Family income benefit, or FIB, is a type of life insurance policy. Where it's different from standard life insurance is that it pays out a regular monthly income, rather than a lump sum. You, as a policyholder, will pay a monthly or annual premium, and cover remains in place for a specified length of time.
If there is only one main income earner within the family, this policy ensures that in the event of their death a regular sum of money(which could replace their salary) is paid for period of time. Some clients choose to have this term when the youngest child is 18 or 21 if they stay in high education.
