Family Income Benefit.
Family income Benefit is one of the most cost effective ways of providing protection to your family in the event of untimely death or illness.
The benefit can be paid as monthly, quarterly or annual benefit and can also be commuted as a lump sum in some cases.
The benefit is paid tax free and should ideally last until your youngest child reaches an age of financial independence.
Family income benefit will allow your family to minimize the disruption to their lives by replacing your income.
Effectively your family will still be able to cover the cost of living and able to remain in the family home. We always advise that you consider an element of family income benefit.
Critical illness can also be an option on these policies and CFM Financial Planning recommend contacting us discuss which options would be most suitable for your family.
CFM Financial Planning can explain the benefits of placing policies into trust.
There are several benefits to trusts that will assist your family at this traumatic time.
The main benefits are as follows:
- The lump sum will not form part of your estate for inheritance tax purposes on death.
- Avoids the probate process and ensures a speedy payment to your beneficiaries, the people who need it most.
- Allows you to nominate the beneficiaries.
Trusts are flexible and you always remain in control.