It’s a shocking fact that on average almost 47 adults aged between 18 and 44 years die every day, according to the UK Office for National Statistics in 2013.

If the unthinkable happened and your partner died, quite apart from the emotional turmoil of the bereavement, how would your family cope financially?  Even with a Life Assurance policy in place to help pay off your mortgage, if there are children to provide for, how would you cope with the demands of everyday necessities, such as food, clothes, utility bills, childcare or additional expenses like holidays and birthdays?

If you think these costs may not add up to much, then consider the findings from the LV= Cost of a Child report, January 2015. The survey looked at the cost of raising a child to the age of 21 and approximated this figure to be over £229,000 – equating to more than £200 per week!  That’s a significant sum to find should an income stream end due to the untimely death of a parent…

Family Income Benefit Gives You Peace of Mind

If you’re a parent with young children, Family Income Benefit is a specific plan that provides a regular, tax-free, monthly (or annual) payment for your dependants. The idea is that it should be arranged to pay out until your children have grown up, so it’s well-suited to those with young families and is often taken out over a 10 to 20-year term or whatever is appropriate for your children’s ages.

How Family Income Benefit Works

For example: if you take out a 16-year term policy, which is set up to pay out £20,000 a year, and then claimed against it after one year, your family would receive £20,000 a year for the next 15 years – equating to a total payout of £300,000 (if there was no index-linking).

However, if with the same plan a claim was made 14 years into the policy term, the total payout would be £40,000. On the other hand, if fortunately no claim at all was made within the 16-year period, then the policy would simply run the complete term without any payout. Whilst this type of policy has no cash-in value at any stage, ultimately you have the peace of mind of knowing that your children are protected in the unfortunate incident of the death of your spouse or yourself.

Harris Begley can give you specialist advice about protecting your family’s needs for the future.

To book your free initial, no obligation appointment, please contact Harris Begley on Tel 01736 366550 or email

This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against the loss of income. For impartial information about insurance, please visit the website at