Family Income Benefit (FIB) is a type of life insurance policy designed to provide regular income to your dependents if you pass away during the term of the policy. Rather than paying out a lump sum, as with traditional life insurance, FIB pays a regular income stream to your beneficiaries for a specified period, usually until the end of the policy term.

The key feature of Family Income Benefit is that it offers a steady stream of income to your family or dependents, helping to replace your lost income and maintain their standard of living. This can be particularly beneficial for families with ongoing financial commitments such as mortgage payments, household bills, and education expenses.

The amount of income paid out by the policy and the duration of payments are determined when the policy is taken out, allowing you to tailor the coverage to meet your family’s needs. Family Income Benefit can offer peace of mind, knowing that your loved ones will have a reliable source of income to support them financially in the event of your death.