Level Term or Family Income Benefit?

juliebarkley

I am in the process of sorting out life assurance for my husband and I. While searching for quotes for level term assurance, I ran across family income benefit as well. Now I don't know which to pick. Level term provides a lump sum, family income benefit provides an annual payment. They seem similarly priced (level term is slightly more expensive). Which would you recommend and why?

Also, are there any disadvantages to joint policies over two singles (eg. if you both died simultaneously, would they pay out to children), price being equal?

dunstonh

FIB is cheaper and pays an income instead of lump sum.

You go with what covers the need and what fits your budget.

Also, are there any disadvantages to joint policies over two singles (eg. if you both died simultaneously, would they pay out to children), price being equal?

Again, you go with the need. If you only need one payout in the event of death then go with joint. However, if you need a double payout then go with single life.