Definitions for "Family Income Benefit"
Keywords:  assured, remainder, regular, lump, sum
Life assurance that pays out a regular income rather than a lump sum, if you die within the term. The income is paid until the term expires.   back
A type of reducing term assurance under which proceeds in event of a claim are paid as income instalments for remainder of term. Total payments equal the reduced sum assured at time of claim.
A variety of reducing term assurance which, upon claim during the term, pays out instalments of capital for the remainder of the term. The total sum paid out is not the initial sum assured, but the balance remaining at the time of claim.