My child is 11, should I consider a Family Income Benefit plan?

We are just about to send our only child off to a private secondary school and no doubt University from there. I want to ensure they fees and cost of university would be covered no matter what.

Question asked by Sarah Goodchild
Compare Top 10 UK
 Protection
Insurers
 
Takes approx. 60 seconds
Type of Policy
Level of Cover
Date of Birth

Answered by Andrew Jenkinson

Family Income Benefit explained

Family Income Benefit would provide your child with a monthly benefit until they are considered to be financially self-sufficient, which in most cases is set between 21 and 23 years of age.

Although many parents start considering this form of protection for specific costs such as school fees, it is simply the most appropriate form of protection to ensure you children’s standard of living would be maintained until they are self-sufficient should the worst happen to you.

This includes protecting the cost of school fees but also the everyday costs such as food and clothing.

Family income benefit is a cost effective way of protecting your children as rather than paying a lump sum up front should the worst happen it pays an annual income.

First things first…

There is a higher chance of you being unable to work due to illness or injury than there is of you passing away.

If you are still working and particularly concerned about supporting your child, you may also want to consider Income Protection Insurance, which would provide you with a monthly income should you be unable to work due to sickness, accident or unemployment.

Get in touch…

If you have any further questions please feel free to get in contact on 0208 432 7333. We are whole of market, independent and offer a fee free service for our advice.

family insurance
 
family income benefit
 
life insurance
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
Compare Top 10 UK Insurers
  Takes approx. 60 seconds
 - 
Need help? 
Call us on 

Frequently Asked Life Insurance Questions

 
I’m a keen motorcyclist and want to get life insurance. Will i be covered and my partner receive...
 
I’m looking to replace my existing life insurance cover as i’m moving jobs and it’s...
 
I’d like to take out life insurance but I’ve smoked cannabis once a week for the past few...
 
Having had our first child we are looking at are life insurance options, Are we able to take out a joint...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Cecilia Walsh
04/12/2017

I would like to say thank you to Ciaran King for his professionalism, respect and sensitivity with dealing with my income protection insurance.

Kevin Spence
05/12/2017

Was extremely impressed with the service we received from Michael. He was so helpful with good advice and saved us money. The policy was set up and running with in a couple of days. Would definitely recommend to friends. Thank you.

Omar Holmes
05/12/2017

Sam Carr was very knowledgeable, efficient, called when he said he would and kept me updated through out the process.

We are rated 4.9/5 based on 1320 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.92 / 5 Average
1331 Reviews
P
Overall Rating
Professional, quick and straightforward service from Victoria for the second time in a raw.
O
Overall Rating
Sam Carr was very knowledgable, efficient, called when he said he would and kept me updated through out the process
K
Overall Rating
Was extremely impressed with the service we received from Michael.He was so helpful with good advice and saved us money.The policy was set up and running with in a couple of days.would definitely recommend to friends.Thank you.
A
Overall Rating
I would like to say thank you to Ciaran King for his professionalism, respect and sensitivity with dealing with my income protection insurance.
S
Overall Rating
Ceiron King did an amazing job setting up my insurance. He was meticulous to all details and made sure everything was individually tailor made to suit my circumstances. When I had queries he was able to take on board any issues and find solutions quickly. Pleasant, easy to talk to, engaging, personable chap who effortlessly made me feel that I'd found the right firm. Highly recommended.