of the kind of policy you will be eligible for based on your circumstances.
Generally speaking, if you have coarctation of the aorta but your symptoms do not require treatment and you have never been in hospital for surgery as a result of your condition, you should be eligible for a ‘non-rated’ life insurance policy.
However, if you have had an angioplasty procedure to correct your condition, and you are suffering from symptoms in line with it, you may be considered a higher risk for life insurance, and could pay a higher premium than someone with no symptoms. An insurer will likely request medical records from your doctor to confirm your details and to offer you the best policy available.
At The Insurance Surgery, we have helped many people find the right coarctation of the aorta life insurance cover for their needs. Ratings for an individual seeking life insurance with coarctation of the aorta can vary depending on their individual circumstances, so it is important that you approach the right insurance provider that understands the nature of your condition.
