What is familiy income benefit and life insurance ?
FIB is short for Family Income Benefit this is a different way of taking out your life insurance policy opposed to a level term policy or mortgage reducing policy. The policy itself is designed to pay out an income rather than a specified lump sum. The income will help to try and make up for lost income that will be lost if the life assured were to die during the policy term.
Although the majority of policies are taken where they pay a lump sum family income benefit can be a good alternative.
Gift inter vivos is a completly different part to life insurance altogether. Its main aim is to help cover a possbile inheritance tax laibility during the 7 year period following a gift being made that is classified under the inheritance tax rules. The actual amount of the cover would reduce similarly to a decreasing life insurance plan over a 7 year term.
Both of these are a little known type of policies available on the market.
Tags: life insurance, life insurance cover, life insurance quote, term life insurance