Family Income Benefit (FIB) is designed to pay a regular income if you die. An alternative to level term insurance, Family Income Benefit aims to replace lost income if the person insured dies. Level term insurance pays out a one-off lump sum if the person insured dies. Family income benefit pays a monthly tax-free income instead.

This type of policy is usually seen as an addition to Term Assurance. Therefore you would have peace of mind that the mortgage has been repaid with the Term Assurance and the Family Income Benefit is providing the remaining spouse or family member, with an income to raise the children until they are

self sufficient.