Unemployment, Accident & Sickness Insurance - British Insurance

Family Income Benefit - Life Insurance with a difference

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This form of life insurance means your family will receive monthly tax-free payments if you die or are diagnosed as terminally ill, to cover their outgoings. Protect the financial needs of those who depend on you.

Protect your family
Many of us worry about the future and what may happen to us; and more importantly, what may happen to our loved ones if something was to happen to us. British Insurance is delighted to offer a new
Family Income Benefit policy to enable you to shield your family from financial difficulty for a long period of time, should you die or be diagnosed as terminally ill.
What is Family Income Benefit?
Family Income Benefit is a life insurance policy with a difference. Whilst traditional life insurance policies tend to pay out a lump sum to dependents if the policy holder dies, Family Income Benefit pays the policy holder’s family (or other benefactor) monthly payments instead.

Family Income Benefit is often cheaper than conventional life insurance policies, and is useful in providing a regular supply of tax-free payments to cover the financial needs of the policy holder’s family.

Regular monthly benefit
This policy will support your family through a regular, tax-free, monthly benefit should the policy holder die or be diagnosed with a terminal illness.
Examples of when Family Income Benefit can help:
- Family Income Benefit is designed to ensure that your family's income is maintained at a reasonable level to cover bills and other outgoings should the you die or be diagnosed as terminally ill.

Family Income Benefit can also be used within divorce settlements: do you pay monthly maintenance payments to provide for your children? Should something happen to you, Family Income Benefit would ensure that these payments are still made and your children are still provided for.

Do you pay for the care of an elderly relative? Family Income Benefit would also ensure that these payments are still be made should something happen to you.

Your Choices:
You choose the monthly benefit – the amount that we will pay your family each month for a successful claim. You then choose whether this amount stays at the same level for the term of your cover or whether it increases each year.

- If you opt for level monthly benefit then the amount we pay each month will stay the same for the entire term of your benefit.

- If you opt for increasing monthly benefit you can protect against the effects of inflation - which reduces the spending power of any benefit that you are paid in the future. Increasing monthly benefit ensures that the amount of monthly benefit will increase by 5% each year.

Option of Joint Cover
With our Family Income Benefit policy you can cover one person or two. Cover for one person is called Single Life Cover.

Or it is possible to protect two people by choosing Joint Life Cover. With this option, either person covered can claim but benefits are only payable once. After we have paid the benefits for one of the people covered, Joint Life Cover stops.

Support during a claim
If we have agreed that the person claiming may have a valid claim for Family Income Benefit, we may pay up to £300 for services that support the person covered or their family; these services could range from physiotherapy or counselling, to the cost of taking taxis to hospital appointments.
Information during the application
Please note that this is provided as an overview. It is important that you read the eligibility criteria when completing an application.
Your age is between 17 and 89
To get cover under this insurance, the minimum age at the start of cover is 17, and the maximum age at the start of cover is 86. The maximum age when the cover ends is 89.
You are eligible for Family Income Benefit wherever you live in the world
Some types of cover require the person covered, or the doctor that diagnoses them, to be in a particular part of the world when a claim is made, but for Family Income Benefit, the person covered or their consultant can be anywhere in the world.
Maximum insured benefit
There is no maximum amount that you can insure your family income for - but it is worth remembering that the higher the benefit you require, the higher the premium you will pay.
When claiming for your Family Income Benefit, you must ensure the following:
You or your legal representative can provide us with any medical or other evidence we ask for.

Your diagnosis must meet our definition of a terminal illness - and your diagnosis must have been made by a consultant

You have not intentionally given us inaccurate, incomplete or untrue information on the application which would have affected our decision to offer you this cover, or would have led to us offering the cover with different conditions; if we find this to be the case we may not pay the full benefit.

About Family Income Benefit
Family Income Benefit is slightly different from traditional life insurance policies. Whilst a life insurance policy tends to pay out a lump sum to dependents if the policy holder dies, Family Income Benefit pays the policy holder’s family (or other benefactor) monthly payments instead if the policy holder dies or is diagnosed as terminally ill.

Our definition of a terminal illness is the following:

An advanced or rapidly progressing incurable illness where, in the opinion of an attending consultant and our consultant medical officer, life expectancy is no more than 12 months.

How we will pay the benefit:
Following a successful claim, the benefit will be paid monthly into the UK bank account that the person covered (or their legal representative) has nominated.
Changing the monthly benefit to a lump sum
When you claim you can opt to change from being paid monthly installments of the benefit, to being paid a lump sum instead.
Waiver of Premium
For extra protection, the person covered can ask us to include a Waiver of Premium in their cover. This means that if they are incapacitated for more than 26 weeks, their premiums for that cover will be waived.
Amending your policy
You will be able to amend your policy cover by phoning the telephone number in your policy documentation. Please note that the eligibility criteria are also applicable to amendments to your policy.
Cancelling a cover
When the cover starts, we send the information about your right to change your mind and cancel your cover. You have 30 days from the date you receive this information to cancel your cover.

You can also stop your cover at any other time: once you tell us, your cover will end on the day before your next monthly premium to us is due. If the person covered is paying annual premiums, the cover will end on the day before the next monthly anniversary of the cover.

We will refund the cost of any full months of cover between the date of cancellation and the date their next annual premium is due.

You can cancel for any reason during the initial 30 day cooling off period and after that by giving at least 14 days notice in writing to the administrator.

Amendments to your policy by the insurers:
Insurers have the right to review premiums and if they change they will give you at least 30 days notice in writing at your last known address.
Cancellation of your policy by the insurers:
Insurers can cancel by giving you a minimum of 30 days notice in writing to your last known address.
How to make a claim
To make a claim under Family Income Benefit is a very straightforward process. All you need to do is call the claims line number as found in your policy documents. If you cannot find it, take a look at our Contact Us page.
When to claim?
We ask the person claiming to contact us as soon as possible.

Once the person claiming has told us that they want to make a claim, a claims adviser will contact them to explain the process and what information we'll need.

The person claiming must provide use with the evidence that we ask for, along with complete and accurate information to support their claim. If this is not provided, we reserve the right to decline a claim or stop paying one.

We will pay the reasonable cost of all medical reports or evidence we ask for.

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Insurance guide

 

 

Income Protection Insurance

This unemployment insurance also gives you the option to cover accident and sickness.

Income Protection Insurance will pay a tax-free monthly benefit of up to £1,500 per month, after the waiting period (ranging from ‘back to day one’ to 180 days), in case of involuntary unemployment or if you are unable to work due to an accident or sickness.