In times of loss, the financial impact can be overwhelming for your family. Family income benefit insurance offers a lifeline, ensuring that your loved ones receive a steady stream of income to cover living expenses and maintain their standard of living in your absence.
Unlike traditional life insurance policies that pay out a lump sum, family income benefit provides a regular monthly or annual payment to your beneficiaries, offering ongoing financial support over a predetermined period. This dependable income stream can help your family navigate the challenges of bereavement without added financial stress.
At Luminosity, we understand the importance of protecting your family’s future. Our family income benefit plans are designed to provide peace of mind, knowing that your loved ones will have the financial stability they need to move forward with confidence.
Don’t leave your family’s future to chance. Let Luminosity help you secure their financial well-being with our tailored family income benefit insurance solutions.
Family Income Benefit FAQs
Family income benefit insurance is a type of life insurance that provides regular, tax-free income payments to your beneficiaries if you pass away during the term of the policy. Instead of a lump-sum payment, this policy ensures a steady stream of income, which can help your family cover living expenses, mortgage payments, and other financial obligations.
The income payments from a family income benefit policy continue for the remainder of the policy term if you pass away during that period. For example, if you have a 20-year policy and pass away in year 10, your beneficiaries would receive regular payments for the remaining 10 years. The length of the term is chosen when you take out the policy and can be tailored to your family’s needs.
Yes, you can customize the amount of income your family will receive by selecting the appropriate level of coverage when you purchase the policy. The chosen income amount should reflect your family’s financial needs, such as monthly living expenses, education costs, and any outstanding debts. It’s important to assess your family’s financial requirements carefully to ensure the policy provides adequate support.