This type of family life insurance is one of a set of policy types known as term life insurance. A FIB policy runs for a set time known as the term. If you die within this period, it pays out a regular tax-free income until the term ends.

If you die during the term, your insurer will pay the income you choose to your loved ones for the remaining duration of the policy’s term.

The regular payout from a FIB policy lasts only as long as the policy runs. Once the term ends, cover and any payments cease. So if you take out a 20 year policy and die five years into it, your family will receive regular income for the remaining 15 years. If you were to die 16 years into the policy, it will pay out for the remaining four years.

Our advisers will discuss this policy in detail and once we understand your circumstances, advise whether it is a suitable option for you and your family.