Family Income

Most households rely on at least one regular monthly salary. How would your family manage financially if that source of income was lost? Household bills and other financial obligations will still need to be paid. The good news is that loss of income does not have to mean financial hardship. More and more families are choosing to take out a type of life insurance known as family income protection.

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What is Family Income Protection?

Family income protection is a type of life insurance that lasts for a set period of time. If you die during the term of the policy, your family will receive a monthly tax-free income until the policy ends. So, if you take out a 30-year policy and die five years into it, your family will receive a regular monthly income for the remaining 25 years. This is a great way to ensure that everyday expenses are covered when you are no longer around.

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At Policy Compare, we help people everyday to find the perfect life insurance policy to suit their needs. If you are considering a family income protection policy, we would be delighted to help you find the right policy for the right price. Family income protection insurance will help to ensure your family is comfortable for years after you have gone. Start the search for the right policy today.

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Have Questions? Here are the answers.

Do I really need life insurance?

We wish we could put it another way, but everybody is going to die one day. If you are not around to support your family, how will they cope financially? Life insurance takes care of the important things like paying a mortgage off or paying a monthly income.

Most family income protection policies give you the option to set a deferred period. This starts on the first day that you are unable to go to work and ends when you have been incapacited continuously for either: • 7 days (only available if you are self-employed) • 1 month • 2 months • 3 months • 6 months • 12 months

No, this type of policy will only pay out if you are unable to work due to sickness or an accident during the term of your policy. Once your policy has expired, cover will stop and you won't receive any money back.

When you take out a family income protection policy, an agreed monthly payment will be calculated. This monthly figure is based on your salary when you apply and will stay the same even if your income goes down.