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
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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.

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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.
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