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What is Family Income Life Insurance?Family income life insurance pays a regular tax free income to your surviving dependants if you die during the remaining term of the policy. So, for example, if you took out a ten year policy and died after five years the income would be paid for the remaining five years then stop. Family income life insurance is exactly like term life insurance, except that it pays a regular income rather than a lump sum. Also, like term life insurance there is no investment element, so if you are alive at the end of the term you will receive no money back. |
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